I think we all know that using a trading log for our trading activities is pretty vital to ensure we are moving forward in our trading profits.
Sometimes we are so tuned into simply learning a system we forget that we have real money on the line.
I came across a trading log spreadsheet that you can use in your own Forex trading. Well, actually there are 2 that you can download.
This first one is talked about in the following video and can be downloaded from this link:
The designer of that trading log says:
If you want to track specific types of trading error for example to see how much each is costing you, just add a column and once you have enough data, a pivot table will give you what you’re looking for.
…and if that was not enough…..
If you want to compare your trading results by time of day, it’s simple enough to use either a FLOOR or CEILING formula to group trades so that you can make a useful comparison by 15mins, 30mins, 60mins or by AM/PM for example.
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
- Exit
- 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.
Anyhow, you probably already know that keeping a close watch on trading results is something that I firmly believe in. Without doing so, you are not putting yourself in the best position to find success in Forex, Futures, or any other market. Use a trading log and with these free ones, there is no excuse.