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A Must Have for Every Serious Trader: The Trading Diary

A Must Have for Every Serious Trader: The Trading Diary

 

In addition to all the tools needed by forex traders, there’s a must have for every serious trader: the trading diary.  This tool will help you to build on past successes, avoid repeating your losses and learn from your mistakes.

There’s no set of specific guidelines for determining how you set-up your trading diary.  The more information you record here the more useful it will invariably become.  You can review your records to identify weaknesses in the way you devise your trading theories.

The ability to review trades from start to finish will also give you a better understanding of your risk tolerance.  You want to make sure that you are always trading within the bounds of your own risk tolerance or you ability to financially and emotionally weather loss.  Your diary can help you do this.

There are a number of bound journals that can be used to start a trading journal or you can use a simple spreadsheet for charting trades.  Several things must be present on these pages in order for this tool to be effective.  Among these are the time, what you purchased, which entry courses were chosen, your trading motivations, a brief summary of your trading theory and how the trade closed.

When it comes to determining a must have for every serious trader: the trading diary is it.  This tool will help you become wiser and more proficient in plotting and implementing profitable trades.

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