Do you know that’s what is a forex trading journal? Do you understand the importance of maintaining a foreign exchange trading journal? A trading journal is a document or a book which tracks all your effective or not successful trades. It is essential for you to keep track of all your trades, whether you win the trade or lose the trade as you can utilize this information for future trades as a reference. Lets state gotten in a trade with some reason in specific trading hours, however you lost the trade. The technique might have worked for you earlier but not in this trading hours. You come to learn that the method will not work in the certain trading hours with this trade. In future you might do the same error again and you’ll lose the trade again if you do not note it down or keep track of it. A trading journal can be used in order to refer all the mistakes you made in the past so that you will not do them once more. All successful forex traders preserve a foreign exchange trading journal.
If you desire to keep your own trading journal what are the crucial things that you have note down. When you start composing your own currency trading journal, the following are among the things that you can note.
More Ranting About Forex Journal Entries
Trade Won or Lost: Tape-record whether you succeeded the trade or lost the trade. If you won the trade note down the reason why you succeeded the trade like any strategy you utilized, any economic information you utilized to get in the trade etc.
Even if you keep in mind down all the above points and if you do not have a picture, in future, you couldn’t be in a position to understand your own trade you took. Conserving an image of the trades you’re doing is very important.
The above are some of the things that you need to note down whether you want to become a successful dealer. You may also note down any added opinions, if you desire.
The best ways to keep a trading journal: Usually foreign exchange traders make use of a stand out work sheet or a microsoft word to keep notes of the above things (to preserve trading journal). But when the number of trades are enhancing the size of the files also increases.
Title: You can enter any title that fits your trade like ‘EURUSD break out trade-per hour graph-lost’ or ‘GBPUSD MACD merging divergence trade-everyday plan-wo n’ etc. It’s much better if your title can tell you what kind of trade you’re doing with regard to the first glance in order that it will be easy for you in future to discover the trade you want.
Trade Date: You can pick the date on which you did the trade. , if you’re presently doing the trade you can go the date as it is.
Lexicons: Vocabularies are the different classifications that you will be able to make use of to classify your trades. When producing your trading journal post, the here are the different classifications available that you can pick.
Currency Pair: This classification reveals the various currency pairs like ‘EURUSD’, ‘GBPUSD’ and so on. You need to take the curreny pair you’re trading when you’re developing you own trading journal post.
Brief or Long Trade: If you bought the currency pair you can choose the’ Long Trade’ option or if you sold the currency pair you can choose the’ Short Trade’ option. In foreign exchange terminology Long Trade suggests buying a currency pair. Short Trade means offering a currency pair.
Trade Won or Lost: If you succeeded the trade you can select the option’ Trade Won’ choice or you can pick the’ Trade Lost’ choice.
So this offers a great deal of options to you to maintain a great trading journal to be a successful forex trader. You do not need to preserve your trading journal in excel or word files which take a great deal of time to open or save them. You can likewise upload your trade screenshots or affix them as file attachments.