Hey readers.
Today I would like to deal with something that you can listen to possibly again and again, and this is the importance of maintaining trade records!
As most will already know Forex trading is a game of numbers with no certainties only betting, a successful trader has to put the odds in favour of giving them an "edge" become profitable in the long term.
In order to be profitable in the long term trader needs to know the edge and in turn must be familiar with the ratio of victory and the average remuneration: ratio of risk in order to give them a positive expectancy.
Once you know these statistics then you can start too further more advances statistics, such as which pairs have the highest rate of victory and reward your system: risk ratios or to be more successful than other times of the day.
Non-commercial recordings or software that gives you detailed statistics you blind, not knowing your edge is a recipe for disaster.
Now I know that most of you this is a very tedious task cannot see the importance of, most of you maintaining a commercial records probably means a sheet spread with all your transactions and calculating the various factors, etc., which can be extremely time consuming but there are some websites that offer free software for the analysis of all your trades and to give you detailed summaries, figures, charts, and many more features that will enhance the results of your transaction.
One of these Web sites that use personally and can praise only for excellent software, customer support and ongoing updates are http://www.myfxbook.com.
After switching on the website above simply follow the instructions to create your account, the software then it will create a page based on your trading history to include all relevant statistics and overviews of your transaction, the software will also automatically update itself every hour to display statistics for your most recent transactions.
Let me now get the real importance of the commercial records and the many advantages to trading you can add it!
So, if you do not already maintain a commercial records or use some sort of trading analytical website or software start now!
Eventually you can reap the rewards!
I hope that you enjoy reading
Happy trading, Lee J Brown
http://www.profxblog.com
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