Why You Need to Get a Trading Journal to Be Profitable?

Finding high probability trading setups in the current dynamic environment can be quite difficult for someone with no prior experience in the forex field. Becoming a consistently profitable trader is not just dependent upon the magnitude of your financial investment, but it is also directly linked with the level of dedication you are willing to show. Top athletes have a journal to track their endurance and muscular strength. Even experienced school teachers have a journal to track the course outline and syllabus completion of their students. The same goes for successful traders, as they maintain a trading log that keeps them updated about their current financial status whether they are entering a trade or exiting it.

Making small investment mistakes on a long term basis can jeopardize your trading account, and make it susceptible to getting completely dissolved due to excessive competition in the market. Many beginner traders make the mistake of not keeping a diary, and this makes them incapable of pinpointing their financial weakness. In a goal-oriented endeavor you need to try your best to avoid taking any chances based on luck, and only purchase stocks based on the past readings.

The transaction history provided by a licensed broker would only contain the entries of your each trade, and it would not have any explanation about your main concerns of exiting and entering a trade. Edgewonk is undoubtedly the best trading journal out there in the market, and you can get honest reviews about it on the website of Foxy Trades now. Many times your gut feeling might tell you about the potential financial loss that you may face after investing in particular shares, and having a journal allows to do a post-mortem of the entire investment plan.