One of the most common mistakes and pitfalls that forex beginners make, is not creating a daily forex diary and diarising daily forex data in a sensible and organised fashion.
By not enforcing this crucial discipline, this will then force new and inexperienced traders to make the same mistakes over and over, hence restricting or eliminating any chance of success.
So, as a general rule, open up an Excel Spreadsheet and include the following headings, as these should be mandatory:
1. Date & Time of your Position Took
2. Rate of your Position Took
3. Reason for Taking your Position
4. Strategy for Taking your Position
5. Date & Time you Exited Position
6. Rate at Time of Position Exited
7. Profit/Loss on your Position Taken
8. Why you Exited Position?
9. Did you Follow Strategy: Yes/No
10. Any Additional Comments
Having your xls set up will take you less than 5 minutes but will become your best friend in no time at all.
You will then find that you are constantly consulting it, analyzing market trends and performances which will give you an excellent insight into your preferred currency pair or pairs, giving you gradually a greater understanding of the market and your own abilities.
Teamed with the your market strategy and analysis online forex equinox trading tools, by remaining disciplined in all these fields is what will ensure a forex trader with success.
Never miss a day of diarising, always back up your forex diary as it will prove invaluable and never be wary of second opinions, by disclosing it to others you trust who have experience in this profession as feedback is also crucial to understanding your own weaknesses.