For full functionality, please enable JavaScript. Trader Journals. Trading Journal Update: 07APR Hello guys, how are you? Hopefully, you are well and making good money in the foreign exchange market.

The US dollar index made a tremendous strong bullish rally breaking the most wanted resistance border of Everything you would ever need to successfully journal all of your trading activity.

Click here to look at my full review of Edgewonk, looking at my experience, pros, cons and why you should be using the tool! TrackFx is a brand new analysis platform for forex traders to track, analyse and journal trades in detail.

The platform uses technology to provide value metrics to traders looking to increase their edge in the markets. TrackFx allows traders to import data from a range of brokers, then provides completely objective statistics.

For more holistic traders, the lack of subjectivity maybe an issue, but for numbers driven traders — this is a great choice of a trading journal!

Have a read here of my full review, looking at the pros and cons of the software! I would highly recommend journalling your trades in a simple spreadsheet if you have knowledge of how to work with Excel!

Evernote is a very useful tool for traders journalling trades. Although you will need to be manually adding trades on Evernote, the customisation and ability to add screenshots is a huge selling point. Not only that, Evernote has a completely free plan to test the waters! Tradervue is a very simple forex journalling tool for traders. The tool allows traders to import trade data, then analyse simple metrics to look at profitability and various other factors. This is the recipe for a successful trader, no one including myself or any other successful trader ever skips or stops gaining very high-quality knowledge.

Every single day I spent a lot of hours learning, analyzing myself, analyzing my trading and improving myself. Markets develop themselves so we have to develop ourselves as a trader and the moment you stop you start to move back. Trading could be successful.

But in reality, there is a new millionaire in Forex every month, every week or maybe even every day but to become one you have to follow the successful trader recipe which I explained to you earlier. Remember that loss-free trading, it is very likely the most common newbie mistake.

Think about it and take a look at this picture below:. Take a look at the Blob fish and the Mole Rat well maybe some will think they are cute but to enjoy the beauty of this Retriever Puppy or Bunny Rabbit we have to remember and know that some that are balancing all this beauty.

We need balance to be happy and satisfied with the good things we achieve. Similarly, balance in Forex is just like the examples we saw above and in the same way in Forex too we cannot have only winners or losers, even if you open hundred trades randomly without any idea, you will win some and you will lose some, there is no other way. Watch the Webinar of Making Money From Forex Trading — Reality or Dream?

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Keeping a forex trading journal should not be dreary. In this article, I will show how to keep one and importantly how to use a trading journal to make you a better trader.

Download a PDF version of this article and read it however you like. Before I send you the guide and resources, help us fight spam. Check your inbox or spam folder to confirm your subscription. A trading journal is a tool traders use to record and track their trades.

With it, traders can analyze their trades identifying actionable areas affecting their performance. We would rather bury our heads in candlestick and chart gazing than acknowledge the underlying reasons behind losses or wins. How do you get to consistency when you hop in hop out of trades counting on luck to win every time? Hope is an emotional scapegoat for laziness in trading. A trading journal brings clarity and certainty to every trade — it crunches what would look like random variables in your trading, and points to you with pinpoint accuracy the issues bleeding your account or areas working for your good.

Knowing the purpose of a trading journal, it is safe to say, you should include all the information you consider when making a trade. What instrument do you intend to trade, is it stock, what stock is it? Is it forex, what currency pair is it? How much do you intend to risk and expect to gain from a trade in dollar or unit figures? When you are in a trade, you can note on the chart, when you entered, where you set targets and when you exited and your reasoning behind them.

You may not be able to enter trades in your journal before you place new trades for the risk of missing trading opportunities, but, if you make notes on the chart as you trade, you can capture a screenshot, which you attach to your trading journal when you import or input your trade entries.

Traders trading longer timeframes entering one to ten trades a week or even a day should have screenshots of before and after trades attached to each trade. Or did you tinker with the trade? Did you move the stop loss and take profit targets or did you remove them altogether?

If you did, why did you do it? Could it have been that you were expecting news and tightened or widened your targets, or your stop target was about to be hit and you decided to remove it? Be honest. You get the idea. Question every motive behind every trading action because any one of these actions makes or loses you money. A good trading journal software or tool should have an option for you to add custom comments or triggers for your trading.

One trader may want to know the impact of trading during high impact news, while another, cares to know the impact a family dispute has on their trading. Those little things we often ignore silently affect trading performance. When I struggled with accepting loss.

The trading journal was there to help me know how many times I never accepted the loss and what impact it had on my account.

By convincing myself — yes, you may have to convince yourself — to track the impact of accepting loss had on my account, I learned what the best traders know, by refusing to accept a loss, you lose. Like a spoiled brat, I gave up journaling several times, because I never wanted to accept the truth. The addiction to random wins and blatant self-denial and refusal to deal with the deep-rooted issues in affecting my trading somehow let me skip journaling.

But, if you find your way back like I did countless times, eventually, the trading journal will hone your trading strategy. Knowing exactly, what instruments to trade, on which days of the week to trade them, the emotional pressure your trading buckles to. I learned for instance, when I scalp, I make most of my money two hours leading to the London open.

What is important for you to take away is that a trading journal helps remove randomness from your trading. It will give you the reason to become a disciplined trader. A simple notebook or paper that you can safely file will do.

I tracked each trade with comments on how I entered, and the lessons I learned. My lessons had color codes to reflect how critical the lesson was to my success as a trader. If you want a trading journal example, here is a forex trading journal excel template download you can modify to suit your journaling needs. Excel is great, but your time is better spent planning and executing trades than in manual administrative data entry work or tweaking a formula to show you exactly the gaping issues in your trading.

It does all the heavy lifting of data analysis, and if you wish, data entry, so you can focus on trading. All the data about the trade are automatically added.

All I do is enter information about the trade in the personal notes. Then, I go to the advanced trade data to attach the different issues I want to track to the trade. Every trade is tagged with my emotional state, the time I entered the trade, whether I broker rules or not, the entry, exit, and trade management comments.

Every time I launch my trading software, the first thing I see is the overall health of my trading account. I can then dig deep into the trade analysis features of the software to know what I need to work on or what I need to keep up in my trading.

Most ship with the basic data points you need to track, but you can also create your custom data points depending on your trading needs. I use Edgewonk, and so far it is the best trading journal for any trader committed to achieving their dream. Edgewonk trading journal works for Forex, Futures, Stocks, CFD, Spread betting, and Crypto-currencies traders.

You can start with the free trial. Another dedicated trading journal software you can use is Trademetria. It is a free online trading journal for up to 30 orders a month. This is perfect for low volume traders any one testing the waters of journaling. Some prefer to pore through their last trades before they enter new trades, while others prefer to accumulate the trades and only review them at the end of a trading day or once a week.

If a trading journal is to add the promised value to your trading, reviewing it should show you in a glimpse your trading performance. Reviewing a trading journal comes to sitting down and exploring the data you have collected during a trading session. Those using dedicated journaling software should look through the trade analytics section of the software. What you want to know is what strategy or the custom parameters you set to make money and why they work.

In the chart above, on my short term scalping account, I trade four strategies. One, based on currency correlation, the second on Gap filling, the third on reversals, and the fourth based on the Fibonacci pivot levels entering trades in the 5-minute timeframe in the direction of the minute chart. In my trade analytics, I am curious to know what currency pair works for me and on which days I make the most losses.

My trade analysis report shows me my trading performance based on the trading strategy, the currency pair, the trading days, emotions, and everything else I track.

When you have a general idea of your trade performance, you should go to the individual trades, and review the thoughts and comments behind every trade.

In my reversal strategy, for instance, I notice most of my trades are based on an idea my gut is telling me that price is about to reverse — I am trying to pick the top or bottom. At the end of a review session, you should have actionable areas in your trading to improve or drop. If your journal reveals that, you enter trades too soon, you will need to adjust your entry signal or work out something that will stop you from jumping too soon.

Some traders go to the extremes when their journals reveal meddling with trades is costly. Instead of leaving the trade to play out as planned, they move targets, close wins too soon — such traders, learned that that single habit limits the potential of their system, so what they do after placing the trades?

They close their trading workstations — only checking at defined times. But what you can learn from the journal is the trading session that makes you money and in which sessions you give back profits or what currency pair is most profitable. If you have read to this part of the article or if you skipped to it, why add yourself more work of noting trades when trading statements from your brokers have all your trading results — Information that would seem duplicate if we tried to recreate it.

Well, here are 5 reasons why successful traders hold dear the habit of keeping a trading journal. The only way you will test and prove a trading strategy is by testing it on historical data and a live account. A journal will identify areas in the chart and the trading conditions around the trade times where you make the most or lose the most money. With thousands or even hundreds of data entries, a predictable pattern will pop out.

There, you will know your strategy. Once you are confident that your trading strategy has proven itself, there is no way you will make the stupid mistakes most traders make. This discipline easily trickles down to your trade directly, since you have to write your plan before placing a trade or indirectly, by tapping into the psychological power of the mind, where improving in one area sprawls to other areas.

You are on your own. You make the rules as you please. And break them when you feel them strangling. A trading journal forces you to account for each win and loss. It forces you to ask why and how. Because your trading journal will show you that you always make money even after taking 10 losses in raw. Hollywood, in her movies, depicts traders as alter ego males who get off the high and stress of trading with a puff of a joint, a snort of cocaine, and a shoot a of heroin in wild orgies.

By scribbling your thoughts to paper or screen you comb through your mind releasing pressure from within you. The pressure that we all know quickly snowballs into bad trading decisions. That is when you understand the therapeutic power of journaling. A trading journal is a reliable tool that assesses your trading decisions, trading strategy, and overall account performance. Eventually, the information your journal shows will keep you focused when the sustained losing streaks hit.

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To get started, you will need a journaling tool. A guide to keeping a forex trading journal. Leave a Comment Cancel reply Comment Name Email Website Yes, add me to your mailing list.

EURAUD Technical Analysis Based On Our In House Indicators. The US dollar index made a tremendous strong bullish rally breaking the most wanted resistance border of Forex Triple B www. However, before deciding to participate in Foreign Exchange FX trading, you should carefully consider your investment objectives, level of experience and risk appetite. In this article, I would like to explain about making money from Forex trading. Yesterday, the overall performance of the US dollar index was quite well.

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