Day: April 12, 2019

Why You Need to Keep a Trading Journal?

Consistently updating a written record of all your trading exchanges can help you improve your outcomes on a long term basis, as you would be able to pinpoint the key points that lead to a financial loss. Rather than hiring costly coaching services for your forex business, you can be your own master by working on your weak points. Having a licensed financial advisor can sometimes lead to misunderstandings, as you would not be able to decode all the jargon used in the documentations. Your trading record needs to be easily readable, as that would allow you to make timely customizations without spending too much time on figuring out the meanings behind technical terms. Once you start maintaining a well-detailed journal, you should focus your energy on improving the performance so that you can reach organizational goals in a short time period.

No matter the amount of financial resources you possess, if you don’t stay disciplined throughout your entrepreneurial journey you would not be able to be profitable. If you want to get an unbiased review about Edgewonk, then make sure to read here about it. Relying entirely on the data entry logs provided by the forex traders can hamper your business expansion potential, because your profit margin would be shared with the shareholders. Having your own personalized journal would allow you refine your trading strategies to produce more profitable outcomes.

From monthly to quarterly trading reviews, you can keep track of all your investments in a single book. This journal chronicles all your financial performance in a designated period of time, and can tell a lot about the key factors that made you to exit a particular trade. You would also be able to measure your emotional well-being after the completion of a certain trade.

Continue Reading