Hey guys and gals, Brad here again talking about the importance of keeping a Forex diary or journal. I used to go off memory for the longest time and it was more out of pure laziness than anything else. Once I started keeping track of my trades it probably increased my net worth by at least 20%. That would also have to do with an expert EA I found exclusively on Skydesks but that’s besides the point.
Importance of a Forex Diary
Every successful Forex trader will tell you that keeping a Forex diary is critical to trading successfully. Keeping a Forex Diary can help traders analyze their trade transactions to help them optimize the execution. When it comes to trading Forex, there are very few traders who are willing to record and review their trades. Forex trading software can make it very easy to not keep a trading diary. A trading diary can help in improving a Forex trader’s trading performance more than some of the advanced technical analysis trading software or other trading seminars. A trading diary is the same as a Forex trading journal.
Keeping a Forex trading diary is really valuable because it will help traders not to forget that some of their past trades could be good or bad. Your trading problems can easily be identified with the correct note taking. Keeping a trading diary introduces trading plans that can help prevent traders from trading impulsively.By keeping a trading diary, it will not have to be complicated. The Forex blog will give you an excellent idea of how to begin your trading diary or journal.
The main reason you trade is either fundamental or technically. Many traders trade because they think the price is right without experiencing any technical or fundamental reasons for their actions. Don’t let boredom drive you to trade. By writing down certain stop and limit orders, then the trader can plan ahead for mistakes that may happen. The act of recording all trade activity will be really valuable when post-trading. Sometimes there is a large gap between the trade setup and how it looks on the charts or through testing trading software and having your money at risk. By comparing the difference between your trade activities it will help you to understand your trading strengths and weaknesses and also help you to improve your long-term trade performances and trade habits.
A trader’s journal should provide a trading history. It should summarize all of your trades and offer a glance of your trading account. It should show each individual trade plus all of the effects of your trades up to the present day. A Forex trading diary should provide you with the best opportunity to go back in the past and help you determine how often you made trades, how successfully you traded, and which currency pairs helped you perform better trades. The diary should also show you what time frames were the best profits. By accomplishing this, you will gain a great deal of trading knowledge and information from your recording efforts in your new Forex trading diary or journal.
A good trade journal record will keep your trade information and provide you with information on what your plans were for each trade. It will help you consider each trade before you take it by setting the correct parameters for where you want to begin and how much risk you can take on the trade, and where your profit target should be set, and how you will begin to manage the trade as it progresses. The trading diary is an excellent way for you to record your trading thoughts in numbers, and helps in making it possible to change your thinking into trading reality. It will certainly form the foundation of a method in planning your trades and help you learn your trading your plan. Subscribing to Forex magazine will help you learn just how to keep a Forex trading diary.
One important reason for a trading journal is that it will help you to verify your trading method. It will allow you to see how well your trading system performs in changing markets. When you begin your trading journal, then the trading journal should be easily understandable and meaningful to you as a trader.
One of the most important features of your trading journal should be the solid help it offers in making you change your bad trading habits to constructive ones. When you learn how to trade your plan correctly, then you will begin to develop a greater level of self-confidence in your trading experiences. Your profitable trades will not feel random any longer and your trade losses will be planned, and you will certainly no feel like you are a loser. A very important factor in trading should be your level of confidence.
By having a trading journal that helps in gathering your statistics, then it can allow you to set up a trading plan by defining the parameters of trade action needed, providing a way for you to see that you can measure just how well you have executed each trade, and providing you with the best feedback to help you develop and accomplish your trading skills. It is a very valuable trading tool for helping you to become a successful trader. You may often find that a trading journal is your best friend in helping you make progress.
Forex trading journal software can help get you off to a good head start.A chronological list of trades that you can total so that you can have a complete record of your trading efforts. Trades can best accomplish this by hand writing the columns of the trading data. You can also keep records by using an Excel spreadsheet. This will automatically do the math for you and it will help in removing calculation errors. This will highly depend on your own ability in spreadsheet.A printout of the trading chart you use will help you to determine the trade, help you in indicating your trade entry level, and help your stop loss level and your profit level. It should be clearly marked on the chart.
There is a trial version of Forex trading journal software called The 4x Journal which will allows you to create thirty trade entries. If you create these entries equaling thirty-one or more, then you would only be able to get your journal entries if you purchase the program and then transfer the trade entries. This is a trial version that will stop working after you record thirty-one journal entries.
Some people prefer use spreadsheets in Excel and Google, but some traders prefer to find higher powered software that costs up to $300. Some great features that trading software may include are the automatic position sorting of trades,assignment of long or short trades, finding trades to identify strategies,notes to every trade,trades that are not assigned into trade positions, historical information, download support,rich text editor and more.
FXTraderLog is known by most traders today to be the leading electronic trader diary and journal software preferred by most traders. It will offer you accurate statistics about each trade. It is very simple and easy to use and it allows traders to direct import from leading Forex trading platforms like MT4 and MetaTrader. It allows traders to chart their trades easy, fast and error free. This trading journal software can be downloaded online. The latest beta version of the newest and best FX Trader Log application can be downloaded online as well.
Trading Diary is a new and excellent comprehensive trading platform for assessing risk, recording trade details, and providing a complete view history of your trading habits or performance. It provides traders very effective methods in an app that will make learning from your past trading successes and past trading failures much more easier for you while helping you to manage your trade risks in real time. You can improve your trade performance and increase your trade profits, it is simply your choice. The Trading Diary is the best and most complete solution in helping you to become a better trader apart from planning your trades for the most optimal risk management to reviewing trades for the most improved trading performance. This is the app that is packed with the best trading software tools you may have never thought about, but it will become extremely essential to you in your future trading successes.
You can learn a lot about keeping Forex trading diaries by visiting the e-Forex magazine or the electronic foreign exchange trading site. FX Trader Magazine can provides currency traders with the latest news, analysis, trader education and trading forecasts from the trade market experts. It covers the demanding market need for Forex trader education and the FX Trader Magazine combines the best experiences of the international trade market professionals thorough trading analysis and the best investment advice. FX Trader Magazine is a quarterly magazine publication that is distributed to private investors, money market managers, institutional FX brokers, brokers, Foreign Exchange desks and FX trade market participants all across the world. All of the editorial staff members of the magazine have over ten years of experience in the Foreign Exchange market and the financial market and all of the contributors are selected among the best of industry experts in trading or investing.
The main objective of the FX Trader Magazine is to offer all FX traders and trade market participants with the best in depth trading fundamentals and technical analysis through displaying trading strategies, providing trading education and interviews with top traders all across the country, introducing money managers and great market leaders and you can read the best reviews of Forex trading tools and their resources for improving your performance while remaining competitive on the currency trade market.
The Trading Journal Spreadsheet has been turning the best trading data into excellent evaluation analysis, for making the best sound trading decisions. It allows you to track every trade move you make in performance trade tracking categories. Thousands of traders are relying on this. They find it educational, helpful and useful. It will certainly help you track every trade move you make
It makes it really easy to record your trades in the Trading Log and it also lets TJS be your personal trade analyzer. You will be able to see your progress being displayed in a very easy to understand manner. You can get the complete package which will include the The Trading Journal Spreadsheet providing expert analysis for making your trading life much easier and traders more certainly can become more confident and successful in making trades.
It does not matter if you trade a single market or trade multiple markets because the TJS has a version for every trader that includes stocks, futures, Forex, options, spread betting, or all trade markets. It is a highly advanced analysis with a beautiful unique design and comes together with in each TJS product. It will certainly help youkeep track of your trade errors. It will also help you eliminate your trade losses by helping you to know exactly what your mistakes are and what your errors are costing you. It will help you learn how often you are committing these mistakes or errors.The Trading Journal Spreadsheet is inspiring to traders all across the world and it does not matter what you trade, you will love it too.
Visiting Forex online, subscribing to the Forex magazine or Forex e-Magazine, will give you much valuable information on the type of trading diary software that is best for you. You can even compare your software to your traders friends software. Keeping a Forex diary is a very important aspect of trading, especially if you are planning to make trading your career. If you are just not sure what type of trading diary software you need, then you can ask a friend trader, try a few different types of the software on your own or seek professional advice from an experienced trader or Forex representative.