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How To Use A Trade Journal To Gain Confidence In Forex Investing Live Signals

How To Use A Trade Journal To Gain Confidence In Forex Investing Live Signals

One of the most important aspects of profitable Forex trading is keeping a Trade Journal.  Keeping a trade journal is an essential task for measuring, tracking and improving your performance.  It keeps you focused by showing your where you are, where you are going and how you got there.

The journey to Forex trading success is an important one… shouldn’t it be documented?

Now you might be thinking using a trade journal is not that important when using a signals service like Forex Investing Live.  But it is just as important as if you were trading a strategy and making the trading decisions for yourselves.  You see, regardless of whether you are using signals or a strategy, in order to have long term success you must have CONFIDENCE.

Unfortunately, real confidence only comes with personal experience.  When you trade the signals over time and accumulate the statistics to support your belief in long term profitability, that is when you will truly trust the signals service.   Using a trade journal is a way to document this journey as you accumulate real experience and gain confidence in the signals service you are using.

Real confidence in the signals can only come from trading the strategy and getting profitable, long term profits for yourself.  And to get the most out of your trading experience, you must document every trade.  This is big reason keeping a trade journal is so important.

Keeping a trade journal of every trade and its outcome will provide important statistics you can use to gain confidence in the signals, keep motivation and enthusiasm high and fuel the persistence necessary to trade over the long term.

Confidence in the signals, money management and ability to trade correctly changes EVERYTHING!

When you have confidence in the trade signals, you can commit to following the signals EXACTLY as given over the long term… even when the eventual loss or losing streak occurs.

When you don’t have confidence in the signals, you’ll always be looking to make “improvements” by deviating from the instructions or tempted to find something “better”… especially when you suffer losses or enter a losing streak.

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When you have confidence in your money management,  you can trust your trading account will SAFELY grow systematically over time… even when a consolidation or drawdown period happens.

When you don’t have confidence in your money management, you are trading with risk that keeps you up at night looking for unrealistic profits… and suffer constantly during consolidation and drawdown periods due to the possibility of huge losses and margin calls.

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When you have confidence in your ability to trade the signals perfectly, you can trade free of stressful doubt and avoid the temptation skip trades or stray from the instructions… even when the market does not go your way.

When you don’t have confidence in your ability to trade the signals perfectly, you are constantly in doubt every time you need to take action (take a trade, manage a trade, take profit, etc.)… and every loss becomes a personal conflict about what you did, didn’t do or should have done.

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In short, having confidence in Forex Investing Live Signals is essential for success.  And keeping a trade journal is essential for gaining confidence in your trading methodology.  Therefore, you better be using a trade journal!

The trick is to start the Trade Journal, and keep logging in your results over the long term.  Once you go through growth periods, consolidation periods and drawdown periods and see how your accounts keep growing over time… you will have the confidence you need to dedicate yourself to using the signals long term.

 

About the Author

Edward Lomax

Edward LomaxEdward Lomax is a Forex blogger and educator. Originally from the East Coast of the United States, he currently lives in Chile with his wife. CLICK HERE FOR FREE 14 DAY TRIAL OF FOREX INVESTING LIVE SIGNALSView all posts by Edward Lomax

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