10 Key Questions on Measuring Your Trading Progress and Success
Dec 07, 2016 12:56
It is human nature to want to know how well you are performing compared to other people. Not only that, you may be wondering if you should continue the path of trading and how your success rate stacks up against others. Here are 10 key questions to ask yourself regarding your trading progress and success.
1.What does trading success mean? Most people define trading success as making more money at trading than you are losing. Of course, it is important to also consider how well you are balancing your trading with your other life activities.
2.What does trading progress mean? Success is not immediate when it comes to trading, but all traders should be making progress in terms of gaining knowledge and developing trading strategies. Even veterans at trading require progress, showing that success and progress are very closely related.
3.Can trading success come quickly? You probably want to know when you should start winning trades. This may happen right at the beginning, but it usually won’t be sustained, even if beginners have a winning streak early on. Success requires perseverance.
4.Is there a timeframe for expecting trading success? There can’t be one answer for this question as each trader trades differently. Some trade full-time, while other may only spend one or two hours a week. Traders should not expect sustained success before a few months, but it can even take a few years.
5.At what point, should I change my trading strategy? Sometimes you may find yourself on a losing streak; however, if you have put effort and time into developing a strategy, don’t be quick to abandon it. You may be able to use the time to tweak your strategy, but abandoning it should be the last resort.
6.How do I know if trading is just not for me? A losing streak is not a good reason to quit. It may be a good idea to quit if you do not have the financial resources for trading or if trading is making you miserable.
7.Should I compare myself to other traders? It is most important to compete against yourself. Establish your own baseline and watch your own progress.
8.Should I discuss my ideas with other people? It can be helpful to have a trading buddy to discuss your ideas and strategies with. A mentor can also help you move forward, but at some point, you will need to become independent and follow your own gut.
9.How do I remain motivated on the way to success? For some people, this is not a struggle as the process is exciting and motivation enough. For others, it is worthwhile to attend trading seminars, speak to veteran traders and read books on a wider range of topics than the technicalities of trading, such as about trading psychology.
10.How can I know if I’m progressing? It is a good idea to plot your progress on a graph so you can clearly see the trend of winning trades vs losing trades.
Are you tired of paying too much for your household bills? Or are the constant increases to the cost of living starting to get you down? Many people are looking for ways to save money on their monthly expenses, in today's economic climate now more than ever before. Here are 10 different ways that you can reduce your spending and lower your bills. People in countries across the world are experiencing an unprecedented rise in the cost of living. In January 2022, the cost of living for Americans increased by 5.9%, the highest increase in 40 years. And it's predicted to keep on rising, with the figure likely to reach 8% in the near future. Most of us have always been motivated to keep the cost of our household bills to a minimum, and this is a sentiment that more and more people are feeling. So what are 10 ways you could decrease the amount you pay for your household bills and costs, with immediate effect? 1. Switch to Online TV Streaming Read more
Brain aneurysms are usually asymptomatic before they rupture. That's why they're difficult to detect in the early stages. When brain aneurysms do rupture, it can result in seizures, confusion, headaches, or nausea. While you can't prevent brain aneurysms, there are some ways to incorporate healthier lifestyle changes to lower your risk. Read more
Though CBD is still fairly new, products infused with the cannabis compound have become some of the most talked-about products in the health and wellness space. The profitability and visibility of the industry have driven competition and innovation in a noticeable way, which has given consumers more options than ever before when they're shopping for CBD. While, overall, that's great for consumers, it does make it more challenging to choose, especially if you're a newer user. If you're thinking about buying CBD products in the near future, keep reading to find out why you should consider checking out Naternal. Read more