To be a profitable Forex trader, manage your trading like a well run business. Recording and carefully analyzing your trades is a major factor of success.
A well-maintained Trade Log becomes your own personal accountability coach. It is your best tool to help you record your trades and fine tune your trading habits.
Totally customize your Trade Log to meet your needs. Keep it simple by only entering minimum information such as name of currency, direction of the trade, entry and exit times and prices, lot size and result of trade. Or add as many parameters as you wish including screenshots, notes, lessons learned, ideal exit, name of strategy, name of session, most pips seen, etc.
Keep an accurate record of all the trades you take – by day, week, month and year. Compare your results with your broker and make sure their reports are correct.
Make tax time easy. If you have multiple brokers, summarizing your trading can become a nightmare. The Log will let you print standardized individual reports for each broker.
Compare your trades to see which sessions or days make you the most profit, which currency pairs are your most reliable, and which strategies are working best for you.
Spot patterns that you might not otherwise see, allowing you to detect problems with your trading system that result in lost profits. What if you have a few different trading strategies or entry triggers that you use... In your mind, you might think they are all equally effective, but you might be surprised to learn that one of them is consistently less profitable for you than the others. This is hard - if not impossible - to spot without being able to analyze your trades and spot those patterns quickly and easily.
Charting the success and failure of your trades lets you establish and set realistic goals towards becoming consistently profitable.
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