Keeping records is a must in any business or endeavour, and it is no different in your Forex Trading….   Keeping good records is a tool for learning and discipline, and will help you grow as a Trader.  If you do not keep good records, how will you measure your performance?  How will you know which areas to focus on and ensure progression?  How will you ever learn from your mistakes if you cannot identify them with any surety? 

Whenever you want to improve any area of your life, keeping records is essential.  If you want to lose weight, and be successful at it, you need to keep regular records of your weight each week, recording the weight loss regularly, so you can track progress.  You may also record what you eat, at what times, etc., etc.  Without it, how do you know if you are making progress?    In the sporting world, runners keep records of their running times, and adjust their training regimes to combat areas they need to improve, as do racing drivers…………  I could go on and write a long list of examples, but I’m sure you see the picture. 

My point is, whatever it is you are doing, either personally or professionally, keeping records is essential to achieving the progress and performance you desire. 

It was in one of Alexander Elders books that I read “keeping good records sets you apart from the crowd, and puts you on the road to success…….” 

So, always, always keep good records of your trades, and make the time to review them.  If you review them properly, and take action on your findings, you will improve as a trader.  I personally have a spreadsheet, that I have modified several times over, but now find acts as an excellent tool to review my trading.  I have adapted the tool to be able to monitor the trading methods I use, which allows me to focus in on specific areas that may be letting my trading down.  Being able to do that is priceless!

To your wealth and success

Martin