Beginner traders can spend quite a long time searching their way to profitable trading, testing the trading system, mastering indicators of technical analysis, and risk management. On this path of trial and error, it is very important to analyze the transactions made and learn from them. Keeping a trade log or a trader’s diary will help you avoid fruitless self-flagellation in case of a bad deal and qualitatively improve your trading results, making the necessary conclusions for further successful work.
Since the trading terminal does not transfer the data on the completed applications to the next day, the trader needs to keep working records. First of all, the trading plan data and all parameters of the upcoming transaction should be recorded in the trading journal. And also the trading signals on which you opened the position. After making the transaction, you need to write in the log the price at which the paper was purchased. After closing a position, log the closing prices and the reasons why you decided to exit the market. In conclusion, it is necessary to conduct a thorough analysis of the transaction to draw appropriate conclusions to improve their skills and improve the results of the personal trading system.
Keeping a trade journal also helps a trader to manage his emotions, identify his weaknesses and strengths to take the necessary measures even before concluding the next transaction, with a clear head.
Edgewonk is familiar with trading journals to hunt forex, fortunes, opportunities, and reserves, but it puts up with that a step distant. The forum furthermore authorizes you to chase your cryptocurrency exchanges. Employing supported dealers and media, you can automatically import the databases. Edgewonk permits you to import a spreadsheet database presently from Excel if your dealing forum is not funded. You can maintain a trail of your dealing execution and make the most of your dealing with data analytics. Furthermore, you can experiment with your method against various strategies and see how it would have been accomplished.
Trademetria is another easy-to-use dealing journal, which chases all the fundamental metrics and permits you to check out your trading enactment efficiently. Multiple instruments are unrestricted to assist you to analyze probable modifications to your procedure using the platform’s data analytics devices. You can chase up to 30 exchanges per month unrestricted with Trademetria.
With TradeBench, you can study your trading data at a glimpse with color-coded diagrams and graphs. The user interface is beautiful and comfortable to use, and trading workouts can be imported from any broker or trading medium. It’s an entirely free trading journal, but you don’t have to sacrifice functionality for the money.