subject: Not having a Journal calls for Disaster [print this page] Not having a Journal calls for Disaster Not having a Journal calls for Disaster
A jotter or journal is very important in any business you are venturing into. More so when you are investing you need a jotter to record what you have put in and what you are getting out of your investment. Keep a personal journal.
If you don't know how much money you've put into the FX market, how then will you know when you've made a gain or a loss? That is why it is vital you keep a trading manual for record purposes.
The importance of keeping a trading jotter can not be overemphasized. As forex is a numbers game with absolutely no guarantee of certainty, you'll get an edge with a trading jotter. If you cannot get your hands on a trading jotter or journal that you will judiciously input data, get software. With this you know the probabilities in your favour and this will give you a decisive edge making you profitable in the long run.
You could choose a personal organizer, a Microsoft Outlook calendar or a paper planner stuck on the wall next to your computer or on your mirror or beside your bed on the wall.
Use whatever works for you, but have one as it will really help you organize your day and your trade. Plan your whole month that way. It helps keep you aware of the targets you've set for yourself and how you can possibly make up for the targets that you might not meet.
Because doing all these calculations can be quite time consuming there are some websites that offer free softwares. But you need to create time to do this, don't rely solely on the software.
The software is like a planner, your planner. Trading software offers you the statistics that clearly shows you how you are doing trading. In choosing you should get one that not plans your trading for you but also makes money for you.
