A trading diary is an essential element of trading yet one many traders decide to bypass. Every trader should keep track of their trades to identify why and how they took the trade and why and how they exited the trade. Below is a list of information a traders log should contain.
- Date
- Time of entry
- Entry price
- Position size
- Risk size
- Profit target
- Exit price
- Results
- Lessons learned
Our trading diary contains more information than the above stated but if you currently do not log your trades then this is a starting point for your own personal traders journal.
Once you have a months trades documented in your trading diary then you should start with analyzing the trades and work out where you can improve your forex trading. This is a very important exercise and well worth taking the time out to do as it will be one of the best ways to improve your trading approach.
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Good trading.
