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Forex Forum Recommended Resources Forex Newsletter. What Is Forex? Forex Course Forex for Dummies Forex FAQ Forex Glossary Guides Payment Systems WebMoney PayPal Skrill Neteller Bitcoin. Contact Webmaster Forex Advertising Risk of Loss Terms of Service. Advertisements: EXNESS: low spreads - just excellent! Please disable AdBlock or whitelist EarnForex. Thank you! EarnForex Education Guides. Features Here are some of the features of the trading journal that you can download further below: A Welcome sheet with some basic information you can safely delete it after reading.

A Currency Pairs sheet that serves to put in your currency pair settings for quick referencing and for decimal place counts. You can ignore it, but then you won't be able to benefit from decimal places formatting; also you won't be able to just enter a small number instead of typing in the entire currency pair name each time. The number of pips for profit and loss is calculated automatically. A Commission column that can also be used to record rebates if you receive them from your broker.

A Swap column to record the swaps you pay or get from the broker. An Analysis sheet to provide detailed analysis of your trading performance. Scalpers and intraday traders wouldn't probably need some of the columns Close date or Swaps for example but they would maybe want to track the trade length.

Only first 1, rows are filled with formulas. If you hit the limit, just copy and paste formulas from the final row as far down as you need. However, the more filled rows you have, the slower the journal will work. It is recommended to create a new trading journal file for each new year or for each new month if you are scalping. Explaining the columns Let's look at the example journal that has been filled with some random trades.

Currency Pairs sheet This is where you define your currency pairs with a quick reference number and a number of decimal places. The second column is required for technical reasons: Analysis The Analysis sheet becomes the most interesting one after you log some trades. This is where you enter all the details for your trades. These columns are,. The first step when using the trading journal is to input your initial balance in the initial balance field as shown below. You can enter new strategies in the strategies sheet.

The strategies allow you to organize all the trading strategies that you are using. You can also enter the description for each strategy so that you know what this strategy exactly is. In a similar way to selecting your strategy, you can select the currency pair you are trading. If you cannot find your currency pair add it to the Currency Pairs sheet. You can also remove the currency pairs that you are not interested in trading. We recommend you only have a list of currency pairs that you are trading so that you have a small list to choose from.

If you look at the statistic sheet, you will see the following calculations that are calculated automatically. These statistics are the Total Trades, Winning Trades, Losing Trades, and the Win percentage.

Also, you can see the account growth percentage as well. These are very important statistics to consider when testing your trading strategies. Especially the account growth rate. If the growth rate keeps decreasing that means that you need to change something in your trading strategies.

If the account growth rate is increasing that means your doing great! It is very valuable to have a trading journal that you can use to track your trades. There is quite a few trading journal software out there but most of them are complicated to use and you need to pay for them some are pretty expensive.

Click the button below to get the trading journal. Also, make sure not to delete the first row it contains all the formulas. Learning about supply and In this article, we will talk about leverage in Forex. When trading with leverage, it is essential to understand the In this guide, we will go over 5 effective forex trading strategies. These are strategies we use ourselves. these strategies To learn how to develop a trading plan in forex, you must first understand what money management rules you need Building Your Own Forex Trading Strategy Great!

If you have reached this part of this guide and if you did Get App. Home Guides Forex Trading Brokers About Us Contact Us. Home Guides. Forex Trading Journal Template Excel Free Download by Fortradingbytraders. September 8, in Guides. Share on Facebook Share on Twitter. Table of Contents. Forex Swing Trading with Supply and Demand Analysis September 2, A Guide to Leverage in Forex August 21,

A trading journal is the essential tool to help you become a consistently profitable trader. As we all know by now, trading is not just about strategies and technical analysis. It takes more than that to see good results in your trading. By keeping a detailed records of your past performances, including your psychological state in each trade you execute, helps you find patterns in your behavior to improve.

To improve your trading performance, you need data to analyze and identify patterns so that you can improve and grow as a profitable trader. While the idea of keeping track of every single trade, decision, and outcome appears tedious, it could help achieving trading consistency and long-term profitability. I will also attach a template for you to download and use.

Feel free to adjust it to fit your trading style. A complete trading journal not only includes the complete trade details, such as entry and exit prices and the number of pips gained or lost, but it should also have a devoted section where you indicate the reasons behind your trading ideas. This includes trading psychology details, such as your degree of confidence in taking the trade opportunity, your reaction to expected and unexpected market situations, your state of mind as the trades are executed.

By keeping track of these details, you can get better insight into how your emotions and attitude are influencing your trading performance. In reviewing a trading journal, you are able to monitor the common mistakes you make and take the necessary actions to avoid them next time you trade the market. For instance, if you find yourself placing tight stop losses, you can adjust your risk-to-reward ratio or use different tools such as ATR indicator to help you place your stops.

If you notice that your trading performance during the New York session is more profitable than the Asian session, then you can limit your trading activity only during the New York session. This increases your confidence in taking trades and keeping balance between your emotions and your trading performance. Having a detailed trading journal will allow you to run some statistics to assess your trading performance, adding to the assurance that your plan can generate consistent profits.

With that type of confidence, you can rely on your trading system instead of doubting yourself and your system with every loss you take. First, start by writing down your fundamental bias for taking the trade. You need to be short and concise in your statement. This would allow you to have a clearer insight and would give you something to review later on.

The trader has to write down the reasons why he took the trade, is it because of a shift in the market sentiment or a new piece of fundamental data that changes the course of action, etc…. Next, write the trade-specific details, such as the entry and exit prices, your stop loss levels, your lot size, your main time frame where you execute your trades, etc.

You should also mention why you are watching those particular price levels, it will help you later on in your analysis. In addition to that, your trading journal should also have a risk and money management section.

Beside from writing much you are risking per trade and what is the appropriate lot size for each position, you should include your strategies on how to increase your position size when winning and how to reduce your exposure when losing. The goal here is to stay focus and avoid panic when things go unexpectedly.

Lastly, it is also important to have a comment section where you write a short summary of your trading day. This part should indicate whether or not you were happy with your trade and the overall result of your trading day.

Make sure you highlight the emotional part of your trading experience as they rise. In fact, this might be one of the most important parts of your trading journal as you make the correlation between your emotional state and the market behavior and how you handled your trades. Many traders prefer relying on the logs or transaction history from their forex broker, but this is different from keeping a trading journal.

When you look at the transaction history in your trading platform, the only things that you can see are prices and the date of each trades. The missing part here is the reasons why you took these trades. Forex Trading Journal [Free Template to Download]. In Blog Views. Subscribe to my newsletter! Post Navigation. Previous Post: Trading Supply and Demand with TradingView.

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If you notice that your trading performance during the New York session is more profitable than the Asian session, then you can limit your trading activity only during the New York session. If you have reached this part of this guide and if you did It is very valuable to have a trading journal that you can use to track your trades. The number of pips for profit and loss is calculated automatically. Having this feature allows you to go back and revisit what you were thinking before you made the trade.

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