Maintaining a Trading Journal – A Very Important Characteristic That Every Forex Trader Should Have

Will you really know what is a forex trading journal? Do you know the value of maintaining a forex trading journal? A trading journal is a list or a reserve which keeps program all of your successful or unsuccessful trades. It is very important so that you can manage your entire trades, whether you win the trade or lose the trade as possible use this information for future trades as a reference. Lets say came into a trade with some reason in specific trading hours, nevertheless, you lost the trade. The technique might have worked for you earlier but not in this trading hours. With this trade, you come to know that the technique won’t work in the specific trading several hours. If you don’t notice it down or keep track of it, in future you may do the same mistake again and you will lose the trade again. A trading journal can be used to refer all the mistakes you do in the past so that you won’t do them again. All successful forex traders maintain a forex trading journal. fusionex

Consequently if you wish to maintain your own trading journal what are the important things that you have take note down. The following are a number of the things that you can note when you start writing your own forex trading diary. 

Trading Currency Pair: Take note down the currency match you are trading or you have traded for example EURUSD, GBPUSD and so forth

Long or Short: In forex conditions Long means buying a currency pair and brief means selling a foreign currency pair. Record whether you purchased the currency set or sold the money pair.

Trade Won or Lost: Record whether you won the trade or lost the trade. In the event you won the investment note down the main reason you won the trade like any technique you used, any monetary news you used to enter the trade etc. Also notice down the exit strategy you used for arriving out of the company. If you lost the trade then also you have to make note of down the reasons for losing the trade.

Trading time: Track record the day and time you entered the investment. Also record the time zones you entered like asian time-zone, london timings, NY timings etc. This kind of is very important as some trades may work only in specific timings and this information, you can use in future.

Entry Price, Exit Value and No. of Pips: Record the entry price and exit price and also the number of pips you lost or won.

Number of plenty you traded: Record the number lots you dealt.

Any techniques used: Record any techniques or methods you used for your trading.

Screenshots: Screenshots are incredibly important when you are maintaining a trading log. As all of all of us know a picture talks a thousand words. Actually if you make a note of all the above points and if you don’t need a picture, in future, you may well not be able to understand your own trade you had taken. So saving a picture of the trades you are doing is very important.

These are some of the things that you have to note down if you wish becoming a successful dealer. You may also make a note of any additional remarks, if you want.

Keeping a trading journal: Generally forex dealers use an excel work sheet or a ms word to keep paperwork of the above things (to maintain trading journal). When the number of trades are increasing the size of the documents also increases.

Moreover when you are saving the screenshots of the deals the file sizes boosts more and more. And so it causes problems in opening or saving these files. So after a certain point you could have to get started on a new excel or word file. These problems cause you trouble when you wish to sort your trading. For example you want to have a look at your entire lost trades or your earning trades. It is very difficult to sort the trades if you save them in excel or word files.

That is why, forexbees. com is offering you a successful way of maintaining your own trading journal. When you login to forexbees. com, under navigation wedge on the left you will see the hyperlink “Create Content”. Click on the link and you will start to see the “Trading Journal” link. In the event you click on that you will see the trading journal form with the subsequent options you can use if you are creating your own trading record post. This is completely private and no elase, besides you, can watch your trading journal.

Subject: You can enter any title that fits your trade like “EURUSD break out trade – on an hourly basis chart – lost” or “GBPUSD MACD convergence trick trade – daily graph – won” etc. Really better if your name can tell you what type of trade you are doing on the first glance in order that it will be easy for you in future to determine the company you want.

Trade Time: You can select the date which you do the trade. If you are currently doing the trade you can leave the date as it is.

Vocabularies: Vocabularies are the several categories that you can use to rank your trades. The pursuing are the several categories available that you can choose when creating your trading journal post.

Currency Match: This category shows different currency pairs like “EURUSD”, “GBPUSD” etc. You need to select the curreny pair you are trading when you are creating you own trading record post.

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