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Keeping A Forex trading Journal - Insider Suggestions

For anybody that want to work in Forex (Foreign currency) full time, it is vital in order to being keeping a industry journal. This will make a good difference in not only the methods that are used, but in the success that may be achieved as well. This will internally signal that this process is now critical, and is becoming ingrained in the mental makeup that's the unknown secret weapon associated with successful traders everywhere.

A journal is not hard to start or keep, but it must be completed each day in order to gain the complete advantage. The entries should begin with time and date as well as the currency pair that had been traded along with what direction the market 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 necessary to record whether it was a long or short trade type. A good way to get this done is with a spread sheet. The rows and columns may be color coordinated for this kind of practice.

All of the data can be entered here, so make sure to accurately record everything mainly because it is done. Entry price, exit price, and trade size are important data items to be noted. This can even expand to pips and mini-lots. All of these numbers are important. Spreadsheets will quickly indicate the place that the success and failures are located. Each trade can even be calculated automatically by the software in terms of gains or losses. This can be a moment saver.

Important details need to be recorded in order to make more profits later. The session and trend trading will also be items of interest. Many people will also take screenshots of the market when the industry was entered into. This can indicate just what was happening back then and may help to see many of the details that might have been missed at the time. It can also existing some evidence that may have been missed earlier. A trading journal may be just the ticket to investigate the type and technique of trading that has previously been done, and fine tunes it to produce even more profits.

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