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Another Free Trade Journal This is another trading log that is freely available and may be a little more advanced than the first one. You can read about that trade logging tool here. Either way, if you are not logging your trades including: Entry Trade entry type Profits Then you are really not carefully validating that your trading strategy is one that will increase your trading account in the future. Whether you are trading on paper, have a proven system, or are dissatisfied with your current trade plan, back testing can and will show you insights on the weaknesses and strengths of your trades.
How can you improve on a system you only know little about? You can also use these to track the free Forex trading signals I publish every single week. This is averaged at the bottom so you how many hours you traded each day, on average, throughout the month. Average Leverage is to track how excessively leverage is being used.
Some are sums and others are averages, where applicable. Some values need to be put in manually. The statistics automatically fill in as you start typing your wins and losses on the left. Add the date and new statistics for each day below the prior day. I added in sample data on each page of the excel file to give a sense of the metrics. This spreadsheet is tracking quite a bit. Some items seem redundant. Profit R is measuring profit to risk.
If we cut our risk in half—R becomes 0. Both are important. Add in or take out metrics based on your needs. But ideally, using all these metrics will provide insight into your trading and highlight where you need to improve. The EURUSD Day Trading Course covers an entire method of trading, including patterns to watch for that occur almost every day, multiple times per day, establishing your plan, getting in the zone and staying there, and loads of other insights on day trading forex.
If the win rate is low, and profits are sluggish or negative, we can dig into that to find ways to improve our strategy: Is the price moving your direction but not hitting the target? If yes, the target is too aggressive for that entry.
Or possibly you are entering too late in a move, or too early. A less aggressive target, or a better-positioned entry, will improve the win rate. Is the price almost immediately going against you, but then eventually going in your expected direction? If yes, more patience is required. Add criteria into your trading plan that make you wait for the trade setup to more fully develop before jumping in.
This will improve the win-rate. These are examples of questions you can ask yourself, based on problem areas you see in your trade log. Efficiency is likely another big problem area. Establish a daily routine to help stick to the trading plan. A Peak Performance workshop I attended also had lots to say about how to improve efficiency and performance.
Reward:risk is another big problem area for many people. Most struggling traders tend to exit winning trades too early. They panic out of winners and hold onto losers. The actual R:R based on closed trades is what matters to profitability. Combined with win rate, these statistics tell us a lot.
If you have a low win rate, the simplest solution is to hold onto winners and try to extract more profit from the trades that do work out. If the win rate is high, make sure to keep actual losses smaller than actual gains. A high win rate means nothing if we lose everything on a few big losing trades.
