Introduction
If you keep losing your trades and don’t know why you need to start creating a trading journal. Having a trading journal to track every single one of the traits the place will help you analyze your wins and your losses. Being able to use A trading journal as a tool will help you grow as a day trader in the Forex markets and also allow you to find out why you are losing trades and adjust your strategy so that those losses don’t happen as often.
A trading journal does not have to be anything fancy just a simple excel spreadsheet which I offer in my Discord group as a free download or you can just make your own using what I show in this video.
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Content
So if you are struggling with your trades, if you are getting stopped out constantly, you feel like you're failing non-stop, you don't know what your win loss ratio is.
This video is for you, because every good trader, every professional trader has a trading journal.
They mark down notes on every single trade they make why they entered what their win rate is, what their loss rate is, and they analyze that to improve themselves over time.
So in this video, I'm going to show you how to set up a trade journal, and I'm going to give you my layout and excel spreadsheet so that you can have your own trading journal.
Welcome back to the channel everybody.
My name is artie, and this is the moving average a show where we discuss everything day trading, to keep you profitable on a consistent basis, all right.
So, let's jump into the charts and I'm going to show you exactly how you should be day trading, how you should be placing your trades and what you should do to supplement that to track your progress over time, all right.
So looking at australian dollar u.s dollar, we can see right now on the 15-minute chart.
We were consolidating over asian session and now that london open is just about to start, we can start seeing the price action start falling below the moving averages and we want to get in on a trade we've crossed reference, we're seeing big bearish momentum, we're trading below right, the moving averages and we're seeing a down slope in the rsi, but keeping in mind the fact that we've literally hit the 13 level on the rsi.
That's really really low.
When the standard indication for a trend reversal is at the 30 level on the rsi, which is stupid, don't do that if you want to learn how to use the rsi watch this video, but essentially we may be seeing the price wanting to come back up to these moving averages to regulate so taking it down to a smaller time frame to see.
Maybe we might get a divergence, so we're checking the five minute.
We don't see a divergence on the rsi, so let's check the one minute: don't trade off the one minute, but just check it as a reference.
So on the one minute.
Yes, we're absolutely going down on this chart like you, can see the big bearish momentum, but on the rsi we are actually starting to go up we're creating higher lows, while on the price action, we're creating lower lows.
So jumping back to the 15 minute chart we're going to want to place a trade on this going long right here, setting our take profit level at the first moving average and keeping our risk to reward ratio at two to one so once you've done that.
What I want you to do is journal every single one of your trades, so I've made this excel spreadsheet that I can send to you guys or you can download it from our discord group or you can make it yourself.
But it's super basic.
You have your currency pair that you're trading.
You have your entry price, your take profit level, your stop loss level! If you lose or win the trade you put in your profit or your loss right here, and the reason that you took the trade, so you type in the pair you type in your entry price, your take profit level and your stop loss level and the reason why you took this trade.
So I know that I trade on the 15-minute chart all the time.
So that's a given for me, but the reason is, I was seeing a divergence on the one-minute chart with the expectation that the price will come back to the 21 sma.
Now I go.
Have a coffee take a nap whatever I wait for that trade to play out and then I go back and I put my profit or my loss and then I add to the reason why it didn't do what I thought it was going to do.
Why I made a mistake, say, for example, the trade actually hit my profit target.
The profit would be a hundred dollars, for example, then what I want to do is highlight that entire row change the color to green because it was a winner.
So just a side note, I'm currently editing this video and I opened up the charts to see how that trade was actually going to pan out and we're almost at take profit so thumbs up for my quick analysis and then go on to my next trade, because I want to trade euro usd now, and I do the exact same thing but say after analyzing that the price didn't go in my direction, so I have to change it red, and I know that this was my win, and this was my loss at a glance and then over time, once you have a big trading journal, you can actually calculate your win to loss ratio.
I expect all of you to be doing a trading journal.
If you're not journaling, your trades, you don't know what trades you're taking.
Why you're taking them over time and you can't actually progress as a day trader.
You won't get better if you don't learn from your mistakes.
These red ones are going to be your mistakes and you will learn why you are wrong on those trades and prevent that from happening in the future.
Making you a better trader and it's as simple as that you want to get better.
You make a trading journal, you track your progress, learn from your mistakes and if you guys are still watching this video.
That means that you, like the video.
So if you wouldn't mind smash the thumbs up button down below my face, consider subscribing to the channel.
If you have not already and we'll see you in the next video.
