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What Is a Trading Journal, and How Traders Keep One?What Is a Trading Journal, and How Traders Keep One? For traders, keeping a trading journal is an important activity that helps them improve their trading skills. A trading journal is a systematic record-keeping tool that is used to document trades, strategies, and outcomes. It is a way to track performance by recording the entry and exit points, the reasons for entering the trade, and the results. This FXOpen article discusses the way traders track their progress, identify patterns, and learn from mistakes. You’ll learn about the types of trading journals and their benefits and find out exactly what to record. Types of Trading Journals Here are three trading journal examples. You can choose a format that works best for you, whether it’s handwritten notes in a notebook, a trading journal online spreadsheet, or a specialised app. The key is to be consistent in recording your activity. - Use a notebook . Simply record the details of each trade on a new page or divide the page into convenient columns. - Create a spreadsheet to keep track of your trades. Consider including columns for the entry and exit points, reasons, and outcomes. - Choose trading journal software from the multiple options available. Apps make it easy to record and analyse trades. Some popular ones include Edgewonk and Tradervue. Benefits of Keeping a Trading Journal Keeping a journal has several benefits. The most important thing is that by using this tool for self-analysis and learning, you can increase your chances of success in markets and make data-driven improvements. Let’s break down why it can be useful. - Identifying patterns. By keeping a record, you can identify patterns in your behaviour. For example, you may notice that you tend to enter trades at certain times of the day or that you have a tendency to hold losing trades for too long. - Learning from mistakes. If you review your losing trades, you may identify what went wrong and how you can avoid making the same mistake in the future. - Tracking progress. A trading journal is a way to track your progress. You can see how much you’ve improved. It’s also a means to reflect on your decisions. - Improving discipline. Recording your activities can help you improve your discipline. By stating the reasons for entering the trades, you hold yourself accountable for your decisions. - Controlling emotions. A journal can serve as a therapeutic outlet to express your thoughts and feelings. This allows you to separate your emotions from your decisions and make them more logical and reasonable. Whether it’s a forex trading journal or one for stocks, crypto* or indices, the benefits will be the same. The usefulness of keeping a record will be self-evident. How to Keep a Trading Journal It’s to be expected that over time, a journal will become an invaluable resource for improving skills, minimising risk and achieving more consistent effectiveness in the financial markets. The hardest part is getting started, although keeping a journal is actually easy. Here are the five steps you can follow. 1. Choose a Format Decide whether you want to keep a physical trading journal book, use a digital spreadsheet, or employ specialised software. Choose a format that you’re comfortable with, and that aligns with your needs. If you’re using a spreadsheet or digital document, you can create a trading journal template that includes the key information you plan to record for each trade. 2. Record Your Trades Record the details of each trade you make. You can include the date and time, as this information is essential for tracking the timing of trades and assessing how different market conditions may affect your decision-making. Recording your strategy or approach is a great idea. Regardless of whether it is based on technical, fundamental, or combined analysis, be sure to state your methodology. You may also want to detail the risk management techniques you used, such as stop-loss and take-profit orders. On the TickTrader trading platform, you can find various tools for risk management. After using them, you can evaluate how effectively they protected your capital. 3. Record Reasons and Your Emotional State Consider writing down the reasons that prompted you to enter the trade. What factors or indicators influenced your decision? For example, if you prefer currencies, did you enter the trade because of a certain technical pattern or a country’s GDP report? Documenting your emotional state before and during the trade is also important. Were you confident, anxious or fearful? An honest self-assessment of your emotions is critical to identifying emotional triggers that can influence you. 4. Review Your Trades Think about reviewing your trades and indicating the final result — profit or loss. Be sure to write down the actual numbers so that you can accurately assess your results. When documenting your trades, it’s crucial to remain objective. Do not justify bad decisions or self-glorify successful ones. The purpose of keeping a journal is to learn and improve. You can schedule a regular review of your trades. This can be done weekly or monthly, depending on how often you trade. During these reviews, you are likely to find patterns and identify areas for improvement. 5. Be Consistent Consistency is key. You can develop a routine for recording trades. Make sure you thoroughly document all of them, regardless of their size or perceived importance. If it’s too difficult to do this yourself, you can use an automated trading journal. This is a great solution for those who have a hard time making habits. Final Thoughts Keeping records of your trades is a way to have a structured and systematic approach to monitoring and evaluating trading activity. This leads to better-informed decisions and improved performance. By recording details of trades, strategies, emotions, results, and risk management techniques, you can gain valuable insights into your behaviour and patterns. If you want to engage in trading in over 600 markets, you can open an FXOpen account. *At FXOpen UK, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules. They are not available for trading by Retail clients. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
4
EURUSD_108 2024.11.04 06:07:08 Trading Signal SELLFrankPro Signal for EURUSD_108 Type: Screen Signal: SELL TP: 1.08618 SL: 1.09058 Entry Price: 1.09003 Analysis for EURUSD Forecast Overall(Short-Term, Long-Term): ST= Probably Down LT= Probably Down Forecast Methods(Short-Term, Long-Term): ST=Same LT=Down ST=Down LT=Up ST=Down LT=Down Analysis Method(0) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days):** * The pair is expected to attempt to continue its decline, testing the support area near 1.0825. * However, oversold conditions and the narrowing yield gap may lead to an upward price rebound. * A breakout above the resistance level of 1.0905 would confirm the growth option, while a drop below 1.0745 would indicate a continuation of the decline. * Given the mixed signals, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short-term, with a possible rebound later. **Long-term (next few weeks/months):** * The Elliott Wave Analysis suggests that the EUR/USD trend is down on the daily chart, with resistance at 1.11275. * A decisive bullish breakout above 1.11275 would suggest the end of the downtrend. * However, the poor performance of European equities and weaker-than-anticipated earnings in Europe may continue to undermine the market mood, supporting the US Dollar. * Considering the long-term downtrend and the potential for a bearish wave C zigzag pattern, I would say that the price is expected to **go down** in the long-term, with a possible target below 1.0745. Please note that these assessments are based on the provided analysis and are subject to change as new information becomes available. Result: ST=Same LT=Down Analysis Method(1) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days/week):** * The pair is expected to attempt to continue its decline, testing the support area near 1.0825. * A potential upward price rebound and continued growth towards the area above 1.0995 is possible. * The technical analysis suggests a bearish trend, but a corrective advance is possible. * The Momentum indicator is heading south near oversold readings, which could indicate a potential upward correction. **Expected price movement:** Down (testing support near 1.0825) followed by a potential Upward correction. **Long-term (remainder of 2024 and beyond):** * Most analysts expect the EUR/USD exchange rate to appreciate, reaching fresh yearly highs. * The long-term trend is upward, with targets around the 2023 high of 1.1275 and potentially extending to 1.1495. * The Elliott Wave Analysis suggests a potential bullish breakout above 1.1275, which would indicate the end of the downtrend. **Expected price movement:** Up, with a potential target of 1.1275 and beyond. Please note that these assessments are based on the provided analysis and are subject to change as new data and events become available. Result: ST=Down LT=Up Analysis Method(2) Based on the provided data, I will analyze the EUR/USD exchange rate and provide a short-term and long-term outlook. **Short-term Analysis (November 2024)** * The forecast for November 2024 suggests a slight decrease in the EUR/USD exchange rate, with an expected average of 1.085 and a forecasted end-of-month rate of 1.083, representing a -1.1% change. * The technical analysis using Elliott Wave Theory indicates a downtrend on the daily chart, but an uptrend on the one-hour chart. * The resistance level at 1.11275 and support level at 1.0768 are crucial levels to watch. **Short-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **stay the same** or experience a slight decrease in the short term, with a possible range-bound movement between the resistance and support levels. **Long-term Analysis (Quarterly and 12-month outlook)** * The EUR/USD is expected to trade at 1.07 by the end of this quarter, representing a decrease from the current level. * In 12 months, the exchange rate is expected to be at 1.05, indicating a further decline. **Long-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **go down** in the long term, with a possible decline of around 3-4% from the current level over the next quarter and a further decline of around 5-6% over the next 12 months. Please note that these outlooks are based on the provided data and analysis, and market conditions can change rapidly. It's essential to stay up-to-date with the latest news and analysis to make informed trading decisions. Result: ST=Down LT=Down
Short
by frankiepro
EURUSD_108 2024.11.04 05:39:07 Trading Signal SELLFrankPro Signal for EURUSD_108 Type: Screen Signal: SELL TP: 1.08586 SL: 1.0901 Entry Price: 1.08957 Analysis for EURUSD Forecast Overall(Short-Term, Long-Term): ST= Probably Down LT= Probably Down Forecast Methods(Short-Term, Long-Term): ST=Same LT=Down ST=Down LT=Up ST=Down LT=Down Analysis Method(0) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days):** * The pair is expected to attempt to continue its decline, testing the support area near 1.0825. * However, oversold conditions and the narrowing yield gap may lead to an upward price rebound. * A breakout above the resistance level of 1.0905 would confirm the growth option, while a drop below 1.0745 would indicate a continuation of the decline. * Given the mixed signals, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short-term, with a possible rebound later. **Long-term (next few weeks/months):** * The Elliott Wave Analysis suggests that the EUR/USD trend is down on the daily chart, with resistance at 1.11275. * A decisive bullish breakout above 1.11275 would suggest the end of the downtrend. * However, the poor performance of European equities and weaker-than-anticipated earnings in Europe may continue to undermine the market mood, supporting the US Dollar. * Considering the long-term downtrend and the potential for a bearish wave C zigzag pattern, I would say that the price is expected to **go down** in the long-term, with a possible target below 1.0745. Please note that these assessments are based on the provided analysis and are subject to change as new information becomes available. Result: ST=Same LT=Down Analysis Method(1) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days/week):** * The pair is expected to attempt to continue its decline, testing the support area near 1.0825. * A potential upward price rebound and continued growth towards the area above 1.0995 is possible. * The technical analysis suggests a bearish trend, but a corrective advance is possible. * The Momentum indicator is heading south near oversold readings, which could indicate a potential upward correction. **Expected price movement:** Down (testing support near 1.0825) followed by a potential Upward correction. **Long-term (remainder of 2024 and beyond):** * Most analysts expect the EUR/USD exchange rate to appreciate, reaching fresh yearly highs. * The long-term trend is upward, with targets around the 2023 high of 1.1275 and potentially extending to 1.1495. * The Elliott Wave Analysis suggests a potential bullish breakout above 1.1275, which would indicate the end of the downtrend. **Expected price movement:** Up, with a potential target of 1.1275 and beyond. Please note that these assessments are based on the provided analysis and are subject to change as new data and events become available. Result: ST=Down LT=Up Analysis Method(2) Based on the provided data, I will analyze the EUR/USD exchange rate and provide a short-term and long-term outlook. **Short-term Analysis (November 2024)** * The forecast for November 2024 suggests a slight decrease in the EUR/USD exchange rate, with an expected average of 1.085 and a forecasted end-of-month rate of 1.083, representing a -1.1% change. * The technical analysis using Elliott Wave Theory indicates a downtrend on the daily chart, but an uptrend on the one-hour chart. * The resistance level at 1.11275 and support level at 1.0768 are crucial levels to watch. **Short-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **stay the same** or experience a slight decrease in the short term, with a possible range-bound movement between the resistance and support levels. **Long-term Analysis (Quarterly and 12-month outlook)** * The EUR/USD is expected to trade at 1.07 by the end of this quarter, representing a decrease from the current level. * In 12 months, the exchange rate is expected to be at 1.05, indicating a further decline. **Long-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **go down** in the long term, with a possible decline of around 3-4% from the current level over the next quarter and a further decline of around 5-6% over the next 12 months. Please note that these outlooks are based on the provided data and analysis, and market conditions can change rapidly. It's essential to stay up-to-date with the latest news and analysis to make informed trading decisions. Result: ST=Down LT=Down
Short
by frankiepro
EURUSD_116 2024.11.04 02:28:05 Trading Signal SELLFrankPro Signal for EURUSD_116 Type: Screen Signal: SELL TP: 1.08402 SL: 1.08954 Entry Price: 1.08885 Analysis for EURUSD Forecast Overall(Short-Term, Long-Term): ST= Probably Down LT= Probably Down Forecast Methods(Short-Term, Long-Term): ST=Same LT=Down ST=Down LT=Up ST=Down LT=Down Analysis Method(0) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days):** * The pair is expected to attempt to continue its decline, testing the support area near 1.0825. * However, oversold conditions and the narrowing yield gap may lead to an upward price rebound. * A breakout above the resistance level of 1.0905 would confirm the growth option, while a drop below 1.0745 would indicate a continuation of the decline. * Given the mixed signals, I would say that the price is likely to **stay the same** or experience a **slight decline** in the short-term, with a possible rebound later. **Long-term (next few weeks/months):** * The Elliott Wave Analysis suggests that the EUR/USD trend is down on the daily chart, with resistance at 1.11275. * A decisive bullish breakout above 1.11275 would suggest the end of the downtrend. * However, the poor performance of European equities and weaker-than-anticipated earnings in Europe may continue to undermine the market mood, supporting the US Dollar. * Considering the long-term downtrend and the potential for a bearish wave C zigzag pattern, I would say that the price is expected to **go down** in the long-term, with a possible target below 1.0745. Please note that these assessments are based on the provided analysis and are subject to change as new information becomes available. Result: ST=Same LT=Down Analysis Method(1) Based on the provided analysis, here is my assessment of the EUR/USD pair's expected price movement: **Short-term (next few days/week):** * The pair is expected to attempt to continue its decline, testing the support area near 1.0825. * A potential upward price rebound and continued growth towards the area above 1.0995 is possible. * The technical analysis suggests a bearish trend, but a corrective advance is possible. * The Momentum indicator is heading south near oversold readings, which could indicate a potential upward correction. **Expected price movement:** Down (testing support near 1.0825) followed by a potential Upward correction. **Long-term (remainder of 2024 and beyond):** * Most analysts expect the EUR/USD exchange rate to appreciate, reaching fresh yearly highs. * The long-term trend is upward, with targets around the 2023 high of 1.1275 and potentially extending to 1.1495. * The Elliott Wave Analysis suggests a potential bullish breakout above 1.1275, which would indicate the end of the downtrend. **Expected price movement:** Up, with a potential target of 1.1275 and beyond. Please note that these assessments are based on the provided analysis and are subject to change as new data and events become available. Result: ST=Down LT=Up Analysis Method(2) Based on the provided data, I will analyze the EUR/USD exchange rate and provide a short-term and long-term outlook. **Short-term Analysis (November 2024)** * The forecast for November 2024 suggests a slight decrease in the EUR/USD exchange rate, with an expected average of 1.085 and a forecasted end-of-month rate of 1.083, representing a -1.1% change. * The technical analysis using Elliott Wave Theory indicates a downtrend on the daily chart, but an uptrend on the one-hour chart. * The resistance level at 1.11275 and support level at 1.0768 are crucial levels to watch. **Short-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **stay the same** or experience a slight decrease in the short term, with a possible range-bound movement between the resistance and support levels. **Long-term Analysis (Quarterly and 12-month outlook)** * The EUR/USD is expected to trade at 1.07 by the end of this quarter, representing a decrease from the current level. * In 12 months, the exchange rate is expected to be at 1.05, indicating a further decline. **Long-term Outlook:** Based on the analysis, the EUR/USD exchange rate is expected to **go down** in the long term, with a possible decline of around 3-4% from the current level over the next quarter and a further decline of around 5-6% over the next 12 months. Please note that these outlooks are based on the provided data and analysis, and market conditions can change rapidly. It's essential to stay up-to-date with the latest news and analysis to make informed trading decisions. Result: ST=Down LT=Down
Short
by frankiepro
fib at 1.1034fibonnaci at 1.1034, it is my 1st target and first real ressistance, appart of not beeing there the price for long in my pov, but dxy has a resistance on the 16th of august at that level wht can invade the long posistion making a bigger resistance, but imo it will might go to 1.12 to 1.14 but only the markets can say, and be careful on election day. keep ur trading safe, do your own analysis, you can take value in others persons analysis but do ur own, and keep ur risk safe, take care at elections day, it can change everything,.
Long
by Carlosdrcunha
EURUSD H4 | Bearish Reversal Based on the H4 chart analysis, we can see that the price is rising toward our sell entry at 1.0919, which is an overlap resistance and 127.2% Fibonacci extension. Our take profit will be at 1.0839, a pullback support level. The stop loss will be at 1.0969, an overlap resistance level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Short
by FXCM
EURUSD InsightHello, subscribers! Great to see you all here. Please share your personal opinions in the comments, and don’t forget to like and subscribe. Key Points - U.S. employment data shock: Nonfarm payrolls increased by only 12,000 in October. - The weak U.S. employment data is attributed to the effects of a hurricane and the Boeing strike. - The market anticipates it will be challenging for the Fed to avoid a 25 basis point rate cut in the November FOMC meeting. - Germany’s October CPI rose 2.0% year-on-year, rebounding after three months. - The Eurozone’s October CPI also increased by 2.0% year-on-year, exceeding the forecast of 1.9%. - The U.S. September Personal Consumption Expenditures (PCE) price index rose 2.7% year-on-year, surpassing the forecast of 2.6%. Major Economic Indicators - November 5: Reserve Bank of Australia rate decision, U.S. presidential election - November 7: Bank of England rate decision - November 8: FOMC meeting results EUR/USD Trend Analysis The Euro appears to have successfully rebounded from the lower support level. This upward trend is expected to reach the 1.10000 line. In the long term, a rise to the trend high of 1.14000 is anticipated; however, resistance at the 1.10000 line may lead to a short-term pullback. If, contrary to expectations, a stronger downward move occurs and breaks below 1.07500, the price may fall to the 1.04500 line, in which case a new strategy will be quickly established.
Long
by shawntime_academy
1
EURUSDThe EURUSD has the potential for a bearish swing on the fundamental side, as the euro is not doing well! The forthcoming US elections on Tuesday 5 November 2024 could help the euro fall ... On my chart I have identified two zones, my black line which would give me a bearish candle and my trendline if the price is brought to break it could make the price fall below a return to 1.06000. November will trigger a price expansion, but it remains to be seen in which direction!
Short
by MCY-TRADER-BTC_GOLD