5 Reasons to Keep a Trading Journal in Forex

Enough with the doom and gloom now. Let's just say that most professional traders keep a trading notebook and regularly examine their trades.

And do you know who the majority of professional forex traders are？ Even if some refuse to admit it.

They're BALLERS, after all! They were successful in receiving the funds. They were able to obtain the vehicles. They were given the clothing. They were able to obtain the ice.

We may be exaggerating a little, but only a little.

Journaling has numerous personal benefits aside from assisting you in your quest for baller status.

• Identifying yourself and your living situation

• Keeping track of the progress you've made toward the objectives you've established in your Trading Plan

• Identifying your strengths and shortcomings in terms of your capacity to perform and bear pressure

• Providing a method for self-coaching and self-improvement

That last bullet item is perhaps the most important, because nearly no new visitor to wikifx.com follows in the footsteps of a typical Wall Street trader.

Not everyone who earns a Master's or Ph.D. in mathematics, computer science, financial engineering, or any other subject goes on to work for a large financial institution or a proprietary trading firm.

We're all “ordinary Joes” who learn from home or wherever an internet connection is available. This means we learn everything from the ground up and design our own trading strategies.

We can study and interact with other like-minded folks, both new and experienced, to lessen that learning curve, thanks to the internet and forex trading forums.

Even so, most of us lack access to a coach or mentor, which is a critical asset for learning any work or skill quickly and efficiently.

A coach or mentor will be there to help you every step of the way, pointing out your mistakes, praising your accomplishments, and keeping you disciplined and accountable for your results.

For most beginner traders, finding a mentor of any level is difficult, therefore we must resort to the next best thing: mentoring ourselves through a trading log.

A well-kept, detailed forex trading log is nearly as beneficial as having a coach monitoring your back and assisting you in learning those skills.

Even though keeping a journal may appear tedious and time-consuming, a forex trader may frequently learn more by evaluating their own trades than by reading a book or attending a seminar.

Your diary will evolve alongside you over time, and keeping extensive details on everything about your forex trading (from psychological concerns to market conditions to system changes, etc.) can help you discover critical lessons like:

• What news event should be avoided？

• How much more or less risk each trade do you need to take？

• When should you quit watching “Keeping Up with the Kardashians” and start trading？

Furthermore, how disciplined you are with your trading log will be a strong indicator of your long-term forex trading performance.