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Trading Journal - Best trading book written by youIn the world of trading, success isn't just about skill or knowledge. It also depends on discipline, consistency, and always getting better. Journaling is a powerful tool for achieving these goals. Many traders find that keeping a detailed record of their trades and thoughts can greatly improve their performance and personal growth. Understanding Journaling in Trading Journaling in trading means recording your trading activities in a detailed way. This includes logging trades, strategies, emotions, market conditions, outcomes, but also annotating the charts and taking notes about the trades we didn't catch but we wanted to. Because journaling such trades is a next stet to catching them next time. It's not just about writing down numbers; it's about documenting the thought process and decision-making behind each trade. Your journal should not be a general , but adjusted to your strategy. A good trading journal typically includes data: Trade Details: Instrument, Timeframes, Key levels, Screenshot with entry and exits, Entry model Reasoning: Why did you enter the trade, including technical Emotional State: Your feelings during the trade—nervousness, confidence, greed, or fear. Outcome: Profit or loss, and how it compares to your expectations. Reflection: Lessons learned and adjustments needed for future trades. Why Journaling Is Crucial in Trading 1. Accountability Journaling makes traders accountable for their actions. It forces you to document and analyze every decision. This transparency ensures you can't ignore losses or poor choices as bad luck. Instead, you must confront and learn from them. When Journaling I always start with adding the analysis into my journal, whether it will turn into a trade or not. I always analyze if it would work and for what reasons it worked or not. This keeps me imporving my self. Trust me once you start to do this consistently. Your trading will change in a good way. Analysis in the Journal 2. Identifying Patterns and Habits Trading often involves repetitive patterns, both in the markets and in traders’ behaviour. By keeping a journal, you can spot recurring mistakes or habits. Recognizing these patterns is the first step toward breaking negative cycles and reinforcing positive behaviours. You will find these patterns by taking notes. And writing down your explorations. Trading Notes 3. Improving your Trading Plan When you start documenting your analysis and reasoning for entries based on your trading model, you will start to see what works best, it will help you to focus on this and avoid what wos not working for you. This can be revisited to refine decision-making processes. For example, a journal can show that certain strategies consistently yield positive results, encouraging you to focus on what works and based on that you can be improving your trading plan. Trading Plan 4. Emotional Regulation Emotions like fear, greed, and frustration can cloud judgment and lead to impulsive decisions. Journaling helps traders track their emotional states and understand how these emotions impact their performance. Over time, this awareness fosters emotional discipline, which is key to maintaining consistency. 5. Measuring Progress A trading journal serves as a tangible record of growth. By reviewing past entries, traders can see how far they’ve come, what they’ve learned, and how their strategies have evolved. This sense of progress boosts confidence and motivation. Conclusion Journaling in trading is more than a tool; it's a habit that can change how you trade. It helps you be accountable, disciplined, and self-aware. A trading journal is like a mirror and a map, showing you where you are and guiding you to get better. In trading, where consistency and growth matter, keeping a journal can be what sets you apart. Whether you're new or experienced, starting a journal can help you grow. You'll learn a lot and improve your trading skills. Start today, and let your journal help you succeed. Remember if you are not journaling, you are not improving and you will repeat the same mistakes over and over. Hope this inspires you to start journaling. Dave FX Hunter
FOREXCOM:XAUUSDEducation
by Dave-Hunter
Analysis of gold trend next weekAnalysis of gold trend next week: Based on the current news, data and technical aspects. The trading strategy for next week will be mainly short selling at high levels. First of all, the first pressure level 2638-42 will be the main reference pressure level. Gold can continue to be short when it reaches around 2638-42. The short-term pressure level 2632 will be our final As a defensive position, as long as gold does not break through the 2642 line and stands firm, gold will still maintain a short trend. The closer the price is to 2638-42, the more beneficial it is for us to be short! From the daily and hourly lines, the shorts are pressing step by step, and there is still room for shorts. From the 4-hour analysis, the upper resistance focuses on the 2638-42 line, and the lower support focuses on the 2586-92 area. The intraday pullback relies on this position to continue shorting at high levels, and falls back along the short trend. The daily level is under pressure below this position and continues to maintain the high shorting rhythm unchanged. If you buy more against the trend, please be cautious about the buying point, enter the market with a light position, and strictly set a stop loss. Gold operation strategy: 1. Short sell gold when it rebounds to 2638-2642, stop loss at 2651, target at 2588-2593; 2. Buy gold when it falls back to 2586-2593, stop loss at 2575, target at 2630-35;
FOREXCOM:XAUUSDShort
by Caesar_Gorman101
BTCUSD IN SELLING ( RINING WEDGE )The rising wedge pattern on BTC/USD is a bearish reversal formation that typically occurs during an uptrend. It's characterized by two converging trendlines, both sloping upward, with the upper trendline being steeper than the lower one. As the price moves within this narrowing range, trading volume often decreases, signaling weakening buying interest ¹. In the context of BTC/USD, a rising wedge breakdown could trigger a significant correction, with a potential downside target near $90,765, representing a 14% decline from current levels ². The Relative Strength Index (RSI) remaining elevated near 64 also suggests overbought conditions, which may amplify selling pressure if bears take control ². To trade this pattern, consider the following steps: - Identification: Confirm the presence of a rising wedge pattern by drawing trendlines connecting the highs and lows. - Confirmation: Wait for a breakdown below the lower trendline, accompanied by an increase in volume. - Entry Point: Consider entering a short position once the price convincingly breaks below the lower trendline. - Stop-Loss: Place a stop-loss order above the upper trendline or a recent swing high to manage risk. - Target: Estimate the potential downside target by measuring the height of the back of the wedge and projecting it downward from the breakout point
CME:BTC2!Short
by FXBELLA001
ES Paths Moving ForwardWe finally got some volatility last week and a big short squeeze. Was a pretty good week to trade, but I'm not expecting much this week. It's a short week and I plan to take most of it off, but we'll see if anything happens worth noting. Here's some paths I'd expect for ES in the short term. So far ES failed after about a 61.8% retracement. Fairly big range from 5,800 to 6,100 and we're almost right in the middle so not the best place to be opening new positions IMO. Might be interested in puts at 6,100 or calls if it reclaims. My best guess is that we'll hit 5,800 soon until the Santa rally starts after Christmas. That would fit with charts and seasonality but after that squeeze I'm not sure it goes back down anytime soon. Overall looking to let things shake out after FOMC and come back at it after the new year.
CME_MINI:ES1!
by AdvancedPlays
Gold next possible move Hi traders what is your opinion on gold,according to my view gold is very near turning point,it's already touch my support zone once and 8 believe it might touch it again before it climbs,don't be surprised abt fundamental that occurs Thursday it's how the systems works fed cut the rate by 25 bps on Thursday and that decision slow down the rally that was running for atleast 2 days but that doesn't mean the trend changes cz of that giant sell no upsolutely not,market still going to m0ve higher this coming week however for gold it's still under pressure as USD is very much stronger soo,expect slow growth in gold not faster but January 21 gold momentum will kick in again for rally thank you.
PEPPERSTONE:XAUUSDLong
by mulaudzimpho
Its Christmas so we buy Gold XAUUSD LongSold off last week after the FOMC announcements, Price took the buyside liquidity generated during the months early consolidation period and found support at 2584. This now forms the major low of the month but continued the upward macro trend as it was a HL than that formed in November. Beautiful bounce from the sell off as price made up majority of the move during the following 8hrs. As per usual but not every time the FED speaks. The close last week coincided with the quarterly flip which acted as resistance at the close. My Bias is Long with a resistance at 2727 and once breached, price can break out to the top side with targets of 2650, 2664, 2675. Initial support is 2717, if broken could send price lower. 2605 and 2587 levels to watch. Quarterly flip is 26632. Monthly flip is 2650. Merry Christmas everyone.
ICMARKETS:XAUUSDLong
by PLaceUrBetsPlease
XAUUSD 4H Analysis: Range-Bound Dynamics and Key Setups for WeekInstrument: XAUUSD Timeframe: 4H Market Context 🌐 - XAUUSD continues to trade within a medium-term range established on November 14. - This week opened near the middle of the range following last week’s bearish reversal, with price continuing to face downward pressure. Key Observations 🕵️‍♂️ Weekly Open Dynamics: - Price opened near 2650 (weekly open), testing the highs before printing a Short-Term High (STH) with a strong bearish engulfing pattern on Monday. Midweek Breakdown: - Price consolidated above 2650 before breaking down during Tuesday's London session, closing below the recent Short-Term Low (STL). - A slight retracement occurred into the breakdown zone, followed by continued bearish momentum. Wednesday Expansion: - A bearish expansion broke below the Long-Term Low (2605) at 5:00 AM, creating a significant move. Price stayed within this expansion range until the weekly close near 2625. Learnings 📚 - Shorts above 2650 targeting below 2600 were the optimal play this week. - Consolidation at key levels (e.g., 2650) provided clear clues for directional moves. - The midweek expansion highlighted the importance of monitoring price action near round numbers and reacting to high-impact news events. Next Steps 🚀 Monitor Key Price Action Patterns: - Focus on consolidations near significant round numbers like 2650. - Watch for breakdowns followed by retracements into prior zones before continuation. Integrate This Week’s Insights: - Apply observations from this week’s price behavior: - Early-week consolidation above 2650 before the breakdown. - Midweek expansion below 2600 followed by profit-taking into the weekend. Plan Around High-Impact News: - Use the economic calendar to anticipate volatility and key moves. - Develop strategies to capitalize on post-news directional shifts, particularly during major announcements like Core PCE and FOMC events. News Recap 📰 - Monday: Flash PMI readings. - Wednesday: FOMC rate decision, projections, and press conference. - Friday: Core PCE Price Index (0.1%) and UoM Consumer Sentiment (74.0). Let’s carry forward these lessons to approach next week with clarity, focus, and discipline.#XAUUSD #Gold #TechnicalAnalysis #PriceAction #Trading
OANDA:XAUUSD
by PipsnPaper
Drill baby, drill - oil price to follow down underground?Predicting the price of oil is risky business.. So many factors at play, and so many factors out of anyone’s control, influenced by world events and the actions of unpredictable players. So do your own research, base your decisions on your beliefs. Here’s my two cents. The US president elect has stated he will open the wells on drilling, fracking and anything else that can produce oil. Increased supply - reduced price. Tension between Iran and Israel will likely soften, in the way that Iran will think twice about retaliating the Israeli attack now that a more direct person is at the wheel in the US. That being said, his takeover is still a few months away, but the sitting President has now nothing to lose. And, we are heading into winter, with reduced gasoline demand. The attached chart shows a horizontal channel, however I don’t think that is relevant in this situation. World events take the driving seat, and I believe oil price will decent going forward.
CAPITALCOM:OIL_CRUDEShort
by WeRideAtDawn