Hi Everyone,
My name is Skye, I’m from Australia and I am completely new to forex trading. I have traded in the Australian stock market for a few years, however I only started my school of pipsology schooling a few weeks ago. Let me say that the school of pipsology is such a fantastic, incredible, awesome and massive resource! I am astounded at how much effort has gone into it! So a huge thankyou to whoever started this, it’s so useful. Of all of the things I’ve read so far, the most daunting of tasks seems to me to be the trade journal (I know, out of all the things on this website, I am concerned about a journal… please don’t run away!). So the school of pipsology advises to keep track of all trades, including screenshots etc, and I realise this would be useful for tax purposes and for referring to as you are learning, but surely that is quite a time consuming effort that could be directed towards reading charts or trading? There are a lot of people on here who have posted different journals for different ways of thinking / trading, so is it common for people to have multiple journals that are broken up by ways of trading? I think what is unclear to me is what the primary purpose of the journal is. Is it a personal growth chart, do you analyse the different approaches you could take in a trade before you execute, is it merely a safeguard against bad brokers…? I was wondering if any of the more experienced traders would mind sharing what they think are the most important aspects of trading to keep in a journal? Do you note every trade? Do you use a computer or book? Do you keep charts from the week/month/year so you have a running record of the exchange rate you’re focused on, or do you just look at the charts you use to execute the trade? I would be really appreciative of any advice! Thanks so much in advance!
Skye