One of the most common mistakes of beginners in Forex is that most of them ignore the need to doing a daily trading diary. Refusal of a reasonable and organized fixing of their success leads to the fact that the trader again and again makes the same blunders, restricting or completely denying himself any chance of progress.
To make a diary you can use an Excel spreadsheet. It must include the following mandatory sections:
1. The date and time of making a decision about your deal on the market.
2. When did you make that decision?
3. Trading entry reason.
4. The entry market strategy.
5. Date and time of opening of the order.
6. The currency rate at the time of the entry position.
7. The fixed profit / loss.
8. Why did you close the order?
9. Did the strategy work our well? Yes / No.
10. Additional comments.
Updating such a kind diary will not take much of your time but it may well become your best friend.
Ongoing analysis of your actions will give you an excellent understanding of the preferred currency pairs, market circumstances, and your own capabilities.
Diary will help you to improve strategies and the use of analytical tools as well as staying disciplined in the market.
Fill in the diary every day and always make a backup copy. Do not fear the second opinion – show the file to another trusted person who has experience in the trade. Feedback is very useful tool for understanding your own trading mistakes.