Do You Still Lose?
The Importance of Trading Journal for Forex Traders
Hello 
I checked all the currency pairs and didn’t find any signal for tonight. I will check all of them once again at 02:00 GMT which is 21:00 EST (it is 18:31 EST now) and if I find any signal I will post it. We do not have to have trade everyday and we should take a position when we see a signal. Currently all of the currency pairs are in an indecision situation and some important currency pairs are going to make a very tight range which probably will break up nicely but not now. How long does it take? We don’t know. We have to wait and see.
Tip of the day:
Make a trading journal and record all of your trades with all the information like entry price, exact date and time, stop loss and take profit and above all an screenshot from the chart. Most of the platforms are able to save the chart but an easier way is pushing the “Print Screen” at the top right of the keyboard while you have the platform and the chart open and then going to another software like Microsoft FrontPage or Word and paste the image there (Ctrl+v). Mark your entry candle on the chart before you take the screenshot. I prefer Microsoft FrontPage for this purpose because it has unlimited space and it doesn’t decrease the quality of the screenshot.
Then analyze each of the trades. Explain why the trade was a good trade or why it was not a good trade. Type all the reasons and mistakes above the screenshot BUT do not explain a lot. Just a few sentences is enough.
After a while sit and check all the trades that you did and classify the mistakes that you made. See which of your trades were good and mistake free and how the signals look like in a good trade. What is the difference of the signals in a good and bad trade.
By doing such a simple thing that doesn’t take more than a few minutes everyday, you will be realized that you already had a big teacher and mentor but you didn’t know. Having a trading journal saves you a lot of time and makes the way as short as possible because it shows your weak and strength points that you may not find in several years. It is the best thing that a trader can do. When we make a mistake, we are used to run away from it. When we lose money in forex we don’t dare to go back and look at the mistake we have made. We will never find our problems if we do so. We have to record and analyze all our trades.
Only after having a trading journal you will be realized that some or most of the indicators you use are nothing but misleading indicators that cause you to make mistakes.
Do it right now. Make a new folder in your computer and name it trading journal and save all your files and screenshots there.
Today signals will be posted in the below table at 17:00 EST which is 22:00 GMT. Make sure to be on time!
Announcement (04:50 GMT, 4 Feb): Ok! We have no signal for tonight.
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Note: |
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| CP | What to Do? | Entry Price | Stop Loss | Trailing Stop | Take Profit | Results |
| EUR/USD | - | - | - | - | - | - |
| GBP/USD | - | - | - | - | - | - |
| USD/CHF | - | - | - | - | - | - |
| USD/JPY | - | - | - | - | - | - |
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| USD/CAD | - | - | - | - | - | - |
| USD/SGD | - | - | - | - | - | - |
| USD/NOK | - | - | - | - | - | - |
| USD/SEK | - | - | - | - | - | - |
| USD/DKK | - | - | - | - | - | - |
|
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| EUR/JPY | - | - | - | - | - | - |
| EUR/CHF | - | - | - | - | - | - |
| EUR/GBP | - | - | - | - | - | - |
| EUR/AUS | - | - | - | - | - | - |
| EUR/CAD | - | - | - | - | - | - |
| EUR/NOK | - | - | - | - | - | - |
|
|
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| GBP/JPY | - | - | - | - | - | - |
| GBP/CHF | - | - | - | - | - | - |
| GBP/AUS | - | - | - | - | - | - |
| GBP/CAD | - | - | - | - | - | - |
|
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| CHF/JPY | - | - | - | - | - | - |
| CHF/SGD | - | - | - | - | - | - |
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| CAD/JPY | - | - | - | - | - | - |
| CAD/CHF | - | - | - | - | - | - |
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| AUS/USD | - | - | - | - | - | - |
| AUS/JPY | - | - | - | - | - | - |
| AUS/CAD | - | - | - | - | - | - |
| AUS/CHF | - | - | - | - | - | - |
| AUS/NZD | - | - | - | - | - | - |
| AUS/SGD | - | - | - | - | - | - |
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| NZD/USD | - | - | - | - | - | - |
| NZD/JPY | - | - | - | - | - | - |
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| SGD/JPY | - | - | - | - | - | - |
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Total: |
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Further Reading:
Before
leaving our website, please take a look at the other articles we have published.
The best signal until now is this one: EUR/JPY - BUY
I agree. It will break up sooner or later but I think it takes time. I don’t go long now. We could go long yesterday but not today.
Forexoma
I saw your thread on T2W and checked out your website and trades. I have no comment but this. I create quirte a stir with a thread called “Make £8k on the FTSE a month” when i started this 5 days ago. I make this most months but the thread brought out some idiots. I see what you have done here and its good. Do not be stopped by those people who criticise and make you feel bad. Many people appreciate what you do. Make your trades as you believe not from comments of others. Put the stops in as you decide. Then post your trades. Its up to people what they do with them. People dont pay for this service its free. They are not forced to come and look. I can feel that you really enjoy providing this service so carry on . To the idiots who send these comments there is only one thing you should now do ” GO BACK FROM WHENCE YOU CAME AND BE GONE” because idiots you will always be. Regards to you Forexoma - Mr P.
What is “FTSE” and where can I find your thread?
Thanks,
Pupsdad
P.S. I need help
FTSE
The FTSE 100 Index (Financial Times Stock Exchange Index) is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange
The index began on 3 January 1984 with a base level of 1000
FTSE 100 companies represent about 81% of the market capitalisation of the whole London Stock Exchange
The index is maintained by the FTSE Group, an independent company which originated as a joint venture between the Financial Times and the London Stock Exchange . It is calculated in real time and published every 15 seconds
if you go to http://www.trade2win.com and click on forums.
Then click general trading chat and find my thread making £8k a month on the FTSE
Reagrds
Mr P
USD intra day down leg still going well so EURO / AUD etc. are still bullish.
abother signal by analysing only one indicator MACD and the candlesticks ()
I also recomand you all to take a look at this simple movie. I know most of the indicators but the first signals I take are from candlesticks. I don’t know if it’s good or not but this strategy works perfectly for me.
http://www.youtube.com/watch?v=tj1qFxRUXnA
Great tip again Forexoma,
1) one do not have to initiate a trade everyday
2) record all trade initiated and study them
If only I had the discipline to always abide to those rules.
Thank you again Forexoma for your time
Eric
Hi Forexoma,
trading journal is what made me to think straight, because when I started I didn’t bother to record my trading and really write things down, but when I started doing that it help me a lot to see my most mistakes. I know I have long way to go. But do anyone get that self doubt that it not correct, and hesitates to take a trade?
Hi Fxyts,
This is the learning curve and I had the same problem too. For several months I was too scared to click on the buy/sell buttons. Everybody experiences these stages.
Best regards,
Forexoma