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Forex trading journal.


      The Forex trading journal is one of the most valuable tools that a successful trader can have. It keeps you on top of all the latest news and events within the market. It helps keep your fingers crossed for a winning trade because you won't be so oblivious to it. But the trading journal can only do so much for you. For you to gain more from it, you need to put in more effort. Here are some things that you might want to consider doing.
     o Keep track of all the profits and losses that you have made during the past week or month. This will help you develop good money management skills. As a forex trading beginner, you need to be extra careful with every decision that you make. You also need to learn when to quit rather than suffering high losses. These will teach you when is the right time to cut your losses.
     o Be an active participant in your forex trading journal. You cannot just write it in a corner or stashed away somewhere. Start making it a point to check it every now and then. Check if the information that you have is correct and updated. If not, then you need to make adjustments to your strategies or find another source of information.
     o Participate in discussions in online forums. There are a lot of traders who participate in online forums to discuss their forex trading experiences. You can learn a lot from the discussions of these experienced traders. If you read the trading journal regularly, then you can surely catch the tips and techniques that other traders use to make money from trading online.
     o If you have the time, you can even watch videos that guide you in trading. Some traders have the ability to spot the most lucrative trades without any assistance. If you do not have the time to watch videos, you can always download free video instructions from the net.
     o Do not rely solely on your forex education. You must also take a proactive approach to your forex trading business. Learn from others' mistakes and do not repeat them. Remember, there is no such thing as a successful forex trader that made it through without any errors. Your errors will only give you a bad name in the forex community. It will be difficult for other traders to respect you if you are always making mistakes.
     o Learn from your mistakes. Making mistakes is part of learning. The key is to learn from your own mistakes and move on from there; this is one of the best ways to improve your forex trading journal.
     o Try out several trading systems before you make your final decision. It is advisable to try out a demo account first so that you can know which trading system performs better than the other. Always remember, the winners are those who had the patience to monitor their trading systems and adapt them into their daily trading activities. Do not rush into things and do not make hasty decisions. You may be trading with a proven forex system but that does not mean that you should stick to the same trading system forever.
     o Don't jump on the latest trend. Trends come and go so if you see something that seems promising, wait for at least 2 weeks before jumping on board. Trends are just that, trends. Anything can happen, so why not take some time to evaluate your trading system. A trading system that has been performing well for a while may be good enough and you may not need to change it.
     o Learn to read between the lines. When you are trading with a proven forex trading system, there is usually no need for you to worry too much about following the strategies laid out by your mentor. Most expert traders let their systems run wild because they have learned to read between the lines. They also learn to trade using psychological principles of thought and reaction rather than relying purely on logic.
     o Do not get too emotional when trading. The key to being a profitable trader is not being overly worried about profits or losses. Trading is essentially a business and like any other business, you have to treat it as such. Emotions should play a support role and not become a dominant role when trading. Most experienced traders also employ psychological principles of thought and reaction rather than solely relying on logic when formulating their trading systems.

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