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Keeping A Foreign currency trading Journal - Insider Ideas

For anybody that want to work in Forex (Foreign exchange) full time, it is vital to be able to being keeping a trade journal. This will make quite a difference in not only the strategy that are used, but in the success that is achieved as well. This will internally signal that process is now important, and is becoming ingrained into the mental makeup that is the unknown secret weapon associated with successful traders everywhere.

A journal is easy to start or keep, but it must be completed every day in order to gain the entire advantage. The entries should start with time and date plus the currency pair that was being traded along with what direction the market industry was trending at that time. Of course abbreviations must be used to shorten the lengths with the currency pairs (e. g. U. S. Dollars = USD). And it is important to record whether it was a lengthy or short trade kind. A good way to get this done is with a distributed sheet. The rows and columns might be color coordinated for this specific practice.

All of the data might be entered here, so make sure to be able to accurately record everything because it is done. Entry price, exit price, and trade size are common important data items being noted. This can even prolong to pips and mini-lots. All of these numbers are important. Spreadsheets will quickly indicate where the success and failures are placed. Each trade can actually be calculated automatically by the software in terms of gains or losses. This can be a period saver.

Important details need to generally be recorded to make more profits later. The session and trend trading will also be items of interest. Many people will also take screenshots with the market when the trade was entered into. This can indicate exactly what was happening back then and may help to see a number of the details that might have been missed at that time. It can also present some evidence that could have been missed earlier. A trading journal could possibly be just the ticket to investigate the type and approach to trading that has formerly been done, and fine tunes it to create even more profits.

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