What Are The Benefits Of Keeping A Forex Trading Journal?

You should keep track of your trades in a trading journal.

Isn't that just for ridiculous high school girls who write about their ridiculous crushes on ridiculous high school boys？

Okay, maybe ... DIARIES are kept by high school girls.

We don't discriminate between boys and girls.

JOURNALS are still being traded by forex traders.

These are two very distinct things! Make sure you get it properly! Geez!

Keeping a trade notebook is an important part of any goal-oriented or performance-oriented undertaking. The key is to have a system in place to track, measure, and keep track of your progress.

It's something that world-class athletes use to keep track of what helps them improve their performance on the field or court.

It's something scientists do when they're looking for the next big thing. And forex traders do it to aid in the acquisition of duckets!

In simple terms, “getting them duckets” implies becoming diligent, consistent, and most crucially, profitable.

A profitable trader is one who is disciplined, and keeping a trading record is the first step toward that discipline.

This may appear to be simple or straightforward, but getting started might be challenging.

Many forex traders, in reality, quit up after a while and rely on the forex broker's logs.

Your forex broker's logs or transaction history provide information that is only slightly relevant because it does not tell you anything about WHY you joined and quit the trade.

That knowledge will not assist you in making your next trade.

A trading notebook is more than just a place to record the pricing of your entry and exit trades, as well as the time you performed them.

It's also about fine-tuning your strategies and mastering your own mindset in the trading journal.

It's about your personal emotional psychology before, during, and after the deal, to be more exact.

For instance, your trading technique instructs you to purchase USD/JPY.

But something tells you that the deal isn't going to work.

“I don't think this deal is going to succeed,” you tell yourself. BUT, because I have to stick to my trading strategy, I'll accept it.

The price comes within 3 pips of your stop loss in the middle of the trade, and you say to yourself, “OMG. This deal isn't looking so hot right now. It was obvious to me! Why didn't I pay attention to my own advice？ I'm a complete moron! I'm about to go down! I'm going to leave right now.”

After that, you make the decision to close your trade.

The price goes up to your initial profit target a few moments later. You would have made a billion pips if you had persisted in the trade!

This is why you should keep track of your trades in a trading journal. This is a classic scenario that occurs far too frequently.

We fail to stay in the trade, trade the plan, and most importantly, remove ourselves from our trading emotions!

If you keep trading like this and don't keep a trading journal, before you discover what you're doing wrong, your trading account balance will be a big fat ZERO.