maintaining a trading journal

A record of every trading activity is kept in your trade diary.

Any professional trader who is serious about making money has a tool to help them evaluate themselves objectively: a trading log.

Three components are necessary for consistent trading success:

having and carrying out a sound trading strategy.

Including a sound trading method in that strategy.

Examine and refine your trading strategies and ideas.

Every forex trader has to keep a notebook that emphasizes these topics.

The goal of this notebook is to keep track of both the effectiveness of your trading strategy and your capacity for reliable execution.

The failure of the trader to adequately adhere to the regulations of the market is more commonly to blame for bad trading performance than inadequate trading techniques.

Following the Trading Plan would be that. Make sure you do it by keeping a trade log.

Journal entries determine how useful a journal is. It is difficult to evaluate trading success if deals are not carefully tracked.

This should not only be a one-time thing done to finish an assignment; it should be continuous.

Zero Excuses!

Be truthful and thorough. Don't undersell YOURSELF by omitting to submit submissions or by making them insufficient.

You will develop discipline by finding out how to keep a trade notebook.

Additionally, we promise you will discover a lot about yourself and your trading mentality when you look back on your entries after a month of trading.

You'll be able to clearly understand your strengths, weaknesses, and the ideal strategy for YOU to trade.

No mentor, book, film, conference, or other educational resource can teach you this. You must go through it for yourself. You won't learn how to trade successfully unless you have this experience.

You must have the motivation to keep a trading notebook if you want to develop your trading skills.

Final words of wisdom on maintaining a valuable trading journal:

Always start and finish the notebook before and after the trade.

Note everything down. Don't forget anything. Be truthful. Note that if you chose to play Call of Duty while participating in a transaction and failed to close it out.

Keep a tight eye on your feelings. Make careful to record them after that.

Make careful to record observations about you, your trade, and the currency market in the diary. Trading notebooks tend to lean more toward self-analysis than market monitoring, according to our research.

Take a screenshot of the intraday charts for the trading for each day and add notes to them. Make a note of any trends you see.

You will begin to notice the patterns developing in real-time after a few months.

A trading log is a useful tool for learning and a wonderful way to develop your ability to spot the setups you want to trade.

Nothing is too ridiculous to write in your journal. Put it in writing. Note if you missed a transaction while playing Call of Duty, watching the most recent episode of The Crown, or chatting with your significant other. Note everything down!