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Your trading journal needs to include all the boring things that are not much fun to input, but are necessary for a business.

Trading journals can come in as many variations as there are traders, but generally they will all contain certain information or elements that describe the characteristics of the trade. They might also have an entry that lists the prevailing market conditions when the trader decided to make a particular transaction in the forex market.

The basic elements that most journals keep track of are:

● Time of trade – This information lets you know in what session the trade was initiated. The information could also contain the market conditions and the reason the trade was made.

● Traded asset – Indicate the asset you traded either through a new column

● Type of transaction – You should indicate whether it was a BUY or a SELL.

● Size of trade – The trade size in relation to the rest of the account. This information is extremely important for money management.

● Trading strategy – The strategy you use should be recorded in your trading journal. Also, you can keep a journal for each strategy if you want a log of all the trades you’ve taken using it. The reason for doing this is to understand your tactic better to get to know the numbers even more.

● Results of trade – Whether the results for the trade were achieved, and to what degree.

A trading journal can be created in multiple ways. You can keep one on your computer via a spreadsheet or word document, you can use a online program, or you can do it the old fashioned way and simply write the information down in a book.

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