What is trade journaling? Why should we have trade journaling in the digital currency market?
Hello, we came with an interesting and professional article for the wolves of Wall Street 😎👊 If you are looking for continuous profit from the digital currency or forex market. You must have trade journal writing. Basically, writing a journal is a difficult task and usually people try not to do it. But we will have some simple techniques for you in this article. The things we teach you will make it easy for you. Of course, you also have to be a little careful and creative.
Before anything else, it is better to review one point together. And that point is that if you want to trade or invest in digital currency. You must convert your Rial to Tether or other digital currencies. With this in mind, we have launched a live digital currency price board for you. You can make a suitable choice for buying and selling digital currency according to the average price of digital currency. If you need advice for buying and selling your currencies, we can help you.
Before we explain trade journaling to you, it is better to mention its advantages. The tips that we give you in this section can help you completely and comprehensively. Of course, you should also pay attention to a few points. Each person’s trade journal is useful for him. Because we are different from each other in terms of trading psychology. That’s why you have to do it yourself.
You can determine your buying and selling points for yourself away from excitement.
You can analyze the reason for each stop or your profit limit.
You can manage your capital.
You can manage your risk.
You will have the ability to analyze the strategy and also optimize your entry and exit points.
You can use it to optimize your final trading strategy.
You can use it to attract capital and also to promote your job.
You can refer to it to increase the accuracy and quality of your work in using trading sessions.
Definitely, this list can be continued as many books. But we must pay attention to several points. We want to convey the most important points to you. Therefore, we will not seek exaggeration. The next point is that all major traders have trade journals. You will not be exempt from this rule.
It is better to explain and interpret trade journaling. In general, the purpose of writing a trade journal is to record all the details of your transactions in a special book or Excel file. This is because you know what is your reaction to the market in case of two different scenarios. Of course, you should also pay attention to some minor points. At first, it is better to refrain from downloading the trade journaling excel file or trade journaling pdf. This issue makes you not have proper control over its different parts.
Some people usually do not have enough time to register a trade journal due to the many jobs they have or the scalping strategy they use for trading. This is why they use trade journaling software. Of course, this method is very responsive in some cases, and in some cases, it may not have a good result for you.
The important thing is, what is the basis of your trade journaling software’s work and strategy? For example, buy some trade journaling software that is so accurate that they film you during trading to check your trading psychology. Generally, these softwares have a high price. But if you are interested, you can download the public and initial versions of these software.
You may be wondering what tips to use in trade journaling. The points mentioned in this section are in the form of a checklist and you should use one or more of them according to your trading strategy.
This part is one of the most important benefits of Journal Trade. If you know that the reason for entering your position was your trading strategy or your emotions, you can optimize your efficiency in a great way. But my main and basic request from you is to be honest and transparent in writing a trade journal. You are not supposed to show this notebook to anyone and brag about it. Rather, you are supposed to improve your work.
In writing your trade journal, it is better to refer to the sessions and calendar days. In this case, you can better understand the element of time. Of course, note that you must have at least 100 positions to be able to comment on it.
You must record your exit points to have a useful trade journal. If you manipulate any during your trade. You have to answer for yourself. You may also make a profit, but this profiting can cost you dearly. That is why you should do your best to be honest.
Trade and register a position during the open period
One of our most important goals in trade journaling is to monitor our emotions. This is why you need to determine what is driving your emotions and thoughts when trading. You may think that technical is everything to you. But we must tell you that your trading psychology directly affects your trading.
In this article, we talked to you comprehensively and completely about trade journaling. In the future, we will try to analyze each of these cases. But you have to start by yourself and register your personal trade journal. If you have any questions or challenges for writing your trade journal, you can contact us from the comments section. Share your experience of trade journaling with us.