Forex Trading Journal.
Why trading journal is essential while trading Forex? Is Forex Trading Journal A Must?
Trading is the same as any other business. You need to invest some money to make more money. Usually, trading is done from home, so you have to keep records of your trading activities. In this article, you will learn the importance of a trading journal. And how you can track your trading records for free with Free Trading Journal.
Why you should keep a Trading Journal?
Journaling may not be a fun activity for some. But being a trader, you need to have documentation so you won’t forget about your trading activities easily. Also, a journal is essential to keep statistics on various strategies and markets you are trading. Journaling is just like any other habit that you will get used to it.
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These are the example of two types of trading journals you can keep.
Trading Journal for swing traders.
If you are a swing trader, you try to hold your trade for at least a day. You might not open more than 5-10 trades in one day. If this happens, you should keep a journal of all your positions. Taking down notes does not take too much time, and soon you will get used to it.
It is essential to document the strategy you used for entering the trade and the exit. Your document how the price behaved after you closed the position.
It provides you a helpful insight into future trades. It helps you find out if you are not exiting trades too early or too late.
Comments on trade are helpful to any traders. It records your emotions while trading or any hesitation or urge to diverge from the trade plan. Recording your psychology matters in the journal is vital for future self-analysis and development.
Maximum Adverse Excursion (MAE) is one of the best tools for measuring your performance. It helps you measure and track your trade after you have entered it.
For example, if you find out that most of the trades only go 20% of your stop loss, your stop losses might be too much. Also, you can add tags for much easier navigation in your trades.
Journaling for day traders and scalpers.
In day trading or scalping, and you open 20 or 50 small trades a day, journaling each one can be a tedious process. But you can get benefits from Account Analysis using an excel sheet.
Account Analysis will show you your most traded volume, trading hours, instrument, and direction. By keeping your eyes close to these statistics, you can get rid of things that are not working for you.
Conclusion – Trading Journal is an important element for success.
Having a trading journal, you can track your trading performance and all aspect of your trading business. It is essential for professional traders who want to sustain their long-lasting trading careers. You must give attention to analyzing your inputs and improving yourself based on the outcomes of this analysis.
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Forex Trading Journal.