Every Forex Trader Should Have

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Do you understand what’s a forex trading journal? Do you understand the importance of keeping up a forex trading diary? A trading journal is a record or a book which keeps track of all your unsuccessful or successful transactions. It is very important for you to keep track of all your transactions, whether you win the trade or lose the trade since you can use this information for future trades as a benchmark. Lets say entered a trade with some reason in particular trading hours, but you dropped the trade. The technique may have worked for you earlier but not in this trading hours. With this transaction, you come to know that the technique won’t work in the particular trading hours. If you do not note it down or keep tabs on it, then you may do the same mistake again and you will drop the transaction again. A trading journal can be used to refer all of the mistakes you did previously so you will not do them . All successful forex dealers assert a forex trading journal.Therefore, if you would like to keep your own trading journal what are the important things that you have notice down. The following are some of the things that it is possible to note when you start composing your own forex trading journal.Trading Currency Pair: Note down the currency pair you are trading or you have traded such as EURUSD, GBPUSD etc..Long or Short: In currency 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 commerce note down the reason why you won the trade just like any technique you used, any financial information you used to input the transaction . Also note down the exit strategy you used for coming from the transaction. If you misplaced the trade then also you need to note down the reasons for losing the trade.Trading time: Record the time and day you entered the trade. This is essential as some transactions might work only in specific timings and this advice, you can utilize in future.Entry Price, Exit Price and No. Of Pips: Record the entry price and exit price and also the amount of pips you lost or won.No. Of lots you exchanged: Record the number a lot you traded.Any techniques used: Record some techniques or methods you used on your trading.Screenshots: Keys are very important when you’re maintaining a trading journal. As all of us know a picture speaks a thousand words. Even if you note all of the aforementioned points and if you don’t have a picture, in future, you might not have the ability to comprehend your trade you’ve got. So saving a photo of the transactions you’re doing is very important.The above are a few of the things that you have to note down in the event that you want to be a successful trader. You may also note down some additional opinions, if you’d like.The best way to maintain a trading diary: Normally forex traders 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 trades are raising the size of the files also raises.Moreover when you’re saving the screenshots of these transactions the file sizes rises and more. So it causes problems in saving or opening these files. So after a certain stage you may have to begin a brand new excel or word file. These issues cause you trouble when you wish to sort your trades. For instance you want to take a look at all your lost trades or all your winning trades. It is quite difficult to sort the trades if you save them in word or excel files.That’s why, forexbees.com is offering you a successful way of keeping your own trading journal. When you login to forexbees.com, below 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 on that you may observe the trading diary form together with the following choices you can use when you are making your own trading diary article. This is totally personal and no elase, other than you, can observe your trading diary.Title: you’ll be able to input any name that fits your trade such as”EURUSD split trade – hourly chart – misplaced” or”GBPUSD MACD convergence divergence commerce – daily chart – won” etc.. It’s better if your name can tell you what sort of transaction you’re doing on the very first glance so that it will be simple for you personally to find out the transaction you desire.Trade Date: you are able to pick the date on which you did the transaction. If you’re currently doing the transaction 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 you could select when creating your trading diary article.Money Pair: This category indicates the different currency pairs like”EURUSD”,”GBPUSD” etc.. You want to pick the curreny set you are trading whenever you’re creating you own trading journal article.Short or Extended Trade: If you bought the currency pair you’ll be able to pick the”Long Trade” option or if you offered the currency pair you can pick the”Short Trade” option. In forex terminology Long Trade means purchasing a money pair. Trade Won or Lost: If you won the trade you are able to pick the option”Trade Won” alternative or you can pick the”Trade Lost” alternative. Body: You can enter any information about your trade.Image Picker: This can be used to upload images or screenshots. This shows four tabs. Under”Upload” tab you can upload pictures or screenshots of your trades. This contains the image file area using which you need to select the image or screenshot of your forex trade to upload. After that it asks for the thumnail dimensions of this screenshot. I normally use a thumbnail dimensions of 400 px like I prefer to align the picture or screenshot at the middle of the content. “Scale Image” you don’t have to utilize it. “Title” of the picture. You can input any name for the image as this will appear on the cover of the image on your trading journal post. “Description” of the image. You can enter any description for your image and this will look at the bottom of the picture

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