Reasons Why You Need A Forex Trading Journal

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Factors that Need to Be Included in Forex Trading
Journal
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Keeping a trading journal helps you to improve
trading skills. Trade planning and money
management are included in the trading journal.
This allows you to keep structured approach and
gain more profit in forex trading. Basically,
in this system, you can record all trades,
including the right and the wrong ones with
details of entry and exit positions. Moreover,
you can also keep a screenshot of each trade.
These all things help you to learn from your
every trade. These observations also guide you
for building a winning strategy.
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Experts say that trading journal is the best way
to learn trading skills. If you make any bad
trade, dont frustrate as your wrong move can
also help you to learn from such mistakes.
Definitely, you will avoid not to make same
mistakes in the trade. In trading journals, you
should include the following factors in order to
make your investing strategy worthy.
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Define goals and Fixing daily strategy
Determine your financial goals and note them down
in journals. Documenting the strategy which
you will employ for a day trading. It is also
important to include the method which you will
apply to achieve your goals.
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Dealing with emotions and News updates
It is also important to keep a track of your
every emotional reaction. For example, what would
you react after earning or losing money. What
steps would you take after getting such results?
By analysing this, you can tackle with your
emotions efficiently and reduce overtrading.
Apart from keeping an eye on todays exchange
rates, you can also search for fundamental
economic news. Many economic and political
factors affect the market which lead in
fluctuating currency rates.
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Goal Review and Next days objectives
Do you meet your goals? If not, why not? It is
also important to write down the next days
objective which helps you to maintain discipline
in trading.
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Factual factors

• In trading journal, you can also include the
  following factors.
• Entry and exit date
• Capital limits
• Length of the trades
• Order type
• Trade size and capital limits
• Consequence of the trade
• Market conditions of the day of trade
• Long term market analysis
• In this way, trading journal offers many benefits
  to the traders. Experts say that if trade
  journals are regularly updated, it can help you
  to make a profitable framework where you can
  create winning trading strategies.
• In trading journal, you can keep a record of
  every trade. By analyzing these, you can define
  your strengths and weaknesses as a forex trader.
  With the help of such observations, you can
  reinforce better trading skills.

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Contact Us

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