Why it is very important to have a trading journal?

Martin Gaptil

Trader
Mar 5, 2017
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10
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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
34
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
14
34
34
"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
908
71
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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
14
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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
12
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
14
34
34
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
908
71
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
21
1
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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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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
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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.
 

Dianann

Trader
Dec 17, 2019
4
1
9
35
When I first started trading, I had (and now have) a table in Excel. There was almost everything mentioned above: opening prices, results, opening and closing times and so on. Plus various useful applications, mainly related to statistics (charts, graphs, tables).

But very soon I switched to a sheet of paper and pencil. Everyone knows for a long time that this practice is more effective on the part of psychology. So you have a choice between a trader's jounral in the form of spreadsheets, special programs and a simple sheet of paper with a pencil.

Despite the fact that the trader's journal is not a guide to success, it has a lot of advantages. I would even say that its only drawback is a waste of time. But to me, it's the right thing to do.
 

pippin

Trader
Jul 16, 2019
49
2
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Trading journal is an additional layer of discipline, I would say when you hold account before other people like forum members you don't want to show yourself a loser so will be more careful and there is greater chance that your trading will be safer.
 

btseen

Banned
Jan 17, 2020
42
14
19
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Trading Journal is very important asset to have to keep a reminder on how you made your trade in past, whether making profit or loss. I have seen people referring to Excel and Paper, is there any other more? I am curious
 

inggo

Banned
Jan 13, 2012
498
12
59
Philippinese
let be an online journal which is better in my opinion or a personal jouranal its is a very important thing given that forex trading is more of an information wars, the hunt for the next pattern, if you catch it u make it big, if you dont u miss on a lot, and i do keep a journal of my personal traders for my hotforex account and one might say we do go back to the journals more than what we would think.
 

TFA

Trader
Jan 23, 2020
71
5
14
39
a journal would help also in identifying certain patterns if you use technical analysis style to trade