SubscribeWhat Is It?.
A forex trading journal is a notebook, spreadsheet, or other record where you keep details about each trade that you make. These details should include the decision-making or strategy behind the trades. You will also want to note down every detail of the trade, including the date, what currency pair was involved, direction of proposed movement, entry price, planned exit price, the trade size, pips target, pips returned, profit or loss, and the relevant trading session. You can also put in a screen shot of the trade if you want to for future reference..
Why Keep This?
If you have a forex trading journal, you won't have to rely on your memory to remember every mistake you have made in the past as well as every profitable trade you've been able to accomplish. As a trader, you should know that trading currency is a non-stop education and experience is often the best teacher. You will give yourself the best chance to succeed by analyzing the various elements of your good and bad trade decisions. This will allow you to emulate profitable trades and, at the same time, avoid the trades that cost you money..
You will find that a forex trading journal provides benefits in many other ways including the way that it will make you think and analyze your activities. You might be the only one that ever reads it but it still will change the way that you approach future trade decisions. Seeing your trades in black and white can be a sobering experience and adds a dash of reality to what can just seem like paper transactions. You'll immediately find that it will make you think more professionally about what it really takes to make profits over a prolonged period. Having to record something will help to stop you from over-trading or gambling.
Learn From Your Mistakes
When you are trading in the world of foreign currencies, making mistakes is unavoidable. Sooner or later, you will slip up. Do not be afraid of this as it can teach you a valuable lesson. In fact, most of the successful traders found their edge through trial and error. Profits won't come without making some genuine effort to educate yourself as much as possible. Eventually, you will have to learn from your mistakes. And what better way to do that than with a forex trading journal. There is a reason that most successful and respected traders have one and use it constantly. Big financial institutions, banks and companies trading in the market also do the same thing. If you choose to have only one tool by your side, then this is what you will need..
8 comments:
The article is really good if u ask my rating for this article for 5 out 5 I will shurely give 4 Ratings Because the article contains maximum required information which really helps any one if they come across this article for information
It's always good to know that there are articles like this one that will guide you about forex trading. Nice article.
I think it's also a must to keep a forex trading journal like a notebook so you can always back track on all the important details that happened during trading.
To provide education for beginners hence give everyone an opportunity to learn profitable forex trading, keep it work
The knowledge provided in the post is awesome and will take the beginner to the next level in its domain he/she want to learn..
Made use of it a lot..
Will recommend it to others too.
This blog is really interesting.You provide us a package of useful information.Thanks
That's a nice tip. thanks a lot.
This Article very helpful for beginners.
Nice information abot Forex Trading.
Good blog.Thank you for good article.
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