A Forex Trading Journal to Track Your Trading Performance
Today’s trading article is going to discuss one of the most important pieces of the puzzle of professional Forex trading; creating and maintaining a Forex trading journal. I am also going to give you a trading journal to log all your trades. I guarantee this will help your trading and mindset.
If Your Impatient and Can’t wait to the end of this article. Here is a Link To My Forex Trading Journal – I Track All My Trades Using This Spreadsheet. Please Make a comment after reading this article and Click The Facebook ‘Like Button”, Pay it forward and share it around with other traders.
In last week’s article I discussed what a typical day in the life of a professional Forex trader is like. I am going to first explain to you why having a Forex trading journal is essential to becoming a professional trader, and then I am going to show you what my trading journal looks like so
that you get an idea of how to make your own. By the end of this article you will be able to create your very own Forex trading journal, and this is a huge step in the direction of professional trading.
– Why do I need a Forex trading journal Nial?
First off, you need a trading journal because you need to track your trading performance over time. Many aspiring traders get caught up on the results of each individual trade; however, the professional trader knows that their trading performance is measured over a long series of trades, not just one or two. So, it’s important to have a way to track your results so that you can see how you are doing over a series of trades, this allows you to not get caught up on any individual trade. You can think of your trading journal as a constant and tangible reminder that your trading performance is measured over a series of trades. Having this type of reminder is very important, especially early-on in your trading career, it helps keep you focused and it helps to remove any emotion you might attach to any one trade.
Next, developing a track record is something you should take pride and pleasure in doing. If you have a tangible track record that shows your ability to be consistent and disciplined over time, you won’t want to mess up this display of mental strength by committing emotional or stupid trading mistakes. In this way, a trading journal works to keep you accountable, you need something to be accountable to as you trade, because there is no boss looking over your shoulder threatening to fire you if you don’t do XYZ exactly right. If you don’t have a lot of money to trade with, creating a track record that shows consistent trading results over a long period of time is proof that you CAN trade, and if you have this proof you can find people to fund you. So, as we can now see, creating and maintaining a Forex trading journal is a key element to any effective Forex trading plan.
Finally, as we discussed in last week’s article about a day in the life of a pro trader, your trading should be a routine. Creating and maintaining a trading journal gives you the structure required to build your trading routine on and it also helps you examine and focus on each individual element of a trade, which we will discuss below. Essentially, Forex trading success is the result of doing a lot of things the right way every time you interact with the market, and a Forex trading journal helps you do everything the right way every time you trade.
– What should my trading journal include and how do I make one?