Making a trading journal in 2021 - [An Ultimate Breakdown]by Kazi Tanzib Forex Trading Analyst
Nowadays, it's necessary to maintain your trading records in a journal. Maintaining it is very useful in day-to-day trading life.
But do we know what is a trading journal?
The trading journal is a system where you can see and track every move on your trading account: it tells you if the moves you made in trade were "Loser" or "Winner" moves. Also, making consistent profits need reliable forex trading platforms.
Let me tell you my story without using a trading journal then you will decide, it is worthy or not?
Before relying on a trading journal, I used to run into several problems like the following:
- Exiting Too Early When In Profit
When we don't know something, we got scared. Whenever I got a few dollars of profits, I would quit the trade.
I used to scalp and day trade because I was too insecure and impatient.
I would think "well, I can already buy a good lip gloss with this profit I made". I'd find excuses, anything so that I wouldn't risk losing something I knew I had.
- Stop Losses
Since I wasn't trading my trades and didn't know much about it, I had some real loose stop losses. I used to lose more than I should because I felt like: "Well, I'm already losing money, how bad can I become?"
I became worse. I was losing more money than I should. So, every day I bought a share and the share went down, I would sell ONLY when I had lost 15% of the money I put there in the first place. I didn't know stop losses are really important for the trader and I didn't realize their importance until I tracked my trading using a trading journal.
- Need to Measure
If you don't track and measure your trades, you'll fail. I'm sorry, guys, but that's a MUST.
Tracking will give you the safety to see the opportunities. If you feel insecure, all you need is discipline. If you need discipline, well, then you'll need a trading journal like me. I tried to track by hand, on Excel... Eventually, I gave up and started journaling.
- Getting Trading Feedback
When we try to learn without a teacher is like it's twice the effort, right?
I was trading, but I didn't know if I was doing it right if the earnings were by luck and if the losses were just bad luck.
I had data, but I had nothing else to back me up and give me some insights on how I could improve. A trading journal did that for me.
The Bottom Line
So, if you regard want to recover these problems, a trading journal is a must in forex trading. A perfect move can be a great option to push up in profits sky.
Created on Mar 8th 2021 05:16. Viewed 173 times.
No comment, be the first to comment.