A Very Important Characteristic That Every Forex Trader Should Have

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Do you understand what’s a forex trading journal? Do you know the importance of maintaining a forex trading journal? A trading diary is a record or a book which keeps track of all of your unsuccessful or successful trades. It is very important that you keep track of all your transactions, if you win the trade or shed the transaction since you can use this information for potential transactions as a reference. Lets state entered a trade with some motive in particular trading periods, but you lost the trade. The technique may have worked for you earlier but not within this trading hours. With this trade, you are to know that the technique won’t work in the specific trading hours. If you don’t note it down or keep tabs on it, in future you may do the identical mistake again and you will lose the trade again. A trading journal can be used to refer all of the mistakes you did previously so you won’t do them . All successful forex traders assert a forex trading journal.Therefore, if you want to keep your own trading journal what are the critical things that you have notice down. The following are some of the things which it is possible to note when you start writing your own forex trading journal.Trading Currency Pair: Note down the currency pair you’re trading or you have traded for example EURUSD, GBPUSD etc..Long or Short: In forex terms Long means buying a currency pair and brief means selling a currency pair. Document whether you purchased the money pair or offered the currency pair. If you won the trade note down the reason you won the trade like any technique you used, any financial news you used to enter the trade etc.. If you misplaced the trade then also you need to note the grounds for losing the trade.Trading time: Record the day and time you entered the transaction. This is essential as some trades might function only in specific timings and this advice, you can utilize in future.Entry Price, Exit Cost and No. Of Pips: Record the entry cost and exit price as well as the number of pips you’ve lost or won.No. Of lots you exchanged: Record how many lots you exchanged.Any techniques utilized: Record any methods or techniques you used on your trading.Screenshots: Screenshots are extremely important when you’re keeping a trading journal. As all of us understand an image speaks a thousand words. Even if you note down all of the above points and if you do not have a picture, in future, you might not have the ability to understand your trade you took. So saving a picture of the trades you’re doing is quite important.The above are some of the things which you have to note down in the event that you want to be a successful trader. You could also note down any additional opinions, if you’d like.How to sustain a trading diary: Generally forex dealers utilize an excel work sheet or a microsoft word to keep notes of the above things (to keep trading diary ). But when the number of transactions are increasing the size of these files also raises.Moreover when you’re saving the screenshots of these transactions the document sizes rises and more. Therefore it causes problems in opening or saving these files. So after a certain point you may need to start a new excel or word document. These problems cause you trouble when you want to sort your trades. For instance that you want to look at all of your lost trades or all your winning trades. It’s very tricky to sort the trades if you save them in excel or word files.That’s the reason why, forexbees.com is providing you with a successful way of keeping your own trading diary. Once you login to forexbees.com, under navigation block on the left side you will notice the link”Create Content”. Click on the hyperlink and you’ll see the”Trading Journal” link. If you click that you may see the trading diary form together with the following options you can use when you are creating your own trading diary article. This is totally personal without a elase, other than you, can watch your trading journal.Title: you’ll be able to input any title that fits your trade like”EURUSD break out commerce – hourly graph – misplaced” or”GBPUSD MACD convergence divergence trade – daily graph – won” etc.. It is better if your title can tell you what sort of trade you are doing on the first glance so that it will be simple for you personally to learn the trade you want.Trade Date: you are able to select the date on which you did the trade. If you are doing the trade you’ll be able to leave the date as it is.Vocabularies: Vocabularies are the different categories that you may use to categorize your transactions. The following are the various categories available that you can select when creating your trading journal post. You want to select the curreny pair you are trading whenever you’re creating you have trading journal post.Short or Long Trade: If you bought the currency pair you can pick the”Long Trade” alternative or whether you sold the currency pair you’ll be able to pick the”Short Trade” alternative. In forex language Long Trade means purchasing a money pair. Trade Won or Lost: in the event that you won the commerce you are able to select the option”Trade Won” alternative or you can select the”Trade Lost” alternative.Teaser or Summary: Teaser or outline is a small description of your trading journal entry. Body: You can enter any details on your trade.Image Picker: this may be used to upload images or screenshots. This reveals four tabs. Upload, Current, Browse, Groups. Beneath”Upload” tab page you can upload images or screenshots of your transactions. This contains the image file area using which you have to choose the image or screenshot of your forex exchange to upload. After it asks for the thumnail size of this screenshot. I normally use a thumbnail dimensions of 400 px like I prefer to align the image or screenshot at the middle of the material. “Scale Image” you do not need to use it. “Title” of the image. It is possible to enter any name for the picture as this will appear on the cover of the image in your trading diary post. “Description” of this picture. You can enter any description to your picture and this will look at the bottom of the picture

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