Trading journal in Forex

This is a part of Forex trading for beginners tutorial. You can Download the whole tutorial as pdf here (right click and save as).

Navigation for tutorial is in the bottom, click here to go to navigation.

We talked about stop loss, taking profit. There is one more important thing we should talk about when it comes to position management. Yes, trading journal. You see, this guide should help you to learn how to trade Forex. You should know your mistakes and learn from them.

My biggest mistake in first years of trading was not to run a trading journal. I started few times, but I was too lazy to keep it running. In the end, I struggled to be profitable.

Then I started journal in form of spreadsheet. It was ok. Beside info such as entry, exit, profit/loss it has information about trading signals. But… I am not strict mechanical trader. I use trading signals, but I also analyze the current market situation, higher time frames and many other things.

There is better way to run your trading diary.

Write it down in a notebook.

I saw on twitter that few of traders which I follow do that. They keep diary in form of notebook. They describe trade, what was the current situation, how did it look from technical analysis perspective. Later they write how it ended. Or they simply write new things they have learned.

I believe this is the best way to do it. Thanks to that description you can also write what you were thinking, what was the main motivation to take the trade. Later it is easier to spot mistakes you are doing in your decision process.

Another important tool you can use is MyFXBool. I recommend to run normal trading journal, but also keep track of trades with MyFXBook.

MyFXBook is easy to use. They whole idea is that it connects with your Metatrader platform. Then thanks to the MT4 publishing options MyFXBook can receive your trades and results. That’s all going on in the background.
When you log in, you have so much valuable data. Not only obvious like gain for the whole time, each week, month. You can also see what is your average profit, loss, number of shorts won, longs won and many others. Thanks to that you can see clearly your results.

Menu for Forex trading for beginners tutorial

Part 1. Introduction to Forex trading Part 2. Trading tools Part 3. Money and position management in Forex