Journal for Forex Trading

Discussion in 'Trading Journals' started by Eugene, Apr 13, 2012.

  1. Eugene

    Eugene Trader

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    Hello all!

    Its time to share your experience to guide the beginners to learn few things in forex... Hope you all can share the journals that you know and the experience you got to move next level in trade!
     
  2. Fxpipper

    Fxpipper Master Trader

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    A: Always start off with a demo, not a live account if you are new to forex trading
    B: Do your homework, know what the market is about and review the free online resources
    C: Do not fall for the "Get rich overnight by using this expert advisor"; the holy grail continues to remain elusive
    D: And keep track of all trades, win or loss; analyze the same later on to find out what's wrong with your strategy..
     
  3. Eugene

    Eugene Trader

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    Hi Fxpipper!
    The initial guide is fair enough.. Have you benefited with any of the forex trading journals to make the track on trade? Share as well..
     
  4. Fxpipper

    Fxpipper Master Trader

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    Hi Eugene,
    I have to say that when I just started out, did not pay much attention to maintaining a journal, the logic behind it or for that matter, work out the all important fact "do not start with a live account right away"
    So, after a few wrong turns, finally managed to get it right. All my journals are excel spreadsheets, you can get samples online [search google]. And believe me, whether you are trading a demo or a mini account, keeping a journal will enable you to analyze your trades, figure out what you did wrong or right, scope out a strategy, finesse it further and so on.
    So yes, set up a trading journal irrespective of what account you are trading on and am sure that all the experienced traders will agree with the pointers..
     
  5. Eugene

    Eugene Trader

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    Hello Fxpipper,
    I just want to know that you have benefited with such journals on for forex trading news.. Google search pretty useful as much with lack of results... Your points are interesting, but the beginner have to aware before start the trade..
     
  6. Fxpipper

    Fxpipper Master Trader

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    Oh yeah!

    When it came to that first trading journal, it was more about the profit column than anything else. Remember, I was a newbie just getting started and this was when I just started to learn about the market. But as I learnt more about the market, yes I benefitted from it a lot, not kiddin'
    On the journal, as I learnt more, I realized that I could use the trading journal to analyze my entry/exit points, currencies I traded in and any Fx news items that initiated the trade. In addition, I used my trading journal to analyze my risk management, whether it was effective or not.

    And Eugene, I do agree with you that a newbie will have to learn about the intricacies of the market before opening a journal. But posting one here is not going to help anyone. The point being, the initiative should come within and not without. In other words, while a trading journal is important for every Fx trader, he/she should first take the steps to learning about the market and understand why a journal is important. And then set up their own models, google can provide you with a rough idea of what you can put in your journal.

    The journal can contain as little as trades opened and closed, with the account balance at the end. But what these newbie traders need to do is to take the trade apart, entry points, exit points, comments, newslinks [for you to place the trade], indicators used, pip value, pips won/lost..
    Now, you get the idea..
     
  7. angelnish

    angelnish Banned

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    There are three elements for sustained successful trading:

    1. Having and executing a good trading PLAN.
    2. Having a good trading system as part of that plan.
    3. Review and improve your trading performance and plans.

    Every trader should maintain a journal that focuses on these elements.

    Your trade journal is a log of all trading activity. This journal's objective is to monitor both the performance of your trading system AND your ability to execute it with consistency (follow your Plan).
     

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