You bet. So yeah, above are the five common mistakes most forex beginners make when they create a trading journal. Your trading journal should not be your personal diary, it must have educational values.

Chart Analysis. Because of that… I decided to pursue the education path in the forex space with a mission to enable the success of forex traders of all levels. Nov CHRIIS LIEW. Learn more. Very much. Okay, I asked them why. I was like, OMG! Big mistake. Here it is. Mistake 1: Not indicating your confidence level Each and every trade in your trading journal should have your confidence level indicated. Where does confidence come from? Come on. And you know what?

I dare you! Mistake 2: Reason for entry not precise Price hits support. Price breakouts from resistance. Trend reverses. They are too generic. Not precise! How to fix it though? Just dig a little deeper, and ask yourself these two questions: 1. Why enter now not earlier or later?

Why enter at this price point not higher or lower? Mistake 3: Absence of planned RRR vs actual RRR Guess what?

If that makes sense. Mistake 4: Vague reason for premature exit This is similar to mistake 2. I want you to think about this for a second. Like what? One last thing before I go. Show 4 comments. If yes, then this article will help you with some tips and tricks on easy and fun ways to maintain a forex trading journal. One of the best ways to overcome the monotony of maintaining a trading journal is to look at its benefits. What do you, as a day trader gain from maintaining a forex trading journal?

The answer to this will depend on your objectives. And these objectives can be personal and may change from one person to another. But overall, the goal of a forex trading journal is to help you understand how good your trading system is. If you have the patience and are committed enough, you can also get information about your trading psychology too.

The point of having a trading goal is to help you evolve as a trader, both on the psychological front as well as from a trade execution level and risk management. Of course, there needs to be a balance between the efforts you put into a forex trading journal, and the benefits you can get out of it. A well-prepared trader, who knows exactly what they want from their trading journal has already won half the battle.

If you blindly follow the rules set forth in creating a trading journal, it will get monotonous along the way. Sooner than later, you will end up abandoning your forex trading journal entirely. The first step is to make a list of points you want to gain from your trading journal. These could be various things. To get you started, here are some ideas. If you follow a forex trading journal template, then chances are that you would end up using it for a while.

Sooner than later, you end up discarding it. You can initially find a trading system that someone shared on a forum, to be very interesting. But sooner than later, you end up looking for another forex trading system. To avoid this, traders look for the easy way out. Which is to simply find an online trading journal that they can plug into. You can just input your investment password with read only rights and have the trades logged automatically for you. Thus, even when you lookback to this quick way of creating a forex trading journal online, you will end up not following up diligently.

So what does a day trader go to do? Do you sit and force yourself into documenting every trade you take? Now that we understand the complexities involved in maintaining a trading journal, the obvious step is to figure out the pain points.

And the only way to make this into a habit is to go about it diligently. This means you need to make it fun to maintain a forex trading journal. Yet, at the same time make it as informative as you can. If you are someone who has time on their hands, then by far, the easiest thing to do is to blog about it. This gives you the benefit to detail your trades. On the upside, if your site begins to generate some traffic, you can also monetize it. Doing this, will help you to not only log your trades but also gives you the chance to make some money from your blog.

There are many blogging platforms like WordPress or Blogger where you can easily start a blog and maintain your forex trading journal.

But you can go a step further. Using free charting platforms like Tradingview. com, you can publish your trades either publicly or privately. This way, you get the best of both worlds. While the former websites can help you on the statistical front, the latter will help you to analyze the winning and losing trades. You can also annotate and comment on the charts directly including placing your entry, take profit and stop loss levels easily.

You can quickly look back on these trades and even update them as the trade plays out. A good tip is to simply tag the trading ideas that you publish with your MT4 generated trade number.

You can then link u the trading idea URL to your myfxbook or mql5 website. This will be a great way to just click on the link and figure out what went right and what went wrong. If you were day trading, you would know how easy it is to annotate your charts. After you log all the details, you can take a snapshot of this and save to your local folder.

The only downside with this method is to take another snapshot when the trade is closed. This is something that could be a bit demanding especially if you trade quite a bit. You could do this by inputting the trade details and other information.

With excel, you can also create automated formulas that can tell you the number of lots you can trade. Thus, risk management can also be built-in into the excel trading templates.

The downside with this is that you must diligently input the details. There is no automated way to do this unless you are proficient at coding. But now comes the question of the details. What kind of information should you log into your forex trading journal? Assuming that you are connecting to one of the automatic solutions presented earlier, here is the other important information that you should keep track of. Well, the key is to analyze your trades frequently.

You can dedicate an hour or so to see how your trade has fared. If it closed with a profit, analyze in detail about the conditions that led to the profit. If your trade closed with a loss, then look closer as to what went wrong. Is it a failure on your trading strategy or did the market decide to reverse course? You tend to learn a lot more from losing trades than winning trades. But when you combine the information from both winning and losing trades, you start to gain valuable insights!

This will help you to stick to your trading strategy and improvise it. You can get ideas on the market conditions, thus telling you when you should stay out of the markets.

To conclude, a forex trading journal is key to your trading success. It is like a performance review that one is subject to at work. Assessing your trading success or failure is a great way to evolve and grow as a forex trader. So if you are still sitting on the fence about creating a forex trading journal, now is the best time to start!

The information provided is of a general nature and is not intended to be personalised financial advice. The information provided is not intended to be a substitute for professional advice.

You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances. Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products are high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us. Rockfort Markets we are committed to your privacy, see our privacy policy for details.

If we have not met your expectations and you wish to make a complaint, Rockfort Markets should be your first point of contact. Please refer to our complaints process for details. Rockfort Markets is also a member of an independent dispute resolution scheme. FSCL will not charge a fee to any complainant to investigate or resolve a complaint.

Their contact details are: Financial Services Complaints Ltd, PO Box , Wellington New Zealand. Rockfort Markets Ltd is a company registered in New Zealand NZBN located at Level 2, 22 Fanshawe Street, Auckland Central, Auckland ; PO Box , Victoria Street West, Auckland. Rockfort Markets Ltd is a registered Financial Service Provider FSP and holds a Derivative Issuer Licence issued by the Financial Markets Authority. Skip to content MARKET ANALYSIS. Contact Us. CLIENT PORTAL LOGIN. FUND MY ACCOUNT.

Risk Warning: CFDs and margin FX are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. Please consider our PDS. Quick and easy ways to create and maintain a forex trading journal. Article Overview.

After all, trading is all about getting in on the action. Spending time to collect your thoughts and documenting it, and worse, taking screenshots of your trades can be cumbersome, to say the least. There are many articles out there talking about how to create a forex trading journal. While many are information, such articles are good only to read once. If you want to put it into action and maintain this as a habit, many fall a long way.

True, creating a forex trading journal is indeed one of the most boring aspects of forex trading. After all, if you want to improve yourself as a trader, and improve your trading strategy, there is no better way than creating a forex trading journal. But the biggest drawback is the amount of time and effort it takes. Even a short duration trade, that spans for just under an hour can take at least fifteen minutes at best to document.

You will have to update your forex trading journal entry when the trade is closed. Hence, while a forex trading journal is good, the practicality of maintaining it diligently is a different story.

Have you struggled as a trader to maintain a forex trading journal? If yes, then this article will help you with some tips and tricks on easy and fun ways to maintain a forex trading journal. One of the best ways to overcome the monotony of maintaining a trading journal is to look at its benefits.

What do you, as a day trader gain from maintaining a forex trading journal? The answer to this will depend on your objectives. And these objectives can be personal and may change from one person to another.

But overall, the goal of a forex trading journal is to help you understand how good your trading system is. If you have the patience and are committed enough, you can also get information about your trading psychology too.

The point of having a trading goal is to help you evolve as a trader, both on the psychological front as well as from a trade execution level and risk management.

Of course, there needs to be a balance between the efforts you put into a forex trading journal, and the benefits you can get out of it. A well-prepared trader, who knows exactly what they want from their trading journal has already won half the battle. If you blindly follow the rules set forth in creating a trading journal, it will get monotonous along the way. Sooner than later, you will end up abandoning your forex trading journal entirely.

The first step is to make a list of points you want to gain from your trading journal. These could be various things. To get you started, here are some ideas. If you follow a forex trading journal template, then chances are that you would end up using it for a while.

Sooner than later, you end up discarding it. You can initially find a trading system that someone shared on a forum, to be very interesting.

But sooner than later, you end up looking for another forex trading system. To avoid this, traders look for the easy way out. Which is to simply find an online trading journal that they can plug into. You can just input your investment password with read only rights and have the trades logged automatically for you.

Thus, even when you lookback to this quick way of creating a forex trading journal online, you will end up not following up diligently. So what does a day trader go to do? Do you sit and force yourself into documenting every trade you take?

Now that we understand the complexities involved in maintaining a trading journal, the obvious step is to figure out the pain points. And the only way to make this into a habit is to go about it diligently. This means you need to make it fun to maintain a forex trading journal. Yet, at the same time make it as informative as you can. If you are someone who has time on their hands, then by far, the easiest thing to do is to blog about it.

This gives you the benefit to detail your trades. On the upside, if your site begins to generate some traffic, you can also monetize it.

Doing this, will help you to not only log your trades but also gives you the chance to make some money from your blog. There are many blogging platforms like WordPress or Blogger where you can easily start a blog and maintain your forex trading journal. But you can go a step further. Using free charting platforms like Tradingview.

com, you can publish your trades either publicly or privately. This way, you get the best of both worlds. While the former websites can help you on the statistical front, the latter will help you to analyze the winning and losing trades. You can also annotate and comment on the charts directly including placing your entry, take profit and stop loss levels easily.

You can quickly look back on these trades and even update them as the trade plays out. A good tip is to simply tag the trading ideas that you publish with your MT4 generated trade number. You can then link u the trading idea URL to your myfxbook or mql5 website. This will be a great way to just click on the link and figure out what went right and what went wrong. If you were day trading, you would know how easy it is to annotate your charts.

After you log all the details, you can take a snapshot of this and save to your local folder. The only downside with this method is to take another snapshot when the trade is closed. This is something that could be a bit demanding especially if you trade quite a bit. You could do this by inputting the trade details and other information. With excel, you can also create automated formulas that can tell you the number of lots you can trade. Thus, risk management can also be built-in into the excel trading templates.

The downside with this is that you must diligently input the details. There is no automated way to do this unless you are proficient at coding. But now comes the question of the details. What kind of information should you log into your forex trading journal? Assuming that you are connecting to one of the automatic solutions presented earlier, here is the other important information that you should keep track of.

Well, the key is to analyze your trades frequently. You can dedicate an hour or so to see how your trade has fared. If it closed with a profit, analyze in detail about the conditions that led to the profit. If your trade closed with a loss, then look closer as to what went wrong. Is it a failure on your trading strategy or did the market decide to reverse course? You tend to learn a lot more from losing trades than winning trades.

But when you combine the information from both winning and losing trades, you start to gain valuable insights! This will help you to stick to your trading strategy and improvise it. You can get ideas on the market conditions, thus telling you when you should stay out of the markets.

To conclude, a forex trading journal is key to your trading success. It is like a performance review that one is subject to at work. Assessing your trading success or failure is a great way to evolve and grow as a forex trader. So if you are still sitting on the fence about creating a forex trading journal, now is the best time to start! The information provided is of a general nature and is not intended to be personalised financial advice.

The information provided is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances. Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products are high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us.

Rockfort Markets we are committed to your privacy, see our privacy policy for details. If we have not met your expectations and you wish to make a complaint, Rockfort Markets should be your first point of contact. Please refer to our complaints process for details. Rockfort Markets is also a member of an independent dispute resolution scheme. FSCL will not charge a fee to any complainant to investigate or resolve a complaint.

Their contact details are: Financial Services Complaints Ltd, PO Box , Wellington New Zealand. Rockfort Markets Ltd is a company registered in New Zealand NZBN located at Level 2, 22 Fanshawe Street, Auckland Central, Auckland ; PO Box , Victoria Street West, Auckland.

Rockfort Markets Ltd is a registered Financial Service Provider FSP and holds a Derivative Issuer Licence issued by the Financial Markets Authority. Skip to content MARKET ANALYSIS. Contact Us. CLIENT PORTAL LOGIN. FUND MY ACCOUNT.

You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances. But you can go a step further. Trading Psychology: 3 Profitable Tips To Trading Success. How would you feel? Learn more. Let me share it with you in the next section. Knowing what you want as a trader, what works for you, and what could be the best for you.

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