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Keeping A Currency trading Journal - Insider Tips

For anybody that would want to work in Forex (Foreign exchange) full time, it is vital in order to being keeping a trade journal. This will make a significant difference in not only the methods that are used, but in the success that's achieved as well. This will internally signal that process is now essential, and is becoming ingrained in to the mental makeup that is the unknown secret weapon involving successful traders everywhere.

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

All of the data can be entered here, so make sure for you to accurately record everything because it is done. Entry price, exit price, and trade size are important data items to get noted. This can even extend to pips and mini-lots. All of these numbers are very important. Spreadsheets will quickly indicate in which the success and failures are placed. Each trade can perhaps be calculated automatically by the software when it comes to gains or losses. This can be a time 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 in the market when the buy and sell 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 present some evidence that could have been missed earlier. A trading journal could be just the ticket to research the type and method of trading that has earlier been done, and fine tunes it to create even more profits.

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