In this Bangkok Forex trading vlog, I share with you the monthly review process you should be following as a trader. Vlog #541
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Just because you are an independent trader doesn’t mean you aren’t subject to a performance review. What the best traders do to make sure they’re keeping their business in check.
Here is some advice on what pro traders do on a regular basis:
Do a complete financial report of their performance
Just like a restaurant or shoe store, it's important to see a snapshot of how your business is doing. Trading revenue, expenses such as broker fees, trader conference travel expenses etc. Take a step back from your trade journal and let yourself know how your business of trading is doing.
Calculate your plan compliance rate
Most traders have some measurement of how they performed but do you measure your plan compliance rate? This is important since not sticking to your plan is the #1 reason for failure for traders. Trading with compliance also allows you permission to graduate to higher size levels. Some traders in our Academy place rewards in their plan should they stick to their rules. No compliance = no rewards.
Review their equity curve
Looking at your equity curve every day is like watching paint dry, but taking a monthly snapshot gives you a high-level picture of your performance and the growth of your trading business, all in one picture.
Review your big picture plan
What were your goals for the year? Did you forget already? It normal when you focus on the day to day trading. Now is a good time to see how you are doing with those big lifetime goals and to get those tasks in motion next month.
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If you got value from this video, you might want to consider checking out the Desire To TRADE Academy where I’ll help you develop a solid trading strategy, implement the things successful traders do, and more! That's all going to be done while you build a lifestyle you love!
If you are wondering how to put together a solid trading plan for trading Forex for others, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!