@Fred I don’t think keeping a trading journal is all that important and especially for successful trading. I know a lot of successful traders who haven’t ever used a trading journal and still get pretty hefty payouts and on a regular basis.
You’ll blow it if you continue this way. Learn risk management sir.
And how do they keep a track of their trading performance or activities? I don’t buy the fact that they don’t keep a track record at all coz it’s impossible to trade new if you don’t get a cue from the past signals or indicators used or what mistakes to avoid.
I find maintaining one really helpful especially with demo account trading on ava trade. All I’m doing is calculating my monthly average return to decide when I’m ready to move on to the real account trading.
it might be a good idea to check out correlation regarding the pairs ,if your day trading or just opening trades a couple of days i wouldn’t recommend more than 2-3
Can you use it when scalping? Because I haven’t been able to utilize it. I’m placing an average of 15 trades per day following a 1-15 minutes timeframe, and maintaining a trading journal is something that hasn’t gone down well with it yet.
Check out with your friends once more. I am confused because having traded for 3 years with turnkey forex, I still need a journal to identify the indicators and strategies that gave me good results.
Also, now that I’ve started trading with xm, I still felt the need to use it to single out the techniques and strategies that delivered zero tangible results while trading with the former broker.
Ya it does seem like an easier job to trade pairs positively correlated, easy to keep track on them.
you know best cheers
Brian, I will suggest you not to look for a mentor. I feel like: first, you can fall into a scam which will gonna waste your time and second, it sets boundaries on your way of thinking. There’s plethora of trading material on various websites, you can read books of successful traders and can learn how it works and then develop your own trading strategy and you can then test it and improve.
Any particular resources that you’d recommend? I feel spoilt for choice 
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I risk max 2% on a single trade.
RPL |Trading is good but not free.
Maybe learn the basics here first at the school of pipsology
Re consider this fact- can you afford to blow up half of your capital? Not that you are gonna lost it, but yes there is a high risk.
Absolutely! That’s not how insanely a trader ought to risk such a big amount. Your money is precious and you should know how you can use it for a longer time instead of using it once or twice thinking that it could get you big profits is undoubtedly very rare in the market.
I don’t get trader having such psychology.
I think, YES! You should mostly trade those pairs that do not have strong correlations; doesn’t matter it is positive or negative. If you don’t do this, you can waste your margin on the pairs that result in the same or opposite price movements.
50% is too big in my opinion, even if it is spread out among numerous trades. I tend to stay below 25% unless there is a very high probability a group of my trades are going to be successful. I also spread out that 25% among many different trades. In reality, one trade should be a very small percentage of your total capital if you want to survive through the years.
This is a big mistake that you are making. I mean how can someone risk 50% of their total trading capital straightway! I am not sure how your trades have been in the past but if you keep doing it, your future traders might not get you much. Learn the basics of risk management because that is what is the most important to you to learn at the moment.
Could I get a link?
Wouldn’t mind shelling a bit out of my pocket for some concrete learning.
Yes I understand, i don’t know what I was thinking.