Traders who seek to profit from the Forex markets need to keep a weekly or daily futures trading journal. Keep in mind that a futures trading journal is not just for notebook keeping. It is used to track Forex trends, risk management, trends and profits.
In any exchange traded fund or Forex fund, you can choose to use either a past performance or a future performance. Of course, this also means that any knowledge of the historical market will have a direct impact on your success.
If you choose to keep a futures trading journal in a spreadsheet format, it will be easy to access and update whenever necessary. I have two software programs that I use to keep a weekly or daily futures trading journal.
Be An Effective Trader – A Weekly Or Daily Futures Trading Journal
The first program makes it possible to log in on a computer at home and set a certain day that you want to log into a website and log in with a specific username and password. You are then given access to this website at any time of the day.
Remember, this is the internet. There are viruses that attack all computers; even those with special software installed.
Secondly, I have another software program that automatically sets a price that I set on my trade using my selected level of risk and that prevents me from risking more than I feel comfortable with. The idea behind this program is to protect myself from other people’s emotions that can cause me to lose more money than I invest. Therefore, I am able to profit when other people do not.
Some of the best trading in the world is conducted in exchange traded funds. However, the fees associated with trading in such funds make them too expensive for some people.
Although there are Forex trading brokers, there are also lots of software applications and robots that can help make the task of trading easy. It is also a good idea to learn about these programs so that you do not become overwhelmed by the possibilities.
There are many programs that come with different levels of commitment, not only between you and the software program, but between you and yourself. As a trader, you will need to decide which software is right for you.
There are many charts available that can help you keep a weekly or daily futures trading journal. If you do not have one already, you should try to find a chart that can help you identify when to enter a trade.
You will also want to note when you are entering a trade and when you want to exit the trade. A good Forex software program will let you enter and exit trades at any time you want, even when you are asleep.
Keeping a futures trading journal spreadsheet is not just about making sure that you don’t miss a trade. It is about helping you to successfully perform your trades. LOOK ALSO : funeral expenses spreadsheet
