The Importance of Daily Trading Journal for a Trader
The daily trading journal is a thing which is sometimes forgotten by a trader. As a forex player there are many things need to be mastered when you want to get profit. The proper tool is an example.
The aim is to give a proper structure so that you are able to do an open position effectively. The tool in this case is journal. This must be the first thing you check before taking a decision.
It may give you a way to trade like a professional who is able to minimize any risks. If it is your first time of hearing this, it is better to know everything and here is the explanation.
The Definition of Daily Trading Journal It is actually a spreadsheet or note where you keep all the details about analysis which has been made before. This detail consists of many strategies or decisions Which become your base to take a position.
That is why; take note everything in a more detail way is always better. The examples are about the date, currency pairs, directions, priced, pips target, loss, profit, and so on.
You may also write about the relevant time to trade. The aim is to make those aspects as a reference when you want to enter the market again next time.
Is it important to save it？ Yes for sure. You can save this daily trading journal because our brain is unable to remember all the things such as your profit and mistakes made. You should know that trading is a non-stop lesson.
That will always develop and bring many new experienced. Experience is the crucial teacher for this activity. A chance to success appears where someone has been able to analyze many elements.
Besides that, he must find a way to avoid any losses. That is why; the action like that will bring someone closer to a method used by the experts out there.
The whole components above is written in this journal where it beckmds a record and reference to get a better result in the future. Somehow, that may also help you to trade not based on the emotion.
Learn from a Mistake is Good Loss is an aspect that you must write in that daily trading journal. Somehow, loss cannot be avoided and many traders will ever experience that. Dont worry about that because there is a great learning from there.
The fact is that a successful trader is the one who often experience the trial and error. Profit in forex doesnt come accidentally where you should train yourself and be discipline as well.
Learn from your mistakes or the others is essential. Many professional traders also do that everyday. They use this record every day before making a decision since the learning is valuable.
That is why; as a beginner, it is better for you to follow that action. Making this note is not difficult. You just need to write anything you have experienced and learned from an action.
Join the best forex broker only Making that journal is not the only way you need to be successful. You must consider about the other important aspects such as choosing the best broker since it is the one that provides the access.
For that case, joining a trusted and professional platform is recommended. Usually, they have a complete feature and supported by professional staffs. The example is Salmamarket forex broker.
This platform has been in this industry since 2014. It is a legal one and supported by many professional people to support all traders. That is why; it is suitable for a beginner or well-experienced traders.
Join for free by opening their official website and make your account there. You are also able to learn first through it‘s demo account. Don’t forget to make a daily trading journal after that.