Monday, 8 February 2010

The Forex Trading Diary

So, how important is it to have a trading diary?  

Before entering a long or short trade, we should ask our self WHY am I entering this trade.  Will the price will go up or down?  Are there enough technical indicators to favor this trade?.

A trading diary would help monitor and do further analysis of all trades placed.  So
what should my trading diary contain?  Well, here is one I personally use and have found very useful - as a result I have prevented making the same mistakes in future and can clearly see where I have gone wrong and why!

Trading Diary Example: FOREX OR DAY TRADING STOCK MARKETS


Buy (Long)
Sell (Short)





Trade No
Date
Price
Date
Price
Currency
Pair / Stock symbol
Profit / Loss In Pips
Trade duration
Reason for entering trade
Reason for closing the trade
     1
8/2/2010
1.5546
-
-
GBP/USD
30
45 mins
MACD/Doji
Reversal signal






































































  

Good luck trading :) Don't forget to leave your comments and suggestions here...

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