Economic News To Watch This Week
Consumer Price Index (CPI) is the most watched economic indicator. It is calculated/released by the Bureau of Labor Statistics, which is part of the Department of Labor. The Consumer Price Index accounts for the majority of overall inflation. Inflation is important to currency evaluation. I have already covered United Kingdom’s CPI and CPI from the United States. The first Consumer Price Index was on the 26th of January 2018.
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Welcome back. In the beginning of the year, I wrote my first blog post about the importance of planning. If you missed it, you can check it out HERE. To me , successful trading involves lots of planing among other things. In 2017, I published a post on how to keep track of your own progress, do check it out HERE. Trading is all about performance. Maybe I take my trading too serious. If you are like me by any chance, you could use some practical tips that I am about to share today.
I always talk about keeping a trading journal. I always get questions regarding what to really diarize on it. So today I decided to share some tips. There is no right or wrong way to write on your trading journal. Even with my own mentees we don’t write the same things. There is no right or wrong information to put there, anything goes. This is just like your normal diary where you diarize your feelings, your daily activities, the outcomes of your activities and so forth.
This blog is all about being practical. Every time I write a blog post I try to be as practical as possible. I usually share my own experiences and how I overcame some obstacles in my own trading journey. I believe my tips can be used by anyone irrespective of the method of trading. You do not really have to trade like me or even like how I trade for you to use my tips. I hope you’ll find today’s tips valuable.
Before you engage in any trading activity, you need to understand your state of mind. I think there are days where we should not engage in the markets simply because of how we feel. I wrote a post some time ago addressing this issue, do check that post HERE. If you can do that on a daily basis, you can actually avoid lots of mistakes in your trading. OK, back to today’s business which is about me sharing what I write on my own trading journal. You can alter it to suite your own trading style. This is more suitable for my own trading style. I like to keep things simple, I am a very simple girl.
My Own Forex Trading Journal, What’s In It?
My trading journey has been a very rocky one. Perseverance got me to where I am today. I got to a stage where I was so tired of making money and loosing it all back to the markets because of some news that would come as a “surprise” to me. I also got tired of spending sleepless nights and being grumpy in the house. I will never forget how my son said I control the mood in the house, that was not good at all (let’s not go there, this makes me laugh now). You can read all about my trading story HERE. Any ways, I do preplan for all my trades every Sunday (of course, my trading method allows me to do so). This means I know all the currencies that I will be focusing on or trading, why and when will I trade them. So my trading journal is based on that. There are many templates on the net, but I do not use any template. I only write what I feel at that given moment. No complicated stuff there, just real stuff that I personally note on my own Forex trading journal.
What I write on my own Forex trading Journal before the actual trading takes place:
What I write on the day before the actual trading takes place:
So basically, I do the whole “dear diary” thingy.
What I write after each trading session:
Like I said, there is no specific way to write in your Forex trading journal. Anything goes, if you feel that it is worth noting down, by all means do note it down. Never overlook your feelings though, note them down. Were you nervous or were you more relaxed, did you panic or you were less or more confident than the last time. It seems too much, but the more you do it, the more it comes naturally and you do not see it as a chore anymore. I always say, your trading should not end when you close that trade. It should begin right there when you do your post analysis exercise. These are the methods that I have used to eliminate all the randomness in my trading. I hope you’ve found something or at least an idea of how to write on your own journal. Thank you for stopping by. Kindly share this post with your peers. You can also check my private lessons & mentorship HERE.