Making your own Forex trader journals might save you from making the same mistake over and over again. To help you overcome those bad trading practices you keep doing, it is helpful to write down every bits and pieces of your thoughts and ideas and review them.
This simple and costless idea is an age old practice and still is very effective as everyone is prone to forget things, so it is better to write down everything you can remember at the end of the day. Jot down important facts, ideas, doubts, and new strategies.
A trading journal is a time capsule and it has a very special purpose which primarily to improve one?s trading methods and schemes. It is unimaginable to lose the same way over and over again and to avoid it simply take the time to write and reread your journal and it will remind you constantly.
You need to separate your trading methods from your ideas, suggestions, and other bit and pieces of your mind. Remember that these are your methods and should be treated as a secret to your success and it helps to write down as detailed as you can.
When making decisions in trading and writing in your journal, try to be calm and composed first. Stresses can influence your decision and a big chance making mistakes in such an emotional condition.
Write down all the points why you should your exit and entry strategies and you should be concise, detailed, and calm. The whole idea of the Forex trader journals is to be reminded, warned and be guided on the certain times when you did successfully or miserably.
The journal will underscore your strengths and weaknesses, your strategies, and your thoughts. Even successful traders had their shares of losing and winning but if you keep losing, you should rethink your ability to take responsibilities and commit to your self never to make the same mistake again.
Forex trader journals are extremely helpful and when writing in it, try to be as detailed and honest as possible. Your success in trading depends largely on how you much you learned and how you dealt with your mistakes and how your rectify them.
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Source: http://finance.redbright.co.za/find-currency-trading-secrets/
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