That you successfully flipped your 10k account to 47k in less than 24hrs does not necessarily certify that you are a successful trader. Most traders think that the only measurement for growth is in the increase in their account balance. This is not always the case. Growth can be measured in different other ways. In this article, I will be sharing with you 10 signs to know you’re improving as a trader.
1. You admit that you do not know how to trade
If you find yourself opening up and admitting that you really do not know what you are doing in the Forex market, that’s the first sign that you are growing.
2. You seek knowledge from a reputable Forex Institute
If you have joined a Forex trading academy, that’s a good sign that you are making progress. Instead of seeking knowledge all over the place on the internet, you narrow down your focus to one trading institute . Just as you cannot attend all the different Universities in your city at the same time to learn, you gotta choose one trading academy and keep your focus there. If you would like to be part of the community where I teach and mentor on how to trade Forex, click the link to sign up.
3. You maintain a constant study habit
You are up to date about market trends and phases. When you also spend time improving your technical and psychological skills, you are increasing your ability to trade profitably. Books like Mark Douglas ” Trading In The Zone” is also helpful to build your trading psychology.
4. You work with a trading plan
A sure sign that you are improving is that you are working with a trading plan. Trading without a plan is like driving without a clear destination of where you are going. You are improving when you plan your trade and trade your plan.
5. You continually assess your performance
If you are in the category of traders who journal their trades either by taking screenshots of before/after trades, well done. You also review your trades often to know what’s working and what’s not working.
6. You manage your risk well
You know you are moving forward when you no longer overleverage and abuse risk. Your mindset has shifted from account flipping to steadily growing your capital with the application of good risk management.
7. You measure you progress in percentage %
When you are more concerned about steady percentage gains instead of monetary gains, congratulations, you are growing into a mature and professional trader.
8. You trust your analysis
You are improving when you no longer close your trades because some other trader is taking the opposite side of it.
9. You manage your emotions well
When winning trades do not make you overconfident and losing trades do not get you discouraged, it’s one of the signs to know you’re improving as a trader.
10. You have stopped looking for the holy grail
Having learned and back tested your strategy, you no longer hop from system to system. You stay true to your system in winning and in losing streaks. That’s a sign that you are becoming a professional trader.
It does not matter how many years you have been trading. If you do not find yourself doing any of the above, then it is obvious that you still got a long way to go. I encourage you to move a step higher by adjusting where necessary and immediately.
The side effect of all these parameters put in place is the increase in your account balance that you so desire.
What areas of your trading are you going to start working on? Let me know in the comment section below.