Keeping a Forex trading journal has always been one of the best tricks out there. Many Forex traders have figured out how effective a trading journal is. If you don’t have any trading journal right now, this article will make you think of starting to write one immediately.
One of the best reasons to keep a trading journal is to review your recent trades. A trading journal can be a convenient place to write down any statues and details of your Forex trades. By documenting trade history, you can review it effectively to create the next strategies.
Moreover, a trading journal can serve you with a great learning opportunity as well. While reviewing your past trades, you can analyze what makes a trade go wrong. As a result, you can avoid doing the same mistakes in your next Forex trades.
Another good reason to keep a Forex trading journal is that you can access everything in one place. You can write down a variety of things including your open trade statuses and significant dates on the Forex calendar. Now the question is: how can we create a good trading journal?
Quick Tips to Keep a Journal for Forex Trading
Well, there could be a difference between a well-managed trading journal and a random one. While a trading journal is supposed to help your trading activities, it shouldn’t be complicated and confusing. Here are some tips to make the most of your trading journal.
• Write everything and be honest
When keeping a trading journal, it is important to write down everything honestly. If you were in a trade and disregard exit signals from the market, note that on your journal. You can add some reasons to support the note so that identical things won’t happen next time.
• Elaborate your journal with observations
Please note that your Forex trading journal should include observations. The observations should be about the Forex market that is elaborated with your trading activities. Remember that it shouldn’t be about self-analysis only. Make sure to add market observation as well.
• Include screenshots
To give a visual interest to your trading journal, it would be great to include intraday charts on it. Simply take a screenshot of the charts and leave some comments on it. You can also give notes to any concerning patterns on the charts.
Aside from the tips mentioned above, you also need to pay attention to your trading psychology when writing down any notes on the journal. Moreover, you should remember that nothing is silly to be added to your journal, so write down everything!
Make the Most of Trading Journal by Involving Learning Activities
In addition to record activities through a Forex trading journal, you may also think to have another journal to keep your learning activities. It’s no secret that continuous learning is necessary to survive in the world of Forex. A journal can help you track your Forex learning development.
In case you haven’t known where to get the best Forex educational resources, Didimax’s Forex broker could be a safe choice. While many training courses are scams, it is important to choose a reliable provider like Didimax to learn further about the Forex market.
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To conclude, writing down your trading activities in a journal can be useful for gaining more profits in the Forex market. You can also use it as a learning tool since a trading journal tends to record your previous trades. So, don’t hesitate to create your Forex trading journal!