Why Every Forex Trader Should Keep a Trading Journal?

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Why Every Forex Trader Should Keep a Trading
Journal?
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If you want to become a successful forex trader,
you need to go through comprehensive and constant
learning process. Getting success in the forex
trading needs knowledge and high level practice.
Trading journal is an important tool which
motivate you to stay focused on improving your
performance. According to the experts, even if
you regularly keep an eye on today's exchange
rates, analyse global events their possible
effects and understand technical details, a
trading journal still holds its utmost
importance. If you have ambition to steer faster
towards a profitable career, referring trading
journal is the best way to get success in forex.

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Trading journal is a platform where you can
record and review daily trades. It means, trading
journal allows you to track your progress and
mistakes in forex trading. You can analyse all
the records of trading which can guide you
towards better execution of future trading. Look
at the some more benefits of keeping a trading
journal.
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Create framework for strategies
Through this tool, you can record all trading
moves and calculations which have been made
during different trading sessions. These details
help you in building a relevant framework and
thereby build great trading strategies.
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Manages emotional triggers
Mental preparation and psychological factors
matter a lot when it comes to doing successful
forex trading. Negative emotions or bad mood
could lead you to taking unplanned actions or
trading. Hence, it is extremely important to
tackle emotional factors for avoiding loss.
Trading journal helps you to take note of
everything which you have learned from each move.
This practice helps you to identify your
weaknesses and find ways to handle them.
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Acts as a planning tool
Trading journal is an effective way to record
your movements in numbers. This can be used to
create your own planning method. This not only
records your trade data, but also shows you what
your plans for each trade were. This feature also
allows you to analyse your own trading style that
helps in examining the elements like - setting
parameters for when and where to enter, how much
risk you can accept and where your profit target
will be set as the trading proceeds.
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Help in methodology verification
It also helps in verifying your methodology. It
is necessary to regularly verify your trading
methodology and update as per changing trends.
Trading journal can help you to evaluate your
methodology. It helps you to get the answers of
questions like, how did your methodology perform
in a trending market? What was the impact of
trading decisions? Experts say that comprehensive
trading journal helps you to find the logic
behind a particular methodology.
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