Every forex trader wants to grow upwards and not stick to the position from where they started. Doing this cannot be done just by deciding it. You will have to see certain things and plan a way to do so. Go through this article thoroughly to understand how you should be proceeding.
Step 1: Figure Out Your Current Position
To jump to the next level, the first thing to do is to see where do you stand currently in the currency exchange market. Are you trading well that you can consider yourself in the major league, or you are still earning small profits, and are in the league of small forex traders? When you are at this stage your forex trading journal will be the best guide for you. If you have not been maintaining it, it would be a wise idea to quit the plan for a while, at least till the time when you have not collected sufficient data of your trading process. Make sure to make the journal detailed to get a better idea of your current position.
If you have been maintaining your trading journal, then you need to look into how you have been performing and what is your growth rate. With the journal you also get to know how often you were able to stick to your trading plans and what are your advantages and disadvantages. If you know what are your pros and cons, then you can be sure about how you will be able to perform when you reach the next level of trading.
Step 2: Analyzing The Ratios
To be a more successful trader, you can do 2 things. Either you will have to earn more returns in your trades, or you will have to improve the ratio of reward-to-risk. While doing this you should never let your quality of trading come down. If it happens there is no scope for improvement. For example, if a trader starts making the stop-loss strategy tighter, this will not be worth doing. This may even make your win rate come down instead of going up. There has to be a balance between the win rate and the reward-to-risk ratio.
Step 3: Maintain The Balance
After you have achieved a balance between the win rate and the reward-to-risk ratio, you will have to take steps to maintain it. If you can do this, you are automatically on the path of improvement. To maintain the improvement, your trading journal will again be a great tool, the condition being it is maintained well. Try to observe what kind of behavior in the trading process and strategies is helping you perform well. When you have noted things like these, then it is your job to keep following these things and simultaneously remove the things that are not helping you improve. As you know that in trading, to be successful, you do not have to win more but loose less, the same way removing the bad habits and sticking to the good ones will help you refine your performance.
Step 4: Never Settle
Showing a little improvement will never take you to the top league. When you have mastered a skill or strategy, it is time to move to another and try to master it. Just make sure that these goals are not beyond your reach for now. Try new currency pairs and see if you are doing equally well in these trades, and if not, where do you lack. Also, try a demo account to try new strategies.
To achieve all of this you need dedication and discipline. Doing this by yourself can be a bit tedious, but if you have been taking guidance from a genuine mentor, you will not have a lot of trouble.
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