June 2012
Beginner
420 pages
10h 19m
English
book
Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition
by Michael Duane Archer
Content preview from Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition
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Chapter 23
Tools for Traders
Introduction
YOU ARE HERE: Trading platform and broker selected: Done Mechanics down pat: Done. Trading profile defined: Done. Process and tracking materials in place: Done. Now you should be actively working with a demo account and refining your trading method.
There is always room for improvement!
Your primary goal in that regard is to use your trade plan loop to periodically review your results, and refine your trading approach. As I have previously written, small changes can make a big difference to the bottom line. Always think evolution, not revolution, when making changes or adjustments. Do not draw big conclusions from small samples.
Screenwriter Lew Hunter claims it is the small touches that make a movie special. It is the same for traders. The small touches you add to your trading program can make it stand out from the crowd—and I know the crowd usually loses. Small touches can also add a personal flavor to your trading, giving it a unique style. It may astound you how a small jiggle can change bottom-line performance in a big way—for better or for worse. Think about your trading program with some perspective; consider the totality of it all, but keep an eye on the details, too. Is it coherent, efficient? Do the various parts work together well, perhaps offer a little the-whole-is-greater-than-the-sum-of-its-parts synergy? Are you pleased and proud of it? Does it have style?
Your secondary goal is to continue exploring, finding new ideas ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.