Forex trading journal blogger
I have mentioned basic trade journals and some quite advanced ones, so which one should you use as your own trade journal? It depends. I personally use physical diaries to record information about my trades.
I maintain these journals diligently and enter every necessary information. Now, I like physical journals more than digital ones, but you might not feel the same. It all boils down to individual preferences. But yes one thing I would suggest is that, if you are a beginner trader then maintain a physical trade journal and write down all the information of your trades in them. If you start putting in the work from the beginning itself, it will become second nature. And once you make progress in your trading journal and are no more beginners, you can always choose to make use of the digital trade journals.
I have seen some really advanced traders use digital trade journals, as they prefer having quantified metrics of their trades and I have also seen advanced traders using a normal book to keep a record. Try out both and determine what works for you best. Why should you maintain a trade journal? Now that you have some idea about what a trade journal is, you might have a question lingering in your head as to what is the purpose of a trade journal and why spend the time and effort just to keep track.
On the face of it, keeping track of your trades might not seem much important. But if you actually think about it then it could be the key to success in your trading journey. Most traders only judge their trading journey through the results and these results are mostly monetary returns. The traders that do so are mostly the beginner ones that keep money at the highest pedestal and do not think beyond monetary returns in trading.
But for seasoned and experienced traders, progress is determined differently. These types of traders know that their strategy will have positive and negative phases as the market conditions change, they acknowledge the fact that they will not profit every time. In such cases, they judge their results on the basis of the mistakes they made, whether they stuck to their plan, whether they managed risk properly, whether they acted out of emotions or stayed analytical. Once a trade is over, how will a trader remember all the information of the trade?
Through a trade journal. The main purpose of a trade journal is to have a record of all past actions for scrutiny in the future. Everything that the trader mentions and records in the journal can be analyzed in the future and in this way, they can understand what aspect they must work on and what needs improvement.
It is often said that you know you have progressed only when you are better than what you were in the past when your present actions are better than your actions in the past. And the best way to know if you are better now than you were in the past, is by keeping track of everything you did and then analyzing it thoroughly.
Trade journals have a large share of advantages for traders and are not just limited to spotting mistakes committed over time. If you maintain a trade journal you can identify your winning strategies and other variables that are either costing you or are benefiting you.
You can then act on it accordingly. For example, during the summer we often see that the markets are quieter and during the fall we usually get some more volatility. But how do you know if your trading strategy is good and robust enough? Apart from using your historical data to learn more about your trading performance, you can perform a Monte Carlo Simulation formula to get an idea of how your strategy might perform in the future.
If you are looking to increase the amount of profit you are making from your trades and are failing to understand why you may not be, knowing the expectancy ratio of a trade before you make it can help. In this post, we'll look at the expectancy ratio and explain how to calculate it and why you should perhaps look at it. In this post, we will look at the top 12 indicators used by professional indicators and how they are used. But a quick warning..
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