Get your trading back on track

Get your trading back on track

Trading is a classic case of preparation and opportunity!

Traders who lose are unprepared and thus missed opportunities.
They missed the chance to be successful. They work in a constant state of panic or excitement. They live on the edge or uncertainty, totally unprepared. It's little mystery why most Forex Trading newcomers do not last enough to make any serious money.

What they do not have basic skills. Everyone at sometime has a story to tell about how they failed, then learned from it. There are hundreds of articles on trading systems, money management and discipline. However, very few even mention a trade journal.

Why trade journal?

Simply because it reinforces all the habits of successful traders. It helps to maintain discipline. It reflects your commitment to adhere to your trading system and money management. Vulnerabilities in your system for trading, money management and discipline are very apparent in your trading journal. You can not afford to ignore the trade magazine if you want to succeed as a trader.

What you need in a trade journal?

A Trading Journal must be detailed, just because human memory is incapable of remembering the millions of impressions it receives daily, let alone what they did six months back.
It should be capable of keeping a database of all your trading activity and give you statistics about your craft. It should be able to give you information on winning percentage of trades, losing trades, gross profit / loss and other detailed information.

Another good feature to have in your trading journal is to attach your trading lists, so that you can add comments and visually integrate the lessons learned in your trading plan.

If you are not prepared to succeed, prepare to fail!