How To Record Your Own Trading Journal Using The Trade Explorer
We provide an awesome trading planner for free (click here to get it), but if you want to have something in the cloud and tracked, Forex Factory provides this service via their Trade Explorer.
Yes, you can save our planner to an iCloud account of Google Drive, but this offers another solution.
The key behind having a trading journal is that it will keep track of all the past trades you have made, with a description of whys and outcomes.
This is important if you desire to improve quickly as you can begin to see trends in your results; what are the common patterns for your success and what patterns are causing your losses.
The information generated from a trading journal is vital for an up and coming trader to succeed.
Here are our top 4 reasons why you should keep a trading journal:
Trading can be fast and furious some days and as slow as a sloth the next day. You’ll get punched daily by market moves that are unexpected from time to time, so it is important to note down mistakes that you made with trades that resulted in a loss.
Imagine having a notepad that had all your wins and losses in and you can learn from it each week, you bet you will become a more profound trader.
When you trade each day you can forget the little trades your lose and avoid realizing what led to the mistakes. By having a journal, you can stick it in there and manually watch your growth, day-by-day, as a trader.
This will give you a tremendous boost in confidence and experience with dealing in certain market conditions.
By the end of it, you want to be looking and reacting to opportunities with certainty.
Not looking for opportunities, double checking it on your notes and worksheets, react to the opportunity late and dealing with uncertainty.
Track Successful Patterns
Similar to point one, but success breeds success. Every time you succeed, note down the one-key thing that helped you; this can then be formed as a habit of success.
Enhance Opportunities To Learn
Every time to track your trades you can reflect on how accurate that flag pattern was, or whether or not it is a supply zone. This forces your brain to wire to memory the solid, successful, patterns and results then chuck out the poor examples of losing trades.
The Difference Between Our Planner & Forex Factory Journal
The key difference between the two is that with the online trade journal is that you are publishing your comments, analysis, and results on one of the worlds largest forex forum.
This means anyone who is interested can read and follow your journal.
This may sound daunting, but this holds you to a commitment of completing the journal and respond to other traders who open up a discussion with you.
You may receive helpful comments when you are doing something wrong and learn from the community. Equally, you may be informing others on what they are doing wrong.
Teaching is the best way of learning too.
How To Set Up A Forex Factory Journal
To do this, you will need to open an account with Forex Factory – this is completely free.
Direct Link to get a better idea: https://www.forexfactory.com/forumdisplay.php?f=49
Once you have opened an account and fill out your profile, you can open up a trading journal thread by clicking Start New Thread.
There you can layout what you want from the journal, how long you will write for and what your goals/expectations are of providing a journal.
Then each day, return to your thread and update it after your trading day.
It is as simple as that!
Download The Best Forex Plan PDF Below
Go here to learn how to use it: https://www.alphaexcapital.com/free-forex-trading-course/best-forex-trading-plan/