Summary on keeping a trading journal

Forex Trading Journal summary includes highlights of all we covered in the previous lessons.

A list of all you must include in your trading journal and and why you must have one!

Keeping a trading journal simply means keeping track of your trades and emotions through record keeping.

It can just be a summary in form of a table indicating screenshots of your trades, emotions and the decisions you make when trading.

This includes;

Currency pairs you trade, Date of Entry and Exit, Trade Entry Price Levels, Stops and Targets, Trade Risks, Trade size, Results and your Remarks.

How helpful is forex trading  journal – Summary

1. A trading journal helps you to track your personal performance and gives you an opportunity to see when and how often you trade.
2. You can also see your successful and unsuccessful trades, time frame and currency pair.
3. With this kind of information, you will be able to identify the kind of time frame that suits best your trading system.
4. In other words, it clearly states which kind of a trader you are and the best currency pair you should trade.
5. When you constantly review your trading journal, you will be able to identify common errors and mistakes and make amendments.

This is because, you write down every event that happens before, during and after closing a trade.

You will be able to identify areas that are not performing and assess the real problem without making any assumptions on your system.

Journaling clearly shows if your system is working or not and why?

What should not miss on your trading journal

• First; date, entry and exit
• Trade entry price
• Trade management rules
• Stops and targets
• Risk reward ratio
• Setup/ strategy traded
• Results and your remarks
• Market economic news
• Personal emotions before, during and after closing a trade
• Last but not least, decisions made while holding a trade

 Why you should always review your journal 

1. Reviewing your trading journals as a trader helps you to know what works and what doesn’t work for you on your trading system.
2. You can figure out how much time you need to dedicate to trading and which type of a trader suits your trading style.
3. In addition, you will to know the session that has the best and most setups for your trading system and to which currency pairs.
4. A trading journal shows how much you can afford to risk on your account and the appropriate size that fits your stop loss.

All in all,  with a trading journal you can monitor the performance of your trading system.

Also, you can track your emotions and identify your common errors and mistakes.

Finally, Once you have figured out what works and what does not work for you, then consistently practice only that work until it becomes a habit.

Immediately drop that does not work. With time, you will know whether you are profiting consistently or not.

Keeping a trading journal and trading your plan is the most efficient way to become a profitable trader.