Exit date: Date the trade closed. Having this type of reminder is very important, especially early-on in your trading career, it helps keep you focused and it helps to remove any emotion you might attach to any one trade. The Forex trading journal will help cement consistency in your trading one crucial element to your trading success. In this article I am going to reveal how to really make. By including the psychological aspect of your trading in your journal, its easy to change your actions from destructive to constructive. Accountability As a Forex trader, you are the director of your own Forex trading business.
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If you have pre-determined that you will trail your stop, you can just type something in this box describing your trail method, for example you might type; trail stop each time trade moves 1 times risk in my favor. Those few traders who do actually keep a trading journal are under utilizing the full potential of keeping a Forex trading journal. Creating and meticulously maintaining a Forex trading journal is the quickest and most effective way to develop into a disciplined and profitable Forex trader. You can think of your trading journal as a constant and tangible reminder that your trading performance is measured over a series of trades. If you are unsure which currency pairs are best to trade, check out this article: best Forex currency pairs to trade? Sum W/L: A running total of the W/L column. To learn about exiting trades click here: Know When to Hold em, Know When to Fold. Dont be shy, everything fx magic ea must be recorded. Review it when you have those urges to intervene on an open position, like: moving your stop, closing the trade early, or maybe even removing your stop. Forex is a cut throat industry, you sink or swim. Initial Risk: Just tells me how far my stop was from my entry in percentage terms.