Forex Trading Log: Turning Trades Into Profits

A forex trading log is an important but often underutilized asset for many traders. Profitable traders will often make mention of discipline as the cornerstone to their success and this normally starts with keeping accurate records of all their trade activities. It is important to develop the habit of tracking your trades and analyzing their performance. This will provide great benefits to you if you hope to become one of the few that successfully build long-term and consistent profits.

A forex trading log is a necessity if you hope to be profitable over the long term as it will give you increased confidence and the structure to trade in accordance with your goals or plan. The following are the types of things that you should be looking to keep records for:

1. A list of all your trades
2. Full details of each trade including transaction and financial information
3. Your systems and checklists
4. Entry and exit rules
5. Open positions
6. The rationale or system behind each trade
7. Bankroll exposure and risk levels

There are now various software options available that make the keeping of a forex trading log much simpler than the old days of manual lists or basic spreadsheets. They will make it much easier to record your transactions and to use this information to make informed decisions in the future. In particular you should look for an application that can provide a total solution encompassing things such as:

* Online accessibility
* Secured access
* Live and updated information
* Storage facility for your own predefined strategies and rules
* Automatic calculation of lot size
* Risk tracking
* Personal workspace area to maintain notes such as Daily checklists or currencies under review
* Money management tools and indicators
* Customized clocks or time display
* Analysis tools to review profitable trading areas and correct problems
* Integration with other platforms
* Graphical display of profitability for defined time frames
* News announcements resource and library of historical items
* Calendar of upcoming events

It is important to remember that even the best application will still only be beneficial if you take the time to use it on a regular basis. So make sure that you develop a routine of constantly entering all the details of your activities and also reviewing your overall performance at regular intervals. Make sure to use your records as a tool to maintain and enforce the discipline required to be a long term success. Turn you trades into profits by making full use of your forex trading log.

Mark Thomas is the creator of Trade on Track – a secure web-based application that allows traders to track, analyze, and improve their trading. Visithttp://www.tradeontrack.com for more information on how to take your trading and profits to the next level.

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Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

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