Trading in the Currency markets involves a great deal of patience, perseverence and absolute dedication to make it long-term. There’s no quick way to achieving success in almost any discipline, trading is no different. Being consistent entails fully following the principles of one’s trading plan. You can do this by devising a trade log sheet.
What should the Trader Log Include?
A traders log should be your DNA defined template, presents you an opportunity to document your trading results. An individual’s log sheet should not only involve the stats which you can acquire access to, in your broker statement, such a showing the entry/closing time, price of entry and P/L. It must also include the kind of of technique you entered (if you have more than 1), the whole accrued pip profit that you made/loss. Once you have entered more than 1 position, you can set up the pip per trade and total among all your investments. Then the ultimate part that is definitely possibly one of the most important, the assessment.
Evaluation
This is one of the essential areas that is paramount to the success of your trading strategy. A large percentage of traders do not document the trades they have taken, regardless of the end result. Your evaluation should detail:
Whether the trade followed your plan. If it did not then why?
Your subconscious views throughout the trade. Did you really feel nervous, anxious, uneasy?
Your feelings and views after the trade has been closed out.
Write down the key areas, if any to improve. Then find ways to enhance your system, either by going on courses, reading books or listening to audios.
Many traders may look at applying a traders log sheet in your plan as laborious or
monotonous. Unfortunately traders which have this view, over a length of time, due to most very likely losing money or having your account wiped out, will certainly soon realise the significance. There’s no fast overnight, pot luck way to extreme success in the markets, particularly the Forex market. There will be severe tests to show your consistency and willingness to include new ways to enhance what you are doing.
After this you should analyze and spend some time at the end of each week, month, quarter and year to review your trades.
To your success.
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