Thu. Dec 8th, 2022

Fxtriangle | Market analysis | Managed trading

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Why You Need A Forex Trading Journal?

1 min read

A trade journal may be a very fashionable trading tool that consists of a written account of all trading activities kept by the trader. The trading journal generally includes information that might not normally be included within the account, like the trader’s mindset, how the market conditions seemed to the trader when they pulled the trigger on a trade, also because the general feelings the trader had when the trade was made.

The main focus of a trading journal is to stay accurate records of the trader’s trading activity, their adherence to a trading plan, and therefore the trader’s own mental and psychological reactions to their trading activity. Nevertheless, an assessment of a trader’s journal amounts to little or no if the trader has did not keep accurate records.

One of the main benefits of keeping a trading journal consists of having the ability to work out your trading performance, review your analytical process, and keep track of your psychological reactions to profits and losses. Keeping a journal like this also allows you to research the success of every trade, which currency pairs made the foremost money, the trading timeframe, and therefore the period of time for which the trade was held.

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