Updated from its original posting on 2011-12-30
Deliberate practice becomes much easier when you continue to expand your knowledge of forex trading. The world of trading is so big and dynamic that there is always something new to learn almost every day or every week.
Once you’ve learned the basics, don’t stop there! The more you learn, the more tools you can add to your forex trading tool box. And the more knowledge and tools you have, not only does deliberate practice and trading become easier, but the less risker your trading decisions can become. Here are some more ways to improve your deliberate practice:
1. Accept your losses.
It starts with accepting defeat. Once you accept that losing is part of forex trading then you can truly move on to deliberate practice and hard work so you can learn from these losses. Combining this with the thirst for knowledge and good discipline will set up your foundation for success.
2. Don’t stop asking questions.
Asking questions opens to the door way to more opportunities, new discoveries and more knowledge. An old and wise Chinese trader once said, “One who asks a question is a fool for five minutes; one who does not ask a question remains a fool forever.”
Asking questions from those who are more experienced might give that one bit of insight that could push you in the right direction or to the next level of your forex trading skills. You never know. It never hurts to ask. So, unless you want to remain a fool…ask questions!
3. Keep a trading journal.
Lastly, like any good student, you should always track your progress. You do this by keeping a detailed trading journal of the market’s behavior and your forex trading performance. This helps you see your strengths and weaknesses and helps you determine what you are doing right or wrong.
More importantly, keeping a journal keeps you honest. Most of us do not have the luxury of a forex trading mentor or coach to keep us straight, so in the end, it is only you who stands to gain or lose.
All it takes is initiative to keep learning and improving, and the discipline to stay on course towards your goals even when the going gets tough. Your success depends on YOU and YOU alone.