Absolutely, all of pro Forex traders maintain this strategy! No doubt, if you want to improve your trading performance then you need to study on your trading result! That’s the importance of having trading journal! Basically, on Saturday and Sunday I use my journal; besides I have a note book that I use for making my live trading mistakes!
Why it is very important to have a trading journal?
- Thread starter Rambo35
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A trader will make mistakes and that is a part of the learning process. There is a possibility of repeating the same mistakes in trading. The best way to avoid making the same mistakes again and again is to have a trading journal. A trading journal keeps a record of your daily trading activity and performance.
My opinion is that resources such as myfxbook can be used to analyze your own actions. This helps to see the various metrics that are important when working on errors.
If you want to learn from your trading mistakes, then having trading journal is the 1st requirement! In my beginning session, I didn’t use journal! But I maintain my trading journal so sincerely, it helps me a lot.
Well, I don’t use any virtual journal but I use my notebook for my trading history! I seem, it’s a good habit, even after losing any trade position I try to identify the reason of my loses! It also helps me to be a well disciplined Forex trader.
I do what I call an "autopsy" on any bad, losing trade I may make. My reason for the trade in the first place, my rationale for determining price direction, a review of the algorithms employed in this particular trade for errors , omissions or just plain stupid mistakes and any other pertinent or material factors that may have misguided my judgement. I do not go on to other trades until I have finished the autopsy. ( sometimes this can require hours) If I find a significant factor that is at odds with my previous trading experience I log it into my trading notes and flag it for future backtesting. If I have achieved any measure of success in trading it is due to my strict adherence to this protocol.
That is very important as we need to be very strict in observing discipline if anyone wishes to be successful in forex trading.
Yes it is! On the other hand, this practice will help you to learn Forex from your own trading mistakes.
Trading journal is an effective habit to evaluate the performance of the trades. It keeps the record of all your trading activity and helps you track progress when entering or exiting a trade. Also record and follow up trades for better output. So one can cross check ,learn from mistakes by proper analysis.
I think that its very important to have a trading journal. In case one wants to cross check his past moves or evaluate his past trades, then a journal would be of great help. Not necessarily on paper but excel would be very helpful, along with some chart analysis if you know to use.
When I first started trading, I had (and now have) a table in Excel. There was almost everything mentioned above: opening prices, results, opening and closing times and so on. Plus various useful applications, mainly related to statistics (charts, graphs, tables).
But very soon I switched to a sheet of paper and pencil. Everyone knows for a long time that this practice is more effective on the part of psychology. So you have a choice between a trader's jounral in the form of spreadsheets, special programs and a simple sheet of paper with a pencil.
Despite the fact that the trader's journal is not a guide to success, it has a lot of advantages. I would even say that its only drawback is a waste of time. But to me, it's the right thing to do.
But very soon I switched to a sheet of paper and pencil. Everyone knows for a long time that this practice is more effective on the part of psychology. So you have a choice between a trader's jounral in the form of spreadsheets, special programs and a simple sheet of paper with a pencil.
Despite the fact that the trader's journal is not a guide to success, it has a lot of advantages. I would even say that its only drawback is a waste of time. But to me, it's the right thing to do.
let be an online journal which is better in my opinion or a personal jouranal its is a very important thing given that forex trading is more of an information wars, the hunt for the next pattern, if you catch it u make it big, if you dont u miss on a lot, and i do keep a journal of my personal traders for my hotforex account and one might say we do go back to the journals more than what we would think.
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