Maintaining a Trading Journal – A Very Important Characteristic That Every Forex Trader Should Have

Do you know what is a forex trading journal? Do you know the importance of maintaining a forex trading journal? A trading journal is a record or a book which keeps track of all of your successful or unsuccessful trades. It is very important for you to keep track of all your trades, whether you win the trade or lose the trade as you can use this information for future trades as a reference. Lets say entered a trade with some reason in specific trading hours, but you lost the trade. The technique might have worked for you earlier but not in this trading hours. With this trade, you come to know that the technique won’t work in the specific trading hours. If you don’t note it down or keep track of it, in future you may do the same mistake again and you will lose the trade again. A trading journal can be used to refer all the mistakes you did in the past so that you won’t do them again. All successful forex traders maintain a forex trading journal.
So if you want to maintain your own trading journal what are the important things that you have note down. The following are some of the things that you can note when you start writing your own forex trading journal.
Trading Currency Pair: Note down the currency pair you are trading or you have traded for example EURUSD, GBPUSD etc.
Long or Short: In forex terms Long means buying a currency pair and short means selling a currency pair. Record whether you bought the currency pair or sold the currency pair.
Trade Won or Lost: Record whether you won the trade or lost the trade. If you won the trade note down the reason why you won the trade like any technique you used, any economic news you used to enter the trade etc. Also note down the exit strategy you used for coming out of the trade. If you lost the trade then also you have to note down the reasons for losing the trade.
Trading time: Record the day and time you entered the trade. Also record the time zones you entered like asian time zone, london timings, NY timings etc. This is very important as some trades may work only in specific timings and this information, you can use in future.
Entry Price, Exit Price and No. of Pips: Record the entry price and exit price and also the number of pips you lost or won.
No. of lots you traded: Record the number lots you traded.
Any techniques used: Record any techniques or methods you used for your trading.
Screenshots: Screenshots are very important when you are maintaining a trading journal. As all of us know a picture speaks a thousand words. Even if you note down all the above points and if you don’t have a picture, in future, you may not be able to understand your own trade you took. So saving a picture of the trades you are doing is very important.
The above are some of the things that you have to note down if you want to become a successful trader. You may also note down any additional remarks, if you want.
How to maintain a trading journal: Generally forex traders use an excel work sheet or a microsoft word to keep notes of the above things (to maintain trading journal). But when the number of trades are increasing the size of the files also increases.
Moreover when you are saving the screenshots of the trades the file sizes increases more and more. So it causes problems in opening or saving these files. So after a certain point you may have to start a new excel or word file. These problems cause you trouble when you want to sort your trades. For example you want to take a look at all your lost trades or all your winning trades. It is very difficult to sort the trades if you save them in excel or word files.
That is why, is offering you a successful way of maintaining your own trading journal. Once you login to , under navigation block on the left side you will see the link “Create Content”. Click on the link and you will see the “Trading Journal” link. If you click on that you will see the trading journal form with the following options you can use when you are creating your own trading journal post. This is completely private and no elase, other than you, can watch your trading journal.
Title: You can enter any title that fits your trade like “EURUSD break out trade – hourly chart – lost” or “GBPUSD MACD convergence divergence trade – daily chart – won” etc. It’s better if your title can tell you what type of trade you are doing on the first glance so that it will be easy for you in future to find out the trade you want.
Trade Date: You can select the date on which you did the trade. If you are currently doing the trade you can leave the date as it is.
Vocabularies: Vocabularies are the different categories that you can use to categorize your trades. The following are the different categories available that you can select when creating your trading journal post.
Currency Pair: This category shows the different currency pairs like “EURUSD”, “GBPUSD” etc. You need to select the curreny pair you are trading when you are creating you own trading journal post.
Short or Long Trade: If you bought the currency pair you can select the “Long Trade” option or if you sold the currency pair you can select the “Short Trade” option. In forex terminology Long Trade means buying a currency pair. Short Trade means selling a currency pair.
Trade Won or Lost: If you won the trade you can select the option “Trade Won” option or you can select the “Trade Lost” option.
Teaser or Summary: Teaser or summary is a small description of your trading journal entry. You can generally copy and paste the first few lines of the body of the trading journal.
Body: You can enter any details about your trade.
Image Picker: This can be used to upload images or screenshots. This shows four tabs. Upload, Current, Browse, Groups. Under “Upload” tab page you can upload images or screenshots of your trades. This contains the image file field using which you have to select the image or screenshot of your forex trade to upload. After that it asks for the thumnail size of the screenshot. I generally use a thumbnail size of 400 px as I like to align the image or screenshot in the middle of the content. “Scale Image” you don’t need to use it. “Title” of the image. You can enter any title for the image as this will appear on the top of the image in your trading journal post. “Description” of the image. You can enter any description for the image and this will appear at the bottom of the image.
Once you upload any images you can see them under the “Current Images” tab and also under the “Browse Images” tab. “Current Images” tab shows the images currently updated and only for this post. “Browse Images” tab shows all the images that you have uplodated for all the posts that you have uploaded the pictures. Select any picture. If you have entered the title and description select the “Description” check box. Othewise you won’tsee the title and description that you have entered for that picture. If you want to insert the screenshot left aligned in the body select left option. If you want to insert the screenshot right alighned in the content select right option. If you want to insert the screenshot in the center of the content select the option “none”. Click on the body field somewhere. Click on insert button and the image will be inserted in the body field.
File Attachments: If you want to attach the screenshots that you have taken you can use the file attachments and the screenshots will be attached as files to the content and you can download them any time you want.
Once you create a trading journal entry you click on the “Trading Journal” link on the left hand side to see your trading journal entries. On the trading journal page you can also see the options to sort your trades based on trade dates, currency pairs, trades short or long and trades lost or won.
Calender: Under the calender block you will see a calender which you can use to see the trades on different dates. Click on any date under calender block and you will see the trading journal entries if you entered anything for this date.
Currency Pair: Under the currency pairs block you will see all the currency pairs. If you click on any currency pair you will see any trading journal entries you entered for that pair.
Trades Won or Lost: Under this block you will see two options – Trades won and Trades Lost. If you click on any of the options you will see all the trades you that you won or lost.
Short or Long Trades: Under this block you will see two options – Short Trades and Long Trades. If you click on any of the otpions you will see all the trades you bought or sold.
So this offers a lot of options to you to maintain a very good trading journal to become a successful forex trader. You don’t need to maintain your trading journal in excel or word files which take a lot of time to open or save them. You can also upload your trade screenshots or attach them as file attachments.

Should You Be Paranoid In What You Post Online?

Not long ago, I was having an interesting conversation with someone online, and the gentleman mentioned to me, that “maybe I shouldn’t be telling you any of this.” Apparently, the information was somewhat secret and might indeed, if it got out into the world that is, cause a problem for the other parties involved, not him of course, he was a neutral party, more of an observer, however he was in the flow of information you see.
Okay so, let’s talk about this, should you be as paranoid as my acquaintance is online? Well, yes, you should be somewhat paranoid in some regards. For instance, if you are in college and putting pictures of yourself online, or involved in conversations that might hurt your prospects for getting a job in the future someday – then you should be thinking here. Ask yourself, do you want your future co-workers to know this information, or the human resource department for instance at the company you may in the future work with?
You might read a couple of interesting pieces in the WSJ from November of 2010 titled; “Facebook Says User Data Sold to Broker” and “FaceBook in Privacy Breach” – because if you think your amusing pictures and comments are safe, you might want to re-think it all, seriously.
And, if you are a small business person, do you really want your competitors to know things? I can tell you that there are still scoundrels out there who will go through your trash, and would gladly search an skip-trace you online, and probably will if you become a threat to their businesses in the market place.
Andy Grove, former CEO of Intel, nice guy actually, once wrote a book titled; “Only the Paranoid Survive” and he’s basically correct. So, a little healthy paranoia, and it is probably a good thing? Okay so, Andy Grove was hardly alone in his advice. You see, Winston Churchill once said; “Loose Lips Sink Ships!” And anyone in Naval Intelligence will tell you the same. Luckily, I am quite a trustworthy individual, so no worries here with my acquaintances secret, and even though he had juicy stuff – Yeah! His secret is safe with me.
Still, when it comes to online information, do the prudent thing, and think twice – and that reminds me there was an interesting set (series) of articles in the Wall Street Journal lately called “What They Know” and some of the subtitles tell the story;
“Scrapers Dig Deeper for Data on the Web” “A Web Pioneer Profiles by Name”
“The Web’s New Gold Mine – Your Secrets””Web Privacy Inadequate – FTC Says a Do Not Track System is Needed”
Seriously, don’t do anything you are going to regret in the future some day. Please consider all this. And if you have additional comments, I surely hope you will email me your thoughts on the topic.
References:
1. “Only the Paranoid Survive – How to Exploit the Crisis Points That Challenge Every Company and Career” by Andy Grove, President and CEO of Intel, Currency DoubleDay Publishers, New York, NY, (1996), 210 pages, ISBN: 0-385-48258-2.2. Wall Street Journal article; “Using Software to Sift Digital Records” by Nathan Koppel, November 23, 2010. 3. Wall Street Journal article; “Some Data Miners Ready to Reveal What They Know” by Emily Steel, December 3, 2010.

Keeping a Lower Back Pain Journal

Keeping a journal after incurring a back injury can be quite helpful. Sometimes even necessary. Especially as it relates to an injury that happened while at work or one that is the direct result of a motor vehicle accident.
Without keeping some detailed notes at the ready, we must rely completely on our long term memory for dates, times, places, events, and people we meet. Just to name a few! It can happen that very quickly our lives become confusing and details become blurred…
Immediately after a physician’s appointment, spend a few minutes writing down all that you can remember about the encounter. What did he say about your condition? Did he order or want to order any special testing? When is your follow up visit scheduled? Anytime you can document these details about your case, you make it easier to stay on top of your care and remain organized. This will immediately become apparent to you six months after seeing the physician and you are able to better recall you conversation with him/her than they can with you!
Keep with your journal copies of any reports you can get your hands on. This includes physical therapy or chiropractic notes. The results of any MRI, EMG, CAT scans, and x-ray reports. Even go so far as to save appointment cards and receipts for any out of pocket expenses. You may eventually get reimbursed. Make photo copies of physician referrals or prescriptions for medication he/she has prescribed.
Keep a notepad by the phone and record telephone numbers and names of people who call you. Write down as much of the conversation as you can remember. You are not allowed to record another person unless you tell them they are going to be recorded ahead of time and they in turn give you permission. Be sure to check your local or federal laws to be sure!
Bottom line is don’t rely on anyone else to remember all the things about you and your lower back condition. This applies to you whether you are building a case or not. You must be your own best advocate when it comes to managing yourself and the things that might ultimately affect you financially.
As you keep detailed records and copies in your journal, it will be less likely that you will end up in a “he said, she said” argument. Most likely they will not be as prepared to pull out a trusty journal like you and produce some hard evidence.
Good Luck,
Tommy Hoffman, P.T. “Permanent Lower Back Pain Relief”

A Gratitude Journal – How Expressing Gratitude Can Transform Your Life in Difficult Times

A gratitude journal? What if you feel like times have been tough and you don’t have much to be grateful for? What if you feel like you’ve got every right to wallow in misery? You may have the right, but is that really serving you? Read on to discover how expressing gratitude can help you turn things around.
Tough times make it hard to remember that we do have a lot to be grateful for no matter what. And at no time is it more important to make the effort.
And why? Whether or not you believe in the Law of Attraction, you have to admit that things always seem to come in groups. When good things happen, then they keep on happening. And when bad things happen, they keep going from bad to worse.
So why not believe? It clearly works, and it will help you focus on the things you do want — so that you can draw more of them into your life.
And that’s exactly where a gratitude journal comes in.
By focusing on and writing down all the things we’re grateful for, i.e., the good things that have been happening in our lives, we will draw more things that we’ll be grateful for.
Writing things down gives them extra power, and it also allows us to reread what we’ve written. So if we should forget our many blessings, we can always review them at any time.
So go ahead and pick up a notebook or a pretty journal. Make it something special. Keep it by your bedside or somewhere else where you’re likely to see (and use) it every day. And start recording your blessings.
And if you’re stuck for what to be grateful for, start with the simple things.
Food on the table. A roof over your head. Something to wear (even if it isn’t quite what you would like to have). Maybe a job to help you earn a living. Or friends who care about you. Family members who love you.
And don’t forget your health, your well-functioning eyes, ears, limbs, etc. Make adjustments for what works in your life.
Be grateful for any money that is coming into your life — even if it’s not as much as you’d like. It’s a start, and gratitude for it will help you draw in more. You can even express gratitude in anticipation of what you expect to get.
Don’t worry. You won’t jinx it. To the contrary, you’ll increase the chances that it will appear.

3 Steps Towards Accomplishing Your Resolutions

Have you taken the time yet to sit down and reflect upon the past year and what you would like to accomplish in the coming year? It is that time again, when many try to change old self-defeating habits, start new projects, accomplish the “undone” ones of years past, make new friends, change careers, or any of a number of things that you may want to change. Anytime of year is a great to get started, but January seems to be more suited to such pursuits. It is the beginning of another year and a good time to make a fresh start. Most of us live in areas that are colder, with the sun in the sky for a shorter period of time. We tend to stay indoors more with much more time to read, write, study, watch movies, etc. It’s a perfect time to reflect.
New Year’s Resolutions have such a bad rap. They are the things you come up with to do in the coming year that you invariably know you won’t do. What’s the use? I don’t want to bore you with a list of “to do’s,” but there are some things that are essential if you want to be successful. If you would just do these three things, you will be far more likely to change unwanted behavior for good, finish that project, or work on your character. Here are 3 steps to accomplishing your New Year’s Resolutions.
#1 Get a vision of what you want to accomplish. See yourself doing it, or being it. By asking yourself such questions as what do I want to look like? Where do I want to live? How do I want to behave in certain situations? You will be more likely to see yourself as a success in your mind’s eye. Everything that ever was or ever will be was created in someone’s mind first. So if you cannot hold the vision of what you want, you probably will not succeed. In this vision you create, see yourself in it as the participator and not as a third party. Be aware of colors, smells, textures, surroundings, and other people. It has to be real for you. Replay your vision often.
#2 Writing your goals down is the second step towards success. Often people who write their goals down don’t write accomplishable goals down. They write down ideas or wishes, but not goals. By starting with your vision, you need to state on paper what it is you want first. Recreate the vision on paper if that helps. The best place for this kind of writing is in a personal journal, or in something that you will return to throughout the year. Next, ask yourself what you need to DO in order to get there. This is the important part. You need to break down your goals into manageable realistic steps. If I want to finish reading a 1000 page book, figure out how much time you have to read each month. Divide the book up into 12 sections, and write a goal for each month. Then you can divide that down into weeks and even days. You know you need to read 84 pages a month, about 20 pages a week and around 3 pages a day. Now you know what you need to DO in order to accomplish the goal. Write that down as your short term goal. It is a doable goal, it isn’t as daunting as looking at a goal to read this huge 1000 page book. If you get behind, you know how much you need to read in order to catch up. Perhaps you want the book read in 3 months time. You still need to work backwards until you come to the daily or weekly thing you must DO. Moving ahead of the pace you’ve set is great! If you have more time, go for it!
#3 Don’t overload yourself. Another mistake we get into is trying to make too many changes at once. Make your list of goals you want to accomplish, choose 2 -3 that are high priority, and envision those. Because you wrote the others down, don’t be surprised if you actually accomplish those too. Writing down goals jumps starts the subconscious which is the real captain of our ship. We will begin doing things to accomplish those goals because our subconscious mind has been charged to do them. It’s a great thing. So don’t fret about those goals being left behind. Focus on 2-3 high priority goals and continue the process of visualization and writing until you have something concrete to DO. When you have succeeded, get out your other goals and begin the process again with them.
January is a great time to reflect, to appreciate, to resolve, to initiate change. So, take the time. Play the movies of you often. Write your own script, and become the best you can be. Live to your full potential by accomplishing your New Year’s Resolutions.