A forex trading journal is a log of your trades that can help you refine your strategies based on learning from previous experiences. Just as a business owner tracks inventory, a trader should also keep up with their closed positions.
Also, be sure to include space to add notes in your journal. Traders using multiple entry techniques will want to track things such as chart time frames, indicators used, market conditions and any other information that factors into a trading decision. ‘I often reduce my trade size so that I can stay in the market longer or until the technical bias is invalidated,’ he adds.‘The follow-up focuses on what types of currency pairs are reacting best to the currently employed strategy.’James has been trading since 1999 and focuses on equity indices and ETFs along with forex.
As for considerations for improvement during drawdowns, James considers how aggressive or conservative he wants to be. ‘If I hit a bad streak the answer is usually just pulling back the throttle, smaller sizes, less leverage, fewer but more selective entries. If you go the personal journal route, it’s probably easiest to keep your thoughts and screenshots in a Word doc .
You will know in the back of your mind that you will have to face your decisions later on in your journal and possibly have to face others if your journal is public. This will help you become more aware of times when you let emotions dictate your decisions rather than your strategy’s logic or when you decide to ‘get creative’ and place a rogue trade without a strong basis for it.
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