Use This Trade Journal To Become A Better Trader In 2016
There is an underused, and very accessible trading tool that can make you a better trader in 2016. All you need to do is use it properly. I’m not talking about some secret indicator or expensive trading software. The trading tool I am talking about a Trade Journal.
If there is one thing I could get all you to start doing in 2016,
it would be using a trade journal.
***Trade Journal Video Training***
I’ve done 2 videos about using a Trade Journal.
VIDEO 1: How To Use A Forex Trade Journal To Gain Strategy Confidence
VIDEO 2: How To Use A Forex Trade Journal As The Path To Self-Discipline
I know, there are 3rd party account statement services like MyFXBook.com and FXBlue.com that hook up directly to your trading account and give you all kinds of stats. But that is now what I am talking about here. I am talking about a Trade Journal you keep manually by filling it in by hand.
There are huge benefits to not being lazy when keeping a trade journal. Not only can a trade journal keep stats about your trades and their results… but you can make notes about your mindset, feeling and thoughts at the time of placing the trade and once the trade is over.
THAT INFORMATION OVER TIME IS WHAT CAN HELP YOU GROW AS A TRADER!
- Did you trade the strategy correctly?
- Did you let emotions like fear and greed get in the way?
- What would have happened if you would have traded the strategy properly.
Over time, these notes are what can help you grow as a trader. Your profitability has more to do with your growth as a trader than the strategy you trade. Use a trade journal to document your Forex trading journey and you’ll be able to correct the trading mistakes you make… and reinforce good trading behavior.
Another benefit of using a Trade Journal you trade manually is it keeps you from over-trading. Just think about it, automated trade journals just keep track of the stats. But filling in the trades manually means you’ll only want to take the best trades (which justify an entry in your journal). This alone could make you a better trader.
The Forex Trade Journal I Use
I use a Forex Trade Journal called Trading Journal Spreadsheets. This is the best trade journal Excel spreadsheets I have found. This is the very spreadsheets I used to make the Case Study for the U-Boat FX Strategy (the strategy I give students taking the Forex SOS Course: Trading Tweaks and Working Strategy).
One of the things I really like is the ability to see your trading results as a Candlestick Chart. Hey, I am trader, and I like to see these candlestick charts to track my performance. Here is how it looks:
- Watch The Video Training On Trade Journals Here
- Consider Use Trading Journal Spreadsheets To Improve As A Trader
- Claim Your 91% Discount For Forex SOS Course (Includes U-Boat FX Strategy)