Maintaining a Trading Journal

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Do you understand what is a forex trading diary? Do you understand the importance of keeping up a forex trading diary? A trading journal is a record or a book which keeps track of all of your successful or unsuccessful transactions. It is essential for you to keep an eye on all your trades, whether you win the commerce or shed the transaction since you’re able to use this information for potential trades as a benchmark. Lets state entered a trade with some reason in specific trading periods, but you dropped the commerce. The technique might have worked for you but not in this trading hours. With this trade, you are to know that the technique won’t work in the specific trading hours. If you do not note it down or keep track of it, in future you may do exactly the same mistake again and you will drop the transaction again. A trading journal may be used to refer all of the mistakes you did previously so that you won’t do them again. All successful forex traders maintain a forex trading diary.Therefore, if you would like to maintain your own trading journal exactly what are the critical things which you have notice down. Listed here are a few of the things that it is possible to notice when you get started composing your personal forex trading diary.Trading Currency Pair: Notice down the currency pair you’re trading or you have traded such as EURUSD, GBPUSD etc..Long or Short: In currency conditions Long means purchasing a currency pair and brief means promoting a currency set. Document whether you bought the money pair or offered the currency pair. If you won the commerce note down the reason you won the commerce just like any technique you used, any economic information you used to input the transaction etc.. If you misplaced the trade then also you have to note down the reasons for losing the trade. This is very important as some transactions may function only in specific timings and this information, you can use in future.Entry Cost, Exit Price and No. Of Pips: Record the entrance cost and exit price as well as the number of pips you’ve lost or won.No. Of lots you traded: Record how many lots you traded.Any techniques used: Record some techniques or methods you used on your trading.Keys: Keys are extremely important once you are maintaining a trading diary. Even if you note all of the aforementioned points and if you don’t have a graphic, then, you might not be able to comprehend your trade you’ve got. So saving a photo of the trades you’re doing is very important.The above are a few of the things that you need to note down in the event that you would like to be a successful trader. You could also note down any additional remarks, if you want.The best way to maintain a trading journal: Generally forex dealers utilize an excel work sheet or a microsoft word to keep notes of the above things (to keep trading diary ). However, if the amount of transactions are raising the size of these files also increases.Moreover whenever you are saving the screenshots of the trades the file sizes increases and more. So it causes difficulties in saving or opening these files. So after a certain point you may have to begin a new excel or word document. These problems cause you trouble if you want to sort your trades. For example you wish to look at all of your lost trades or all of your winning trades. It is very tricky to sort the trades if you save them in word or excel files.That’s why, forexbees.com is providing you with a successful way of keeping your own trading diary. When you login to forexbees.com, under navigation block on the left side you will notice the link”Create Content”. If you click on that you will see the trading diary form with these choices you can use when you’re making your own trading journal post. This is totally private and no elase, other than you, can observe your trading journal.Title: You can input any title that meets your trade like”EURUSD break out trade – hourly chart – misplaced” or”GBPUSD MACD convergence divergence trade – daily chart – won” etc.. It’s better if your name can tell you exactly what type of trade you’re performing on the very first glance so it will be easy for you in future to find out the trade you desire.Trade Date: you are able to select the date on which you did the transaction. If you’re currently doing the trade you’ll be able to leave the date as it is.Vocabularies: Vocabularies are different categories that you can use to categorize your trades. Listed here are the various categories available you could select when creating your trading journal article.Currency Pair: This category indicates the different currency pairs such as”EURUSD”,”GBPUSD” etc.. You want to pick the curreny set you’re trading whenever you’re creating you own trading journal post.Short or Extended Trade: If you bought the currency pair you’ll be able to select the”Long Trade” alternative or if you offered the currency pair you’ll be able to pick the”Short Trade” option. In forex terminology Long Trade means buying a currency pair. Short Trade means selling a currency set.Trade Won or Lost: If you won the trade you are able to pick the choice”Trade Won” option or you can pick the”Trade Lost” alternative. Body: you are able to input any information on your trade.Image Picker: This can be used to upload pictures or screenshots. This shows four tabs. Upload, Current, Browse, Groups. Beneath”Upload” tab page you can upload images or screenshots of your trades. This contains the image file area with which you need to choose the picture or screenshot of your forex exchange to upload. After that it asks for the thumnail dimensions of the screenshot. I normally use a thumbnail dimensions of 400 px as I like to align the picture or screenshot in the center of the material. “Scale Image” you do not have to utilize it. “Title” of the image. You can input any title for the picture as this will appear on the top of the picture on your trading diary article. “Description” of this image. You can enter any description for the picture and this will appear at the bottom of the image

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