the trade closed. You can download the Forex trading journal that I use click here to download the forex trading journal spreadsheet excel file (you will need ms office to open this file).
While you want to include all details about the trade itself, writing in your trading journal should go much further. Forex Trading Journal here, i Track All My Trades Using This Spreadsheet. Also, you will notice that if you take profits prematurely this greatly lowers your risk : reward ratio, and of course if you take a risk that is larger than what you had planned the same thing happens. Creating and maintaining a trading journal gives you the structure required to build your trading routine on and it also helps you examine and focus on each individual element of a trade, which we will discuss below. Many successful and professional traders talk about how important it is to keep a trading journal spreadsheet. Exit Price: What price did you actually exit the trade at? While it seems like a lot of work, it only takes a few minutes each day.
We have had people who generated more, but for starters we can target that amount. Entry B / S: Here you enter whether you bought or sold and record the specific level/price you entered. You may find the risk reward for some currencies or futures markets are just not worth trading. This type of information will help you zero in on mental issues that could harm your overall trading results. The above examples are just a couple of ways you can optimize your trading. The reality of Forex trading is that at some point on your journey of learning how to trade, you absolutely have to figure out a way to become a disciplined and organized trader, otherwise you simply will not become successful in the markets. However, if you do not use MT4 to trade, it is equally useful.