If your journal is a hurriedly, scribbled paragraph per day, the odds are good that it lacks the specifics you need to accurately assess what you’re doing well and what needs improvement.
Luckily for you, we’ve created a place that has made it easier for you to keep track of your trading and do a lot of the calculations for you…
MeetPips.com - the coolest online trading journal in the world!
Not only are you able to easily create a trading journal on MeetPips.com, you will be joining an online trade journaling community for forex traders who wish to become more disciplined and consistently profitable.
Based on our experience, it’s difficult to maintain a journal manually, especially with lots of trades. It’s also difficult to constantly calculate and recalculate performance statistics.
MeetPips.com allows you to enter you trades into your very own online journal. Your trades are then calculated and out spits all sorts of statistics and fancy-schmancy graphs for you to review and analyze.
You’re able to learn specifically how each of their strategies are performing and which aren’t.
Again, one of the keys to enhancing your trading performance is to know what area is working at any given time and what should be abandoned.
You can then go about making your own decisions on how you can tweak these areas into a personalized trading plan for you, a plan that fits your own goals, risk tolerances, and individual lifestyle.
MeetPips.com also allows you to read other user’s trading journals and see how they trade (although there is an option to keep your trade journal private).
A public trade journal also motivates traders to stick to their rules better because they can’t hide their mistakes and or make excuses.
Having access to other traders allows you to avoid mistakes like “I wish I had known what I know now because I feel that these things would have saved me time and money.”
You’re also able to look at other traders’ journals and possibly “borrow” some of their ideas to incorporate into your own trading strategies.
Ultimately, you must develop your own plan, based on your own trading style, based on your personality, based on…YOU. YOU. And YOU. (What up, Soulja Boy?)
It takes time and effort at the beginning to get a trading journal, but you’ll find that after a while it will become habit and you’ll actually enjoy the work you put into it. Learning to write will build discipline and when you reflect on your entries after a week of trading you will learn a lot about yourself and your trading psychology.
This is something that no mentor or forex school can teach you. You have to experience it yourself. Only by this experience can you be a successful trader.