Their traders who don’t own a trading journal can be called inexperienced traders. They don’t have a journal because they don’t know the market. If the trader knows the market he would probably have a journal. If the trader knew the ways to succeed, he would have a journal. If the trader has the mindset of a professional he would own a journal. So basically, we cannot blame naïve traders for not maintaining a journal. It is impossible to reach the level of a successful trader in the Forex market if the trader doesn’t have a trading journal. And a journal is like the diary of a person. It would include almost everything which is really important. If you have the journal you can replay the way you traded. By replaying the history you would be able to learn the market better. You would be able to correct your trading mistakes. You would be able to find the way you have been performing in the market and then, with the use of the history of trading, you can develop good methods. You would be able to identify new trading methods and techniques. Keep reading to know the things that you should include in a journal.
If you intend to become an active options trader you have a lot to learn. First of all, you need to understand timing is very crucial in options trading. You can’t afford to random pairs at different trading sessions. Choosing the currency pairs at the current trading session greatly defines your profit factors. However, if you chose to become a position trader things will become a little bit easier. You can give your trade enough space by using a wide stop loss. But do you really think this is enough to become a successful trader? You also need strong discipline and confidence. Even after going through a series of losing trades, you should never panic. Just stick to your rules and aim for higher risk-reward trade setups.
Table of Contents
The time duration you spend on a trade
There are different time durations for different traders. There are some traders who don’t like to enter trades with higher time frames and vice-versa. However, you should know how to trade binary options, how much time you should spend on a trade, and much more! Usually, naïve traders don’t include this detail. They think trading is easy they just have to trade. And maintaining a journal isn’t important. But look at the professional traders they would have had a trading journal. And they would have learned a lot from the trading journal because it teaches the way you succeed and the way you stay away from losses. However, if you know the time duration that you spend on a trade you would be able to understand who you are. There are different types of traders, so based on this you would be able to decide who you are! This is actually a crucial point which you shouldn’t ignore. Keep learning about this to become a better trader and to discover who you are!
The detailed instruction on losses and gains
You should include detailed instructions on the losses and gains. You may have included the losses and gains but have you included the detailed instructions? Have you included the amount you lost? Have you included the strategy you used? Have you included the trading method that you used? So likewise, you should include almost all the details related to losses and gains.
The strategies and methods used
You may have included a few strategies and techniques. You may have used the same strategies over and over again but it doesn’t matter. You should mention it in the journal, since the journal is for records. You are just going to record the essential factors in your trading journal. So a journal should be kept to mention all the details of your trading.