Recent Posts

It is imperative to maintain another forex trading journal. Brokers provide the following information: currency trades, margin use, gains and losses, and available purchasing power. Still, it pays to keep one. Here’s why.

Mind Pattern Modification

Writing down all your dealings helps you rethink your trading practices. It can prod you to either stick to or retain your habits. If you hone your trading skills, you become more confident. If you are confident enough, you won’t be placing random orders. You plan for losses as well. Confidence is a vital element of trading as it eliminates fear and greed ingrained in majority of traders. Whilst fear and greed are innate, letting those emotions in your trades will take you nowhere. A good trading journal sets the actions which have to be taken to gauge how well a trade has been executed. It also gives an insight on how can a trader refine his trading. Consider it a bestfriend that can aid in achieving success.

Planning Device

A trading journal outlines actual trade data, enabling a person to think carefully before lodging that order by considering profit target, parameters, management, risk tolerance, and effects of each trade. In other words, the notebook records all your actual ideas and data, making it more feasible to make your impossible dream into a real one. It is as simple as planning a trade and trading a plan.

Historical Data

Wanting a historical viewpoint of your trade? Trading journal can offer not only summaries but the status of each trade and its corresponding effects. This will provide the frequency and success rate of your trading and overall state of your account. You can obtain considerable amount of information from your records if you are analytical enough.

Method Validation

Lastly, a trading journal validates each move you make. It also perceives how well the method works in erratic market situations and varying timeframes. One needs to keep an in-depth trading notebook to get the logic behind each technique.