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1. 4 Parts Of A Complete Trading Journal

2. Successful traders will agree that keeping a trading
journal is one of the crucial factors in achieving forex
trading success. Not only does a good trading journal
contain the trade plan or profit and loss components, it
should be complete with risk management plans and
psychological details. Here are the four important parts
of a complete trade journal:

3. The first part is all about analysis. Some traders rely on
technical analysis while others prefer fundamental
analysis. A good number also make use of both, along
with sentiment analysis. This part should contain your
bias for the currencies and why, as well as the reasons
for your entry and exit points. It should have a clear
explanation as to why you predict the pair will behave a
certain way.

4. The second major component focuses on risk
management. This aspect is important since you might
encounter losses if your trade idea is incorrect. After
listing down the reasons why a currency pair will rally or
sell off, you should also be ready to limit your losses in
case it behaves differently. This component should also
have the reasons for you to exit the trade early or cut
losses. It should mention the technical levels at which
your trade thesis is proven wrong and how much of your
account are you willing to risk on the idea.

5. The third part is all about the time frame. How long do
you plan to hold on to your trade? This can depend on
the type of trading style you have. If you're a day trader,
you should specify until what trading session you plan to
keep your trade open or if you will have any reason to
close early. If you're a swing trader, you can determine
how many days or weeks you plan to keep your trade
open or if there are any market changes that could lead
you to exit before that time frame.

6. The last major component contains trade psychology
updates. You don't have to list down all your emotions
at once since this could vary while your trade is playing
out. Update your journal if you are feeling confident or
uneasy about price action or if you are unhappy with the
trade decisions you made. This is helpful in managing
emotions in your trading endeavor.

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