Train Tracks
Currency Trading Training : Tracking Your Trades
One of the most critical steps in forex training is how to apply a winning trading plan by tracking your trades. Applying your trading plan properly is very important if you are going to capitalize on your profits, and very often it makes the difference between profit and loss in the long run. Tracking is a crucial part of this process.
Many beginners think that they will remember their successes and failures. In fact, it is only the most memorable that stick in our minds. Keeping records is not particularly much fun and at first you may not believe that it is best use of your resources. But in fact it is the easily forgotten average trades with their small gains and losses that will determine whether your system is successful in the long run.
Some traders start out with good intentions of recording their successes and failures but quickly lose interest. You may need a large number of trades to build up in either a demo or a real account before you can learn anything useful from your records, so it is hard to keep the motivation going.
In particular, if things are going well, you may think there is no need to keep a record because your system is perfect. But no trading system is ideal and sooner or later it will go through a bad period. At that time you will desperately need an accurate record of your trades so that you can see what went wrong. Is it precisely the kind of blip you could statistically expect, or did you perhaps start doing something differently that might have thrown the trading system out of sync? Without records you will have no way of knowing, so if there is a problem, you cannot correct it.
Your forex trading records do not need to be complicated. All you need is a record of every trade that you generate. You will need the opening and closing prices, the stop loss positions that you have set, your profit targets and your actual profit or loss. It often helps to add comments such as why you opened the trade (the signal that you acted on) and anything that you did that was different from your trading plan, e.g. Opening or finishing earlier or later than your plan proposes.
You could just write this down in a notebook, but most traders use excel or a similar spreadsheet. This makes it simple to examine the trades to work out statistics such as your average profit or loss for each trade, your profits or losses over time or over a set amount of trades, and other statistics that might be handy if you discover at a later stage you need to make changes to the trading system. Take a few minutes at the weekend to look through your records for the past week and you might notice some interesting and profitable trends.
You will need a different record for each system that you follow, so that the results of individual systems are not hidden in the average. For example, you might be operating three systems and be making regular profits. Sounds like a good situation. But if you separate out the three systems, you could find that one is very successful, another is relatively successful and the third is actually making a loss. You could increase your profits by cutting out that third system. But you will not know this if you record them all mixed together.
So go ahead and set up separate spreadsheets for each of your systems now, and have them open on your computer whenever you are trading, to make best use of your currency trading training.
About the Author
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What are some things you should and should not do when approaching train tracks?
I'm talking about in general. Whether you are in a vehicle or not, what are some things a person should and should not do? I frequently visit rural communities with a LOT of train tracks, and I'd like to know about some general safety guidelines. Thank you.
The three biggies are stop, look and listen.
"Stop" is not always an option and in many instances will cause a rear-end traffic collision before anything else. But if stopped at lowered crossing gates, stop BACK as far as practical. Very heavy stuff often falls off of trains and you may wind up with several tons of something in your lap unless you make some room. The same goes if you are pedestrian in close proximity to the tracks. Broken metal banding such as used to secure open lumber loads drags the ground and becomes quite sharp quite quickly. It'll cut you right in half. Things can be protruding from the car as well which can strike you.
"Look" is something we can all do. That doesn't mean a casual glance when you are on top of the tracks. Really look to see if equipment is approaching before occupying the crossing. One wouldn't think so, but a quick glance can miss something moving toward the crossing. In additon, sometimes there is "current of traffic" over a given stretch of tracks that may be lying side by side or seperated by a great distance, where trains operate in one direction on one track and in the opposite direction on the other. People will get used to see trains operate in one direction all the time on a particular track. But, sometimes, trains will be authorized to operate "against the current of traffic." In this case, this one time, a train is approaching from a direction you've gotten used to NOT looking at. So, always look BOTH ways before occupying any crossing.
"Listen" means turn off the music, roll down the window and listen for an approaching train. But DON'T count on hearing one. Whistles can get clogged with snow and cease to operate. Keep in mind there are also areas designated as a "quiet zone," where engineers are prohibited from blowing the whistle. This is why you must use your eyes as well. If walking along the tracks, frequent glances over the shoulder may save a life. Keep in mind engines don't always pull cars as they shove them araound as well. A cut of cars being shoved will sneak up on you in near silnce, with the engine a mile or so away from where you are at.
Also when walking along right of way, stay off the top of the rail, even though seeing how far you can walk on it seems a challenging game. Employees are forbidden from stepping on top of any rail. There is pleanty of grease, oil and creosote around and you'll slip and fall. If you hit your head on the other rail, you'll be lying unconcious when the train runs over you. In addition, on the inside of the rail near the top (ball) of the rail, over time "flash" forms on the inside of the rail due to the wear and tear of millions of steel wheels having passed over it. It is as sharp as a surgeon's scalpel and will lay your ankle open in a heartbeat if not wearing high top boots.
Often times MOW will leave empty tubes of a caustic material used by them. If picked up and handled they will cause serious chemical burns to the skin.
Finally, NEVER put your trust in crossing safety devices; gates, lights, bells, etc. They are NOT fail-safe. Twice in my own career of 28 years behind the throttle I have operated trains over grade crossings, at speed, where they were inoperative.
So, stop, look and listen at ALL grade crossings, whether protected by electro-mechanical means or not. And, whenever possible, stay off of the right of way. Remember, in almost every instance, as soon as you come into the view of the engineer on a train, it is already too late to stop for you.
An excellent safety question that rates a star...