Keeping a Trading Journal – A Very Important Characteristic That Every Forex Trader Should Have

 Keeping a Trading Journal – A Very Important Characteristic That Every Forex Trader Should Have



Do you realize what is a forex exchanging diary? Do you know the significance of keeping a forex exchanging diary? An exchanging diary is a record or a book which monitors your effective or ineffective exchanges as a whole. You should monitor every one of your exchanges, regardless of whether you win the exchange or lose the exchange as you can utilize this data for future exchanges as a source of perspective. Lets say entered an exchange with some explanation in explicit exchanging hours, however you lost the exchange. The strategy may have worked for you before yet not in this exchanging hours. With this exchange, you come to realize that the strategy will not work in the particular exchanging hours. On the off chance that you don’t note it down or monitor it, in future you might rehash a similar mix-up and you will lose the exchange once more. An exchanging diary can be utilized to allude every one of the errors you did in the past with the goal that you will not rehash them. All effective forex dealers keep a forex exchanging diary.


So assuming you need to keep up with your own exchanging diary what are the significant things that you have note down. Coming up next are a portion of the things that you can note when you begin composing your own forex exchanging diary.


Exchanging Currency Pair: Note down the cash pair you are exchanging or you have exchanged for instance EURUSD, GBPUSD and so forth


Long or Short: In forex terms Long means purchasing a cash pair and short means selling a money pair. Record whether you purchased the money pair or sold the cash pair.


Exchange Won or Lost: Record whether you won the exchange or lost the exchange. If you won the exchange note down the motivation behind why you won the exchange like any strategy you utilized, any monetary news you used to enter the exchange and so on Likewise note down the leave methodology you utilized for emerging from the exchange. Assuming you lost the exchange, likewise you need to note down the explanations behind losing the exchange.


Exchanging time: Record the day and time you entered the exchange. Likewise record the time regions you entered like asian time region, london timings, NY timings and so forth This is vital as certain exchanges might work just in explicit timings and this data, you can use in future.


Section Price, Exit Price and negative. of Pips: Record the section cost and leave cost and furthermore the quantity of pips you lost or won.


No. of parts you exchanged: Record the number parcels you exchanged.


Any procedures utilized: Record any strategies or techniques you utilized for your exchanging.


Screen captures: Screenshots are vital when you are keeping an exchanging diary. As us all realize an image expresses 1,000 words. Regardless of whether you note down all the above focuses and on the off chance that you don’t have an image, in future, you will most likely be unable to comprehend your own exchange you took. So saving an image of the exchanges you are doing is vital.


The above are a portion of the things that you need to note down assuming you need to turn into an effective merchant. You may likewise note down any extra comments, assuming you need.


Instructions to keep an exchanging diary: Generally forex brokers utilize a dominate work sheet or a microsoft word to keep notes of the above things (to keep up with exchanging diary). However, when the quantity of exchanges are expanding the size of the records likewise increments.


Also when you are saving the screen captures of the exchanges the document sizes increments to an ever increasing extent. So it creates some issues in opening or saving these documents. So after a specific point you might need to begin a new dominate or word document. These issues bring you hardship when you need to sort your exchanges. For instance you need to investigate all your lost exchanges or all your triumphant exchanges. It is extremely challenging to sort the exchanges on the off chance that you save them in dominate or word records.

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