Why it is very important to have a trading journal?

Martin Gaptil

Trader
Mar 5, 2017
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Absolutely, all of pro Forex traders maintain this strategy! No doubt, if you want to improve your trading performance then you need to study on your trading result! That’s the importance of having trading journal! Basically, on Saturday and Sunday I use my journal; besides I have a note book that I use for making my live trading mistakes!
 

ashouq

Active Trader
Feb 21, 2017
167
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I have noticed that MT4 already have trading journal and we can evaluate our mistakes by reviewing it on a regular basis.
 

Alexa Smith

Trader
Nov 23, 2015
8
1
12
30
Canada
A trader will make mistakes and that is a part of the learning process. There is a possibility of repeating the same mistakes in trading. The best way to avoid making the same mistakes again and again is to have a trading journal. A trading journal keeps a record of your daily trading activity and performance.
 

ashouq

Active Trader
Feb 21, 2017
167
13
34
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"myfxbook" as a resource might be helpful however please let us know your thoughts about social trading as well. I think it is also helpful !
 

Michelle Yeoh

Trader
Jul 9, 2017
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If you want to learn from your trading mistakes, then having trading journal is the 1st requirement! In my beginning session, I didn’t use journal! But I maintain my trading journal so sincerely, it helps me a lot.
 

Ary Barroso

Active Trader
Jul 9, 2017
896
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Well, I don’t use any virtual journal but I use my notebook for my trading history! I seem, it’s a good habit, even after losing any trade position I try to identify the reason of my loses! It also helps me to be a well disciplined Forex trader.
 

ashouq

Active Trader
Feb 21, 2017
167
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I guess then you might be among very professional traders then if you make notes and use note book to write strategies.
 

eyeball

Master Trader
Sep 25, 2011
164
10
49
I do what I call an "autopsy" on any bad, losing trade I may make. My reason for the trade in the first place, my rationale for determining price direction, a review of the algorithms employed in this particular trade for errors , omissions or just plain stupid mistakes and any other pertinent or material factors that may have misguided my judgement. I do not go on to other trades until I have finished the autopsy. ( sometimes this can require hours) If I find a significant factor that is at odds with my previous trading experience I log it into my trading notes and flag it for future backtesting. If I have achieved any measure of success in trading it is due to my strict adherence to this protocol.
 

ashouq

Active Trader
Feb 21, 2017
167
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34
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If I have achieved any measure of success in trading it is due to my strict adherence to this protocol.
That is very important as we need to be very strict in observing discipline if anyone wishes to be successful in forex trading.
 

Ary Barroso

Active Trader
Jul 9, 2017
896
57
39
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That is very important as we need to be very strict in observing discipline if anyone wishes to be successful in forex trading.
Yes it is! On the other hand, this practice will help you to learn Forex from your own trading mistakes.
 

mandy828

Newbie
Jul 9, 2019
19
0
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Trading journal is an effective habit to evaluate the performance of the trades. It keeps the record of all your trading activity and helps you track progress when entering or exiting a trade. Also record and follow up trades for better output. So one can cross check ,learn from mistakes by proper analysis.
 

Baazex

Trader
Oct 28, 2019
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1
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Its needful to keep a trading journal for a trader because trader keep records of the trading and its easy to track the previous trading practices.
 

mark_t

Newbie
Oct 19, 2019
21
3
4
39
I think that its very important to have a trading journal. In case one wants to cross check his past moves or evaluate his past trades, then a journal would be of great help. Not necessarily on paper but excel would be very helpful, along with some chart analysis if you know to use.