Forex trading journal
Trading journal is your personal document (or notebook) which helps you to move your trading in the right direction and on to the next level. If you want to become a consistently profitable trader on the long-term, and enjoy the lifestyle that comes with successful trading, you must use the trading journal.
Trading journal can turn an average trader into successful one. Profitable forex trading is possible only if you start using and following forex trading plan and journal. Forex trading tools you need are…
Often I see many unsuccessful traders who simply not use it. From my experiences there is a big connection between very successful forex traders and trading journal.
Why?
Trading journal is your personal document with your trades and decisions made. It is document with your successful and unsuccessful trades and decisions. This allows you to track, learn and improve your trading performance.
When it comes to trading you need to have disciplined and organised approach. Trading journal will not be useful, if you are not consistent with using it on every single trade you make. Over the time you will see what works best for you and what is giving you results you want. As traders you need to focus on yourself and on your own trading. Cut distractions and focus.
All successful traders started somewhere. They wanted to be where they are today and change their bad trading results and habits into winning ones.
How did they achieve them?
They learnt consistent trading edge, they were learning and practising, traded with patience, discipline and learned from their own trades and mistakes.
To make yourself a trading journal is very simple.
You can save screenshots of your entries, management and exits of each trade you make, and add few comments and notes. It does not take you a lot of time, so laziness should not be the excuse.
Forex trading plan
Trading plan is, along with the trading journal, another most important tool you need, if you want to have long-term trading career. Trading is not a hobby.
If you are serious about your trading, you must treat it right way. Trading is a business and it must be treated that way.
Trading plan is actually your business plan which you will need to follow consistently, and not change it every day. Consistent action creates consistent results.
Trading plan must be very simple and clear with important information only. A lot of traders complicate and they make long trading plans which they can’t follow. Trading plan should not be more than 1-2 pages long.
Most important things to include in your forex trading plan are:
- Daily trading routine
- Entry rules
- Exit rules
- Money management rules
- Your trading style
- Currency pairs, markets you will trade
- Personal notes,rules,goals
Trading plan is your business plan and daily guide to trading success. Make one and follow it religiously without any excuses. Trading plan is your daily guide to your long-term trading success.
Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the fx market. Don’t trade with money you can’t afford to lose. You must be aware of the risks of investing in forex and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Weekly forex outlook opinions on this page are for informational purposes only and are not investment advice. You should do your own research before making any investment decisions and take full responsibility for your own results, performance.
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
GBP/USD steadies near 1.2450, awaits mid-tier US data
GBP/USD is keeping its range at around 1.2450 in European trading on Wednesday. A broadly muted US Dollar combined with a risk-on market mood lend support to the pair, as traders await the mid-tier US Durable Goods data for further trading directives.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data
Gold price (XAU/USD) edges lower during the early European session on Wednesday, albeit manages to hold its neck above the $2,300 mark and over a two-week low touched the previous day.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.
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