JOURNALING

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You must record each trade you place and ideally you would do this in a spreadsheet format. Completing your spreadsheet should be done whilst you are entering and exiting any trade. Once you close your trades you will use this com- prehensive list of transactions to assess your trading. You may want to include the following columns:

  • Currency pair

  • Position (long/ short) - Date opened

  • Time opened

  • Time closed

  • Date closed

  • Stop loss or take profit - Win or loss

Seeing as though each trader is unique, there is no 'correct' spreadsheet. This crucial aid to your organisation should not feel as though it is a chore, so de- sign it as you wish!

Creating your spreadsheet is not difficult, however keeping it up is where most fail. Completing your spreadsheet should become part of your trading routine. Far too many traders become complacent and tell themselves "I will do it later". Before you know it you fail to recall half of the information, thus leaving you with nothing to evaluate.

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As we have said before trading is a business, one that should be archived. A staggering 90% of traders will mistakenly fail to take the time to document their progress and most importantly work on the reasons as to why a particular trade has failed. If you aspire to become a successful trader you should begin your self -assessment from the moment you execute your first trade and continue this throughout your trading life.