Monday, 6 February 2012

Currency trading in forex trading

Do you keep a diary at home, so that you will be able to remember what you have done in the past when you read it? It goes the same for a forex trading diary. If you have realized, the diary could well be a forex trading tutorial to you, as it allows you to spot mistakes and repeat what you have successfully done.

It is always excellent to keep a trading diary no matter you are a newbie or experienced trader. For me, I have a blog not only to help me keep track of all my trades, but I can also review the forex trading system that I used for certain trades, and see which systems suits me the most. Then after some time, I found out the forex trading signals that were generated by some of my forex indicators were very useful and I’ll always look out for those trade setups.

All traders will make mistakes in trading, so if you don’t take down the mistakes, you would probably repeat it again. For example, if you are chasing after the fee, you can write down: ‘I’m too keen to trade on this date at this time, therefore I chased after the fee, and my trade got triggered by the stop loss’. You can take down the forex trading strategies that you have taken to win a trade, so what you have to do is to repeat it. Have a section on forex trading tips, so you can refer to it every time you trade, and this will help you to follow the rules of the trading system. Sounds like a forex trading guide isn’t it?

You can probably take a screenshot of the chart when you opened and closed a position, take notes on your state of mind during that time and write in your trading diary why you had opened and closed your position. This can be very valuable to you in the future. It helps you grow as a trader and make better trades next time. Even if you are using an automated forex trading system, you can write down the mistakes made by the system and you can improve it next time. For me, I’m trading manually, so I will take down some of the forex trading techniques which I can keep on using and repeating it for success.

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