Why it is very important to have a trading journal?

[Rambo35]

The reason of having a trading journal is because you need to track your trading performance over time. Many aspiring traders get caught up on the results of each individual trade; however, the professional traders knows that their trading performance is measured over a long series of trades not just one or two.

 

[fxapex]

Yeah its good to have a trading journal, although you have your account details, but still its better to keep your records where you can cross check with your account details.

 

[Enivid]

Keeping a journal also makes traders think more thoroughly as to why they are taking this trade or why they are setting SL/TP values to those particular levels.

 

[Fxpipper]

Simple, so you can learn what you did wrong and analyze your trades in detail..

 

[triplet]

Every forex trader needs a trading journal because in a journal you keep records on your trading practice and thus feed you with viable information when assessing your trading system later and its mistakes. A trading journal also helps you from taking an impulsive action.

 

[Rob Taylor]

I agree that you should keep a written record of your trades when you first start out. I used to do this and it did help me, but when you know what you are doing i don't really see the point of having one to be honest.

I do use a check list though, to keep me focused. I think a check list, or a trading rules list is a good idea, whether you are just starting out or are trading at a professional level.

 

[nalu]

Journal serves as history keeping of your trades it will help summarizes all your trades and it also provides information on what your plans are for each trade. And so it is important for every trader to keep a journal

 

[inggo]

a trading journal is not just a set of note that talks about the past, but its a source of information regarding everything u did in your trading history which is good for back tracking tracing and other info gathering. and who dosnt want to keep tabs on how they do their business.

 

[joescholz]

I jot down my daily trade, profits and loss, and trading plan in my trading journal and I review it every week to keep track of my progress. It helps me know if the trading plan am using is working, also I get to keep track of my profits and losses.

 

[chief]

I jot down my daily trade, profits and loss, and trading plan in my trading journal and I review it every week to keep track of my progress. It helps me know if the trading plan am using is working, also I get to keep track of my profits and losses.

it would be easier if you linked your account with myfxbook profile page.
it given a detail statistics of your current trading performance, it's all in one trading journal, live updated, easy to applied. here's a sample from last week trading activity of my ECN account with armada markets.

 

[jezzykid]

@Chief; thanks for the suggestion, will look into getting it done today; thanks for the suggestion.

 

[koyl]

As simple as it seems a trading journal is very important. It gives you easy assess to your trading history. It makes a reference point of your past trades.

 

[abramyan]

Having a trading journal is always very much helpful for all the aspirant forex traders who wish to excel in the forex trading business. Because this helps them track their performance and improve the points on which they are weak and require much stronger excellence.

 

[Ese11]

Beginners like me,who has little knowledge in trading note/record down every trade we execute,this helps us know and monitor the mistakes we make and take preventives to avoid them it also helps us plan our next moves ,as we build upon our methods by monitoring the trades in the journal,we would learn a lot and trust me my confidence is boosting up gradually

 

[Bosschick]

Having a trading journal will verify your methodology. You will be able to see just how well your system performs in changing market conditions. It will answer questions like: How did my system perform in a trending market, a range bound market, different time frames and the impact of your trading decisions such as placing stop loss orders, too tight or too loose? In order to retain the full details for the logic behind a particular methodology, the trading journal must be fully comprehensive.

 

[Callagy20]

I think it is very necessary to have a trading journal as a forex trader. As a forex trader, it is important you keep adequate record of your trading activities; this helps you to track your trading performance. When I record my trades and I suffer a loss, I don't say I am just being unlucky. No I go back to my trading journal to examine the lost trade and possibly learn what mistakes I made. When I started forex trading, I was quite impatient rushing in and out of trades, I lost a lot and when I reviewed my losses using a trading journal,I discovered that I was trading against the trend when my MACD (which is a lagging indicator) was telling me not to and I quickly corrected this, and when I review my winning trades on my trading journal, I saw patiently keeping in track with the MACD was helping me a lot.

 

[nikita sharma]

one should always have a trading journal that can help you to track the records and doesnt mess with your data.

 

[buzzfxbroker]

So you can look at repeat successes/losses and witness a pattern.

 

[ema watts]

Keeping a trading journal is a very important task in forex trading. It is one convenient way to focus and improve your trading performance. It builds discipline. It not just serves as a history of your trades but also works as a planning tool on how to proceed with the trades.

 

[s.taylor]

It is like a spreadsheet used to keep the track of trader’s trading history. It helps to assess the overall performance of the trading decisions and to know how effective the strategy is. It helps to monitor the mistakes thereby preventing losses. Trading journal also serves as the boosting factor when you see an overall steady increase in your performance.