Forex Trading Diary

A Forex trading diary is one of the best tools you can use to learn and master the forex market. This diary allows you to spot your mistakes and learn from them.

All traders make mistakes. If you don’t take notes of these mistakes you’ll probably forget about them. The result is simple: you’ll make these mistakes again, and they will cost you time and money.
If you annotate your trades in detail, you’ll be able to notice what you did wrong. You’ll spot your mistakes, and you’ll be able to avoid them in the future.

The more detail you put in this diary, the better. You can describe the reasons that led you to buy or sell a currency pair. You can even take a screenshot of the chart when you decided to buy and sell your position.

Take notes of all the details that made you believe you would be making money on this trade. What was your state of mind? If you were anxious or nervous you were more prone to do a mistake. If you were tired or didn’t have a clear plan for the trade, you made a mistake.
When you close your position, write in your trading diary why you closed your position. In the future this can be really valuable to you.

Writing a trading diary allows you to learn at a faster rate. Since you analyze all the details that led you to buy and sell a currency pair, you’ll be able to quickly spot what you did wrong, and what you could have done better.
This will help you to grow as a trader and make better trades in the future.
When you have some free time, read your diary and notice what you have been learning. Keep thinking about what you can do to improve your trading in the future.