Preserving a Trading Journal - A Crucial Attribute That Every Forex Trader Need to Have

Do you know what is a forex trading journal? Do you understand the value of maintaining a foreign exchange trading journal? A trading journal is a record or a book which monitors all of your successful or unsuccessful trades. It is essential for you to track all your trades, whether you win the trade or lose the trade as you can use this information for future trades as a reference. Lets state gotten in a trade with some reason in certain trading hours, however you lost the trade. The method might have worked for you earlier however not in this trading hours. With this trade, you come to know that the technique won't work in the particular trading hours. In future you may do the exact same mistake once more and you will lose the trade once more if you don't note it down or keep track of it. A trading journal can be used to refer all the mistakes you performed in the past so that you won't do them again. All successful foreign exchange traders preserve a foreign exchange trading journal.

So if you wish to preserve your very own trading journal what are the crucial things that you have take down. When you begin composing your own foreign exchange trading journal, the following are some of the things that you can keep in mind. My information is put together from b2b trade.



Trading Currency Pair: Take down the currency pair you are trading or you have traded for example EURUSD, GBPUSD etc

. Long or Short: In foreign exchange terms Long ways purchasing a currency pair and short ways selling a currency pair. Record whether you bought the currency pair or sold the currency pair.

Trade Won or Lost: Record whether you won the trade or lost the trade. If you succeeded the trade take down the reason why you won the trade like any method you utilized, any economic news you made use of to get in the trade and so on. Keep in mind down the exit technique you made use of for coming out of the trade. If you lost the trade then likewise you have to note down the reasons for losing the trade.

Trading time: Tape-record the day and time you entered the trade. Also record the time zones you entered like asian time zone, london timings, NY timings and so on. This is crucial as some trades may work only in specific timings and this info, you can use in future.

Entry Cost, Exit Cost and No. of Pips: Tape-record the entry cost and exit price and also the number of pips you lost or succeeded.

No. of lots you traded: Record the number lots you traded.

Any strategies used: Record any approaches or techniques you utilized for your trading.

Screenshots: Screenshots are crucial when you are preserving a trading journal. As all of us understand a photo talks a thousand words. Even if you take down all the above points and if you do not have a picture, in future, you could not have the ability to understand your very own trade you took. Conserving an image of the trades you are doing is extremely vital.

The above are some of things that you need to note down if you wish to become a successful trader. You may also take down any additional opinions, if you want.

How to maintain a trading journal: Typically foreign exchange traders use a stand out work sheet or a microsoft word to keep notes of the above things (to keep trading journal). When the number of trades are increasing the size of the files likewise enhances.

Furthermore when you are conserving the screenshots of the trades the file sizes enhances increasingly more. It causes issues in opening or saving these files. So after a specific point you might have to begin a brand-new stand out or word file. These troubles cause you trouble when you wish to sort your trades. For instance you wish to have a look at all your lost trades or all your succeeding trades. It is really tough to arrange the trades if you conserve them in stand out or word files.

That is why, forexbees.com is offering you an effective way of maintaining your own trading journal. If you click on that you will see the trading journal kind with the following options you can utilize when you are developing your own trading journal post.

Title: You can get in any title that fits your trade like "EURUSD break out trade - per hour chart - lost" or "GBPUSD MACD convergence divergence trade - everyday graph - won" etc. It's much better if your title can inform you what kind of trade you are doing on the first glance so that it will be easy for you in future to discover the trade you desire.

Trade Date: You can choose the date on which you did the trade. , if you are currently doing the trade you can leave the date as it is.

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Vocabularies: Vocabularies are the various categories that you can utilize to categorize your trades. The following are the different categories offered that you can pick when producing your trading journal post.

Currency Pair: This classification reveals the various currency pairs like "EURUSD", "GBPUSD" and so on. When you are developing you own trading journal post, you need to choose the curreny pair you are trading.

Long or brief Trade: If you purchased the currency pair you can select the "Long Trade" option or if you offered the currency pair you can pick the "Short Trade" choice. In foreign exchange terms Long Trade indicates buying a currency pair. Short Trade indicates offering a currency pair.

Trade Won or Lost: If you won the trade you can choose the choice "Trade Won" option or you can select the "Trade Lost" choice.

Teaser or Summary: Teaser or summary is a little description of your trading journal entry. You can generally copy and paste the first couple of lines of the body of the trading journal.

Body: You can get in any information about your trade.

Image Picker: This can be used to publish images or screenshots. This shows 4 tabs. Upload, Current, Browse, Groups. Under "Upload" tab page you can upload images or screenshots of your trades. This consists of the image file field using which you need to choose the image or screenshot of your foreign exchange trade to upload. After that it requests the thumnail size of the screenshot. I typically make use of a thumbnail size of 400 px as I such as to straighten the image or screenshot in the middle of the content. "Scale Image" you do not should use it. "Title" of the image. You can enter any title for the image as this will appear on the top of the image in your trading journal post. "Description" of the image. You can get in any description for the image and this will appear at the bottom of the image.

Submit Attachments: If you want to attach the screenshots that you have actually taken you can use the file attachments and the screenshots will be attached as files to the blog post and you can download them at any time you desire.

When you produce a trading journal entry you click the "Trading Journal" link on the left hand side to see your trading journal entries. On the trading journal page you can also see the choices to arrange your trades based upon trade dates, currency pairs, trades long or brief and trades lost or succeeded.

Currency Pair: Under the currency pairs block you will see all the currency pairs. , if you click on any currency pair you will see any trading journal entries you got in for that pair.

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Short or Long Trades: Under this block you will see 2 options - Long trades and short trades. If you click on any of the otpions you will see all the trades you bought or sold.

So this offers a great deal of options to you to maintain a very good trading journal to become an effective forex trader. You do not need to maintain your trading journal in excel or word files which take a great deal of time to open or conserve them. You can also upload your trade screenshots or connect them as file attachments.

It is really crucial for you to keep track of all your trades, whether you win the trade or lose the trade as you can use this information for future trades as a reference. Trading Currency Pair: Note down the currency pair you are trading or you have actually traded for example EURUSD, GBPUSD etc

. Trade Won or Lost: Record whether you succeeded the trade or lost the trade. If you succeeded the trade note down the reason why you won the trade like any method you used, any economic news you utilized to get in the trade and so on. Long or brief Trade: If you purchased the currency pair you can choose the "Long Trade" option or if you offered the currency pair you can choose the "Short Trade" option. To learn extra information please check out atlanta barter.