One easy step to improve your trading success

Julie Brownlee, Fsp Invest, 13 Jun. 2014

Tags: trading log, trading, trading strategy, trading success, improve trading success, more successful trader, trader,

Whether you’re new to trading or have some experience under your belt, there’s always room for improvement. And there is one simple way you can do that. It all comes down to keeping a trading log. So why it is so beneficial? Let’s take a closer look…

What is a trading log?

A trading log is simply a record of every trade you make. You can either use a notebook or set up a spreadsheet.

If you’re not keeping a trading log, start immediately. You can use it as a tool to help develop a better trading plan that works better for you. And it should also make you become a more successful trader along the way.

The benefits of using a trading log

The great thing about using a trading log is it allows you a way of reviewing your trades. From this you can pinpoint where you’re going wrong, Max Munroe in Forex Round-Up explains.

Let’s look at how this works with the help of an example…

Steven has been trading forex for about a year. He’s been doing okay. He tends to have a good few winning trades, but following these gains are some losing trades. And these losses take back his profits.

So he starts to keep a trading log. He keeps a note of when he placed a trade, what the trade was, the charts he used and the trading signals he acted on.

After a month of keeping a trading log, he reviewed his trades. It turned out that he tended to make money in morning trades. But later on he was losing money when the US markets opened.

To try and prevent as many losses, Steven stopped trading in the afternoon and improved his rate of success.

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How to use a trading log

So it makes good practice and sense to keep a trading log. Keep notes of all the important information, like Steven did. Then get into the habit of reviewing your trades every week, fortnight or month.

By doing this you’ll be able to see any patterns emerging and hopefully you’ll be able to fix the problem. And this should improve your investment success.

So there you have it, one easy step to improve your trading success.

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