Best tricks on keeping a daily forex trading journal.
When you learn Forex trading, you are likely to find a tips to create daily trading journal as one of the most essential things to do to be success. In fact, trading journal is an important part of trading because it can be a tool to assist traders on evaluating themselves objectively. And the final result will always be to make profit in trading Forex.
Best Tricks on How to Keep Trading Journal
Trading journal is a helpful tool for sure. It can help traders to follow through their trades as well as thoughts during the day. It is safe to say that your journal may include any detail further than what you are able to find on your brokerage statement. It involves what market conditions look like and whether you made mistakes or got distracted.
Moreover, your trading journal can also include strategy ideas that you think can improve your trading opportunity. There are some elements which you can focus on as you create your trading journal. It includes an excellent trading plan, a trading system as part of your plan and a review of your trading plans and performance. And here are some tricks to help you create it.
Be Detailed and Honest
When creating a trading journal, it is important to be comprehensive and honest. Learn to write your journal in detail and be honest on reviewing your performance. It will be helpful to make decision when necessary. Your trading journal must be able to reflect on the real you as you trade in the
Forex market. It must show how good you or suck you are.
Include Observations about Your Trading
While you are being honest on everything you face in trading as you are writing down the journal, it is also important to include observations into the journal. The observations will be about your trading, the market and also your own emotion or trading psychology. Don’t get too much on self-analysis which is not based on any market observation.
Mark Your Trading Charts
Instead of all about typing or handwriting, you may like to include picture in your trading journal too. A picture is actually an easier way to maintain a trading journal. In this case, you can get a picture of your charts and mark it to see a pattern from time to time. Here are some helpful guidelines that you can follow when marking your charts.
• Include Price Action
When marking your charts, take account of an hour or two of market price action before starting your trading activity, if appropriate. It will present a context for what has occurred when you set up trading. However, you are not necessary to include the prior day’s price action. Doing this is able to aid you assess the time frames better while trading.
• Mark Your Start Time
Then, it is a good idea to create mark on your start time by using a vertical line. You can also make text note directly on the chart. It will allow you to realize the impact on the market when you started to trade late or early. Watch out any sign that you missed something according to the time you start to trade each day.
Those are several tricks that you can do when you need to keep a trading journal. Here, we can see that both text and picture will make a great trading journal. You can benefit your trading charts in addition to your text reviews about the market each day. The last but not least, don’t skip to learn Forex as you continue making your trading journal.