Many successful traders will tell you that they struggled with impulsivity. I think it’s part of why we chose to trade in the first place – we all have that impulsive risk-taking itch. But planning your actions and executing the plan meticulously is the only way you’ll make it in trading. Plan your trade and trade your plan is the mantra all successful traders follow.
If you struggle with common trading problems such as not calculating position size correctly, don’t know where to place stops and targets, or not placing them at all, you need to take action and fix these trading demons before they push you to lose your trading account.
One way to keep yourself accountable and understand your demons is to keep a trading journal. In the trading journal you should document your trading plan, your entry and exit methods, and even your mental state during the trade. It also helps you review your performance, learn from your mistakes, and celebrate your wins, no matter how big or small they are.
By trading through XM all of your traders are automatically saved for future reference. You can replay your trades candle by candle and analyze your statistics at any time. It is tremendous help if you are serious about improving your trading habits.