Get Your Trading Back On Track

Trading is a classic case of preparation and opportunity!!

Traders who lose are unprepared and hence miss the opportunities.
They miss the opportunity to be successful. They operate in a state of constant panic or excitement. They live on the edge or uncertainty, totally unprepared. It is a little mystery why most newcomers to Forex Trading don't last enough to make any serious money.

What they lack are basic survival skills. Everyone at sometime has a story to tell on how they went bust and then learnt from it. There are hundreds of articles on trading systems, money management and discipline. Yet very few even mention a trading journal.

Why a trading journal?

Simply because it reinforces all the habits of successful traders. It helps you maintain discipline. It reflects your commitment to adhere to your trading system and money management. Flaws in your trading system, money management or discipline are very obvious in your trading journal. You cannot afford to ignore a trading journal if you want to succeed as a trader.

What do you need in a trading journal?

A trading journal has to be detailed simply because the human memory is not capable of remembering the millions of impressions it receives daily, let alone what you did six months back.
It should be capable of keeping database of all your trading activity and give you statistics about your trades. It should be able to give you information about winning percentage of trades, losing trades, gross profit/loss and other detailed information.

Another good feature to have in your trading journal is to attach your trading charts so that you can add comments and visually integrate the lessons learnt into your trading plan.

IF you do not prepare to succeed, you are preparing to fail!

This author has developed a Forex Trading Journal Software, for Forex traders.
http://www.elogfx.com

[tags]Forex Trading Journal, moneymanagement[/tags]