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How to make a good trading journal

2023/2/25 12:59:16  Classification:   Participation: 7  

How to make a good cashback forexef="">rebatemean bestforexrebateginforex journal rebateinforextrading one of the necessary tools for professional traders, which is the consensus of many people in the industry So how to keep a good trading journal, what are your experiences, here is this small paragraph from "High Winning Trader" to give you a primer rebatesinforexf you are determined to become the best trader, you must chase your progress About this, keeping a trading journal is one of the best ways A trading journal can help you evaluate your performance, highlight particular patterns in the trading process, best forex rebate reflect reasonable and unreasonable behavior. After a period of analysis, you can see what works and what doesnt, and observe which markets you are better at. Its not necessary to be detailed, but every trader should keep a log, even experienced ones. Peoples memories are often selective, and the best way to remember what actually happened is to write them all down. In addition, it also helps to develop what every successful trader must have: discipline Institutional corporations have a staff of so-called team leaders and managers, as well as trading software; therefore, every trade is monitored Institutional traders every move is evaluated, so they are able to correct their mistakes at any time For example, every week I receive a printed statement The data on this report is calculated every half hour and shows a lot of information, including: the duration of profit and loss positions, the win rate, the average profit and loss of each trade, and the operation of individual currency pairs. Too long, certain currency pairs can not make money, too frequent trading, these are the problems I must pay special attention to in order to shorten the holding time of the losing part, I began to register the part entry time on the sketch sheet, if after 45 minutes the part is still not finished, and continues to be in a state of loss, force yourself to exit immediately As for the long side, I found that the performance of the operation in the evening hours is most desirable, especially Without this information, it is difficult to find your strengths and you will probably continue to trade some of your lesser currency pairs. For those traders who cannot be monitored by a manager or computer program, a trading journal is the best way for you to check various information and analyze your trading patterns. You can also find out which markets or currencies you are best at. You may never make money on Fridays, or you may be the worst at trading news currencies. I use the + or ( signs to indicate buying or shorting respectively. I want to know if I am better at going long or short, and which direction I trade more often. Some will prefer one-sided markets, others may go long 90% of the time, even in downtrends. Knowing this personal preference should help when to trade. Personally, I am better in the evening than in the afternoon; I am better in the afternoon than in the morning; my best performance is between 20:00 and 23:00, because I am sensitive to trends and reversals during this time. For each trade you make, if you write down the reason for your entry, your trading skills will improve significantly over time. I dont want to miss out on the rest of the rally, neither of which is a reasonable motivation for trading. If someone has recorded these reasons in their logbook and feels comfortable with them, Im afraid there is still a long way to go. I bought the US-Japan because the US Dollar Index is performing strongly, and although the index is currently pulling back slightly, the trend is still stable; in addition, the US-Japan has retraced 20 pips from its highs and is now falling at the support position of the uptrend line, and should resume its upward trend, this is a valid entry reason to perform this analysis, and should allow you to remove I also make a point of noting whether I am chasing or waiting to pull back. After reading this book, you should be able to distinguish between a trade that makes sense and a trade that doesnt. Use some sort of scoring system to mark the trades you make and then analyze the results. After a while, I found that the 5-star trades turned out to be very good, and the 1-star trades were not so good. Although the number of 5 stars was not as high as 1 or 2 stars, the performance could have been better if I had waited patiently. The trading opportunities that you are best at; by specifically picking the trading opportunities you are best at, you can obviously increase your chances of winning by setting profit targets, you can avoid missing out on the profits you deserve. Dont doubt your previous decisions just because the market looks good, otherwise, you wouldnt have reached your profit target at all; taking a profit is likely to make you emotional. It is also helpful to set a stop loss in advance to limit your losses and to know when you should accept a loss on the market. The average profit on a successful trade is $300, while the average loss on a failed trade is as high as $900. If you see such a situation, it may mean that you should pay up more quickly and hold the profits a little longer. Profit and loss data parts of the holding time holding time is one of the important factors determining the performance of trading loss parts of the holding time, should be significantly shorter than the profit part of the past for a period of time, I have always held the loss part, constantly looking forward to the market reversal, reluctant to face their own mistakes now, I only allow a maximum of 45 minutes to hold the loss part, and then exit once the transaction has failed, you must admit, immediately Many people do just the opposite; they close their profits immediately and drag out their losses. Let me re-emphasize: you dont know how long youre going to hold a trade unless you record it. It is a good idea to record the results of your trading decisions to clarify important issues, such as whether losses are being claimed quickly enough. Is the holding time for successful trades too long? Did you exit too quickly? Are the trading rules actually being followed? Are you waiting for the market to turn back? Keeping a log of right and wrong trading decisions can help correct misbehavior. If there is any kind of industry that requires constant on-the-job training, financial trading may be one of them. Recording a trading log is like taking notes in class, both can help, but the premise is that you must often go through just simply recording is not useful, you must read carefully and analyze your strengths and weaknesses only when you start to review your own trading performance, only then is the real threshold of trading Every day on the way home, I will review the days transactions, hoping to know what I did wrong in the failed transactions, what I did right in the successful transactions so-called failure or success, respectively, is not the amount of money earned or lost loss transactions can immediately admit compensation, that is, successful transactions will not be every transaction is very smooth, the earlier the loss transactions admit compensation, the better I pay the most attention to the parts afterwards, often those parts I did something stupid I would pound my chest because they were often the wrong actions to take when the technical indicators had shown a reversal and I continued to hold the position, thus returning a lot of profit, which is obviously a mistake I dont want to repeat when I revisit these trades and think about why I took that wrong action at the time and how I am going to respond to the market next time. In addition to reviewing my mistakes, I also pat myself on the back for some of my savvy reactions

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