When you are trading for the first time in Forex, you will find that it is to that easy. The trends change quickly, there is also a change in the volatility and the price of the pairs are also changing. You may try to use the strategy to know the risks but you will always get a different result. T6his frustrates the traders and they begin to trade with their mind. This article will tell you how you can overcome all these struggles by simply keeping note. You may not believe us but the power of a notebook is more than you can ever imagine. It is not simply a write up of your career, but also a diary of your mistakes and achievements. We will no longer the article and tell you how noting down everything helps you to improve in your career.
The concept of trading journal
All the successful trader follows the trading journal. It’s nothing but the method of writing down the details of each trade. Many people often think such method is obsolete where you can easily monitor the result of your past trade in your trading platform. However, trading is not about automation. You need to keep things manual to a detailed extent to ensure low-risk exposure. The moment you develop the habit of writing down the details of each trade is the very moment you start learning new things about the market.
Always remember, you are here to make money. Unless you follow strict discipline you will never be able to protect your investment. The trading journal will keep you organized and helps you fine tune your Forex trading strategy.
You point out the mistakes
The first thing you need to do is point out the mistakes. These mistakes can be silly or grave but they are the reasons why we cannot achieve our goals. If you want to make a profit, point out the mistakes and write them down in your notebook. If you try to remember them in your mind, you will forget them at a glance. Believe in us because so many traders have tried to do the same and they ended up forgetting the mistakes. These mistakes may sound very easy to know and you may think it is not possible to forget them but when you are planning for the next trades, you will have no memory of your mistakes. Better note them down when you can still remember it.
Keeps your career on track
It is hard to know if you are getting derailed if there are no records. You may have mapped a chart of your career but if you do not have a routine, you cannot follow it. Note down every small thing of your trades and it will help you to realize your chances. Many good opportunities are missed out because you were not prepared at that time. By writing them down, you will get an idea when they can appear at the next time. The traders who are wise always note down everything in their daily trades. They know they need to track their progress and this small information will improve their performance.
You can measure your success and failures
You cannot tell yourself successful; if you do not know how much trades you have lost. Overtrading is not the way you can try to make money. By writing down every information, you can measure your success. Try to go in the short-term and note down what you have learned. This way you can monitor if your learning has progressed.
Time makes you wise
With every trade you place, you get wiser you learn new things and your concepts changes. Note them down to look at them when you are not trading. Your wonderful memory may not last forever to tell you what to do in your every trades.
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