O'Reilly logo

The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 17
Target Practice
How do you review your trades? Relive your trades. At the end of each trading week, print out all your trade entries. Each trade will have its own page, including all the financial details, your trading notes, and an image of your charts. When you are done with your printouts, put them into a book; you never know, you may need them one day during a tax audit.
Now, take a second blank piece of paper, a book, or anything that will cover the image of your chart. You should not be able to see through to your chart image. The idea is for you to run through your trade—again for the first time. Your mind will not know the difference. See Figure 17.1.
Move the cover paper from left to right, displaying one candle at a time. What are the moving averages doing? What is the speed and momentum? Are the oscillators agreeing or not? Redo the trade and critique how you handled the trade in reality.
You are trying to identify your trading strengths and weaknesses. Most importantly, after reviewing all your trades from the previous week, you know exactly what to improve upon this coming week.
Write down the things you will strive to improve upon in the coming five trading days. Tape them near your computer screen so you can see the goals as you trade. Don’t print them, write them. You will internalize the goals mentally, visually, and even tactilely. The more forms of input the better. For example:
 
“I will wait for price to pull back, or I will let the trade ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required