Do you wing it, just sort of bopping along from this trade to the next, wishing for the best, hoping that 'somehow' this next trade will be different?
If you do, then you are in the normal category as most traders do this and get the same results.
It is no surprise when the next trade is no different from the last or the one before that.
Whether you are day trading Forex or long-term investing and holding with larger stops and a bigger picture outlook, you want to make consistent just like every trader does.
The only difference is; some traders manage the risks on every trade they make, they know exactly how many trades they have made this week or month, if they are falling into a potentially bad pattern that could start to cost them money if they are not careful, or another part of their trading they could exploit to make even further profits.
Super simple... one trader is making trade after trade without a second thought, and the other is keeping a journal. This trader not only keeps a journal, but regularly reviews it to find out if there are patterns or regular occurrences they can benefit from.
Examples; does the trader make huge profits on the same trades and continually make loss after loss on the same pairs?
How would a trader without a journal know this? The trader sitting down at end of the week or month can see the exact trades, types of trades, the market times, how and why they are taking and the list goes on.
Every serious trader needs their own trading journal as part of their risk management tools kit and here at Forex School Online we have created PDF and Excel example journal downloads you can signup and use as your own journals for FREE.
Just signup below and we will send them to your email for you to manage your Forex trades!
Trade, Money & Risk Management Lessons
Want to learn more about managing your Forex trades, how risk reward works, calculating your position size for every trade so you are not blowing your account on one trade, or how to use your journal?
Check out other lessons like these below;