Junichi's Scalping Classroom | Everything Changes with the Trade Journal Episode 12! [Junichi FX]

Junichi FX Profile

Junichi FX. AFX scalping trader, FX mental advisor, FX coaching, financial planner, insurance agency, management consultant, and more across various fields. Trading with a goal of 1000 pips per month through scalping centered on price action.

Twitter:https://twitter.com/junichi_fx

※This article is reproduced and edited from FX攻略.com September 2019 issue. Please note that the market information written here may differ from the current market.

In the 11th installment, we explained how to use the FX timetable to make scalping more efficient. This time, we would like to introduce the importance and how to write a “Trade Journal.”

Reasons Why a Trade Journal Is Considered Important

In the process of learning FX, you will frequently hear the term “trade journal.” However, as far as I know, only a few actually write a proper trade journal, and even fewer can apply it to subsequent trades. Considering that experience is the most valuable asset in the market, this is a truly missed opportunity.

Many successful traders keep thorough records of their daily trades. What distinguishes winning traders from losing traders? There are many reasons, but the trade journal is one of the most representative tools.

There are two main reasons why a trade journal is important. One is the bias suppression effect, the reduction of biases caused by emotions or preconceived notions; the other is the alertness and reproducibility (including verification effect) to reduce mistakes and trades with low edge and to repeat high-edge trades.