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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

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    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    EUR/USD Price Analysis: Seems vulnerable near mid-1.0500s amid geopolitical tensions

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

    Australian Dollar extends gains on higher commodity prices, geopolitical tension in the Middle East

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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

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    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

    Q4 Trade Opportunity: EUR/CAD Long-Term Reversal as Oil, Inflation Rise

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    Australian Dollar Dips as US Dollar Rallies After Israel Attack. Lower AUD/USD?

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    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

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    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

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    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

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    EUR/AUD BREAKOUT COULD GROW LEGS

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    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

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    Abu Dhabi’s oil champion ADNOC bets on global expansion

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    Oil prices jump as Middle East violence rattles markets

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    Panamanian trade unions reach agreement with government on essential commodities

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    Dollar surges and stocks tumble as traders weigh global growth outlook

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    Can commodities make a comeback?

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    CME looks to lure retail traders with daily options frowned on in Europe

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    The traders earning $6m+ outside banks and hedge funds

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    How ETF investors can bet on the crypto crash

    How ETF investors can bet on the crypto crash

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Summary: Keeping a Trade Journal

poweradmin by poweradmin
October 5, 2020
Home Education
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Your trade journal is a log of all trading activity.

A trading journal provides any serious trader who wishes to make money a tool to help them evaluate themselves objectively.

There are three elements for sustained successful trading:

  1. Having and executing a good trading PLAN.
  2. Having a good trading system as part of that plan.
  3. Review and improve your trading performance and plans.

Every forex trader should maintain a journal that focuses on these elements.

This journal’s objective is to monitor both the performance of your trading system AND your ability to execute it with consistency.

Poor trading systems are less frequently the cause of poor trading performance than the inability of the trader to properly follow the rules of the trading system.

That’s following the Trading Plan. Your trading journal is intended to make sure you do just that.

Journals are only as good as what is written in them. If one fails to accurately track trades, it becomes hard to judge trading performance.

This should be ongoing efforts, not just a one-off for the sake of completing an assignment.

Be thorough and honest. Do not short-change YOURSELF by failing to put in entries or through incompleteness.

Learning to write and maintain a trading journal will build discipline in you.

Not only that, when you reflect on your entries after a month of trading, we guarantee you will learn a lot about yourself and your trading psychology.

You’ll clearly see what you’re good at, what you suck at, and what the best way it is for YOU to trade.

This is something that no mentor, no book, no video, no seminar can teach you. You have to experience it yourself. Only through this experience will you become a successful trader.

To build the skill of trading, you must have the will to maintain a trading journal.

Always keep a record of each of your trades, with details of why you got in, how you got out, and why it turned out the way it did.

Here’s some final advice to keeping a helpful trading journal:

  • Always begin the journal before the trade, and end it after the trade.
  • Write down everything. Don’t leave anything out. Be honest. If you decided to play Call of Duty while you were in a trade and forgot to exit your trade, write that down, and explain why.
  • Pay very close attention to your emotions. Then make sure you write them down.
  • Make sure the journal includes observations about you and your trading and about the forex market. We’ve found that trading journals are usually skewed toward self-analysis and include little in the way of market observation.
  • Take a screenshot of intraday charts of each day’s action and write comments on them. Make note of patterns that you are watching
  • After a couple of months, you will start to see the patterns emerging in real time.
  • A trading journal is a learning tool and a great mechanism for training your eye to see the setups you want to be trading.
  • Nothing is too silly to record inside your journal. Write it down. Write down whether you missed a trade because you were watching the latest episode of Game of Thrones or playing Call of Duty or you were busy talking to your sweetheart. Write it all down!
Tags: Keeping a Trading Journal
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