Traders are advised to keep a trading journal, in which they record many important things—everything.
In your trading journal, you have to record everything you feel and do before, during, and after the trade has been completed.
Bear in mind that trading is about your Trading Account skills and the way you analyse the market and its movements. It’s also about your chosen trading method, your ability to efficiently execute a trading plan, and perhaps a pint of luck.
All of those things should are ingredients to successful trading. Therefore, you should record them. You have to have a trading journal Trading Platform because you want to know and monitor your strong and weak points as a trader.
Now, the following are the things that you have to write down on your trading journal:
Most traders join the forex market to gain some money. But if we go deeper, traders usually have very specific motivations for trading. You should be able to determine your own trading motivations, which will guide you throughout your forex trading journey.
Moreover, you have to know which style suits you best. And to know that, you have to know you trading considerations, like how much you are going to adjust your lifestyle to give way to your trading career.
The market is like a beast which you can either tame or beat, or tame and beat. You have to write down how exactly you view the market. Do you think of it as a battlefield or a playground? Do you treat it as something in between those two?
Understanding your own market philosophy will help you come up with better trading ideas and risks management decisions.
Even in personal relationships, the ability to observe critically comes very handy when you have to make tough decisions. Even if you see the market behave differently each day, there are still tendencies and behaviors that you can observe and take advantage of.
You have to write down your market observations and understand how each observation relates to another. Once you find certain market tendencies, you can start plotting your strategies to use these tendencies in your favour.
Further, if the trading environment changes and you’ve already had an analysis based on your observations, you’ll be on top of the situation.
Everybody make mistakes. Even those old-timers and experienced traders commit certain mistakes that new and beginning traders avoid. So it’s totally understandable to commit some.
But that doesn’t means that you’re not going to do something about it. Recording them by writing them down on your trading journal is one step to the right direction.
When you record your mistakes, you don’t only give yourself some chance to avoid them in the future. You also give yourself a good heads up when you analyse what preceded your mistakes. Simply put, you’re giving yourself a chance to understand the circumstances and reasons that led you to committing that mistake.
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