way Id trade without it, and am blessed each and every day that I get to help other traders track and analyze their trades. Creating and meticulously maintaining a Forex trading journal is the quickest and most effective way to develop into a disciplined and profitable Forex trader. In this way, a trading journal works to keep you accountable, you need something to be accountable to as you trade, because there is no boss looking over your shoulder threatening to fire you if you dont do XYZ exactly right. I have entered example trade parameters below each heading just for demonstration purposes; it wasnt an actual trade that I took, although it was a good price trading action setup. P L: The percentage return for the trade. Position size (lots Your position size on the trade, or the number of micro / mini / standard lots being traded.
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However, this is the same trading journal I use; you can use it too if you like, or tweak it to your desire. Its simply QTY (column E) divided by Bought (purchase price). Creating and maintaining a trading journal gives you the structure required to build your trading routine on and it also helps you examine and focus on each individual element of a trade, which we will discuss below. This is another trading log that is freely available and may be a little more advanced than the first one. Use a trading log and with these free ones, there is no excuse. Update: Finally a free web based trade journal. To learn more about position size click here: Forex position sizing. They all loved it, and more importantly, they benefited from the analysis it provided, and were adamant that it should be available to other aspiring traders. Note that this is not accurate for shorts but its close enough for government work. Some articles here on the site that may help you: Heres some detail about the columns: Expectancy: An average of column K (R Multiple). This first one is talked about in the following video and can be downloaded from this link : The designer of that trading log says: If you want to track specific types of trading error for example to see how much each is costing you.
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