5 Things Every Trader Should Have In Their Trading Journal

Before the transaction, during the trade, and after the trade, you keep track of everything you feel and do.

Regardless of your trading style or strategy, trading is a performance skill.

How well you evaluate the market environment, your ability to construct a plan or trading approach, how well you carried out that plan, and luck all play a role in your outcome.

Because there are so many factors that influence success, you must write down everything in order to find out your weak and strong aspects.

What Should You Write In Your Trade Journal？

For traders, this involves keeping track of:

• Who you are and why you trade forex. You must first understand who you are, your lifestyle considerations, and why you do the things you do in order to determine the best trading approach for you.

• Market philosophy and perspectives. This is how you interpret and frame markets, as well as how you make judgments about how to behave and manage risk in your account.

• Observations on the financial markets. Every day in the market is different, but that doesn't mean you can't take advantage of certain “tendencies” or “behaviors.” You can find these “tendencies” by keeping a close eye on them and adapting your strategy accordingly.

You'll also be on top of the issue and change with it if the surroundings changes!

· Mistakes and missed opportunities are traded.

Making mistakes and missing opportunities can be just as damaging to your performance as the market working against you. Closing trades too soon, failing to take legitimate setups, entering the improper entry levels or position sizes, and so on should all be recorded in your diary so that you don't make the same mistakes again.

· Statistics on performance. Many components of your forex trading success can be measured and converted into numerical statistics. This gives you an authentic, no-nonsense perspective of your current situation. The figures, like Shakira's hips, don't lie. And sometimes a dose of reality is just what you need to get you to wake up.

To be honest, this seems to be a lot.

So, to make it easier for you to get started, we've put together a list of what we consider to be the absolute minimum. A trade journal's “must-have” features.

Before we share our list, we'd like to emphasize that this is what we think should be included in a trading strategy.

This list is provided to give you a better sense of what to include in your own strategy; however, you are not required to follow it exactly.

The Essentials: 5 Things You Should Write Down In Your Trading Journal

Okay, here are our top five “must-have” features of a forex trading journal:

• Area of potential trade

• Size of the entry trigger

• Regulations for trade management

• Retrospective on the trade

It's entirely up to you.

It's your personal trading diary.

You should customize your trade notebook in the same way that you customize your Dota 2 characters.

Remember that it is you who will benefit from keeping a forex trading journal. So, write down what you believe will be the most beneficial to you!