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FXCC: Why is a Trading Journal so Important?


19 May 2022

Trading journals are comprehensive records of your trading activity. It involves recording the results of all your trades to evaluate your overall performance later on. This kind of documentation will also allow you to draw objective conclusions from them when feeling upset and doubting your trading system after a series of losses. It is common for inexperienced traders to downplay the importance of keeping a trading journal, believing they will have no trouble recalling their biggest mistakes or successes. However, keeping a daily journal is more than a reminder of failures.

It allows you to keep a detailed record of your trading and provides valuable information when assessing how successful your trading system is and its flaws.

What is a trader’s journal, and why do you need it?

An investor’s journal is a journal that records the leading indicators of one’s trades, starting with preconditions for opening the trade up to an analysis of one’s emotional state. It is essential to keep track of your trading performance and analyse it. Trading diaries serve the purpose of collecting and analysing statistical data. In this way, you’ll be able to notice recurring errors that are costing you money. For example, what would you be able to earn if you removed half of your unprofitable deals? This is why traders keep journals.

Benefits of keeping a trading journal

Let’s take a look at how a trading journal can be helpful.

Bottom line

The trader’s journal is an essential component of every trader’s work process. Therefore, it is worth mentioning. Statistics and analysis will help you better understand your trading system, avoid repetitive mistakes, and improve results. There are a lot of advantages to keeping a trading journal; the reasons above are only a few. Entering entries need not be a frustrating task. It doesn’t matter how they look or what they look like; make sure you include the essential information you find helpful. Are you feeling creative? Now is the time to keep a trading journal.

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