Keeping a Forex Trading Journal: A Step-by-Step Guide
A forex trading journal is a log of your transactions in the foreign exchange market. Keeping a trading notebook will help you detach and regulate your emotions, as well as monitor the success of your technical setups, which is essential for any professional trader in foreign exchange market hours . One of the biggest pitfalls for forex traders is making trades based on their emotions. Keeping track of your trades and how your strategy and emotions affected them might help you gain insight into your trading and refine your approach. Your trading journal's purpose is to keep track of how well your trading strategy is working for you. While a well-thought-out trading plan is essential for success, it will be useless if you cannot stick to it. The purpose of keeping a trade journal is to assist you in doing just that. Depending on the market, a forex trading log can take a variety of forms. This article discusses everything you should record and how to reflect on that