Write or not to write, this is the question?

This is a topic I have thought about covering for some time. It really is something close to heart so to speak because I like many did ignore it's intrinsic importance for quite some time. There is an old saying which states "to know and not to do is to not know at all". Meaning if you are aware of something that is of importance but ignore acting upon it you may as well not know of it anyway.

A journal is far more than just a record keeping ledger, it lies at the very 'core' of what makes you tick, kind of like a personal business diary. Drawing from my own experience I have found the very act of keeping a journal helps me to focus on what I need to achieve. So here are a few pointers as to what to include; now everyone is different and so therefore will execute this task with their own variation, which is fine since everyone is their own individual.

The process of (either manually or digitally) recording a forex journal or log is central to your currency trading career. I like many viewed it as a triviality, afterall your trades are backed up in the trading platform history. This is indeed correct, however this is purely statistical at best and says nothing regarding as to  the personal logic and or reasoning for acting upon your course of action.

Here is the shortlist:

Before any event recording, fully detail your trading plan, this is your 'modus operandi'. Think of this as your 'trading constitution'. The pledge you make to yourself. Take the time and effort to fully explain the logic it entails. This will be different for everyone.

Start of entries:

1. Name the currency pair you're trading. Include entry price, stop loss and take profit levels.
(a) Is it market execution, buy limit/stop or sell limit/stop.
(b) Was it executed according to your plan? If not what was your reasoning not to do so?
(c) What was the signal for entering the trade therein. eg. candle formation, pattern, trend line break etc.
(d) If for any reason you need to change the levels then explain why you did so.

2. How do you feel about your course of action? eg. mood.

3. Possible fundamental logic for entering trade.

4. Goal setting. On the last day of each month record: last months balance brought forward, the forecast for the month and the actual balance achieved. In the beginning it will no doubt be better to be conservative with the forecast by projecting a 5% overall increase to last months balance. Once you have a ratio appearing then it can be adjusted occordingly.

Trust me when I say that by doing this it will give you a clarity and help you focus on the task at hand. It will keep you from going astray like making a stupid spontaneous trade which you'll later regret.

Trade your plan and plan your trade as they say. I wish you all the best.