Keep a Forex Diary

Most traders fail because they make the same mistakes over and over again. A diary can help you by keeping track of what works for you and what doesn't. Your diary must have the date and time, rate and reason you took the position and your strategy. And also the exit points and if you profit/loss on the position.

yes it would help a lot to have diary of your trades. but i dont know if it's a must, maybe depends on the trader's ability to differentiate the good signals and the bad ones. never hurts to have diary anyway.

Diary helps to memorize the experience. Thus by not forgetting your mistakes, you learn and improve faster.

I have started to carry on a Forex dairy where I gathered all my positive and negative experience and what I have learned from trading. Actually it’s a part of professionalism but I failed to continue it. After seeing this topic now I am preparing to get back to it.

Yes , I agree. Only because of past mistake we cannot come out from our losses. But maintaining a Fx dairy is quite difficult after having a loss. So many traders fail to continue it.

I see no drawbacks to a Forex diary, it's something I recommend regularly as a way of keeping yourself with the system and making sure you don't get slack.

Most traders fail because they don't have an edge, and most of those don't know how to tell whether or not they have an edge.

What they most lack is enough statistical education to know how to work that out reliably.

It's true that the only downside to keeping a diary or journal is the time spent in doing it, and it's true that it helps many people, but for the single commonest reason for failure (not having an edge) it generally doesn't help. Those failing traders - and there are many of them, including right here - need math lessons, not diaries or journals.