Effective Trade Journal Layouts & Strategies
Article by: Matt Miller, FxST Certified Trader www.forexsuccessfultraders.com
At the FxST Trader Certification School one of our main areas of focus revolves around planning and structuring your objectives as a trader. One of the ways we do that is with the Forex Business Plan. It gives you very clear profit objectives, coupled with unshakable trading rules to ensure long term success.
Another key component, the Trade Journal, is the ability to track performance and input your trade strategies that were executed, along with profit or loss figures to give you a clear picture of your bottom line. This holds a great deal of accountability to the trader as well as allowing them to review their trades from days, weeks, or even months ago.
I often like to use the analogy of a professional sports team.
The first thing they do after a big game is come in fresh the next day and review the video playback of the game. They are able to critique themselves individually and as a team in order to further improve their performance. In trading, everyday is an opportunity to review your actions and get better at your craft.
At the FxST Certification School the Forex Business Plan has always been a primary point of training in our program, but being able to review what you were feeling in the market is another key aspect.Our Business plan revolves around hard data, which is crucial as a professional trader, however another important aspect of reviewing your trade results is interpreting how you were seeing things in the market. This portion of your journal is usually meant to include some detail of your mindset going into the trading day and some of the ideas you may have thought of.
I chose to share this journal for a few reasons:
- I love Microsoft One Note
- It’s very well organized
- There are 5 essential structured categories
- A great level of detail to the journal entries
- Easy and effective to review prior trading sessions
Aside from the first reason, all of those things are very important to any traders long term success. Documenting and holding yourself accountable to your actions and your thoughts will instill a sense of awareness that gives you a solid foundation to grow from as a trader.
I would also like to hear some of your journaling methods and examples of what you include in your trading journal!
To your Success!
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