Explanations of How to Write Down a Excel Spread-sheet Trading Journal
Excel XAUUSD Spread Sheet Journal will track all your trading trades in a Excel XAUUSD Spread sheet Trading Journal. By following this simple and easy to follow excel xauusd spread-sheet journal writing tip, you as a trader can easily improve your results. Here is how you do it:
Step 1 - Write down WHY you're making a trade BEFORE executing a trade transaction on your excel xauusd spread-sheet journal.
Prior to opening a trade, write-down in a excel xauusd spreadsheet journal the reasons why you're making the trade. Just write-down in excel xauusd spreadsheet journal a few key reasons why you're making this transaction. Be honest with this excel xauusd spread-sheet journal. If you're honest, a journal will prevent you from making the biggest mistakes in your xauusd. If you see that you are making the trade because of anything other than a sound trading strategy. DO NOT MAKE THE Gold TRADE TRANSACTION!
If you make a losing transaction, don't open another trade immediately so as to make profit to neutralize losses you as a trader have made, this is referred-to as revenge xauusd, do not revenge against the trading market. Turn off the Desktop computer, take a walk, take a cold shower. Remember that you'll never lose money which you do not put in. A winning XAUUSD strategy isn't only about how much you win, but also about how much you do not lose.
Step two - Write down how you will exit the trade transaction BEFORE making the trade.
Don't get trapped with a great entry strategy without an exit trading strategy. Your strategy should have both great entry & exit strategies. One is useful without the other.
But you ask, Why bother? I know my trade exit strategy. Why do I have to write it?
Well, the reason is this: human beings are at best irrational, impulsive, & emotional creatures. If you have your trade exit strategy written down, you have a point of reference when you get out of a trade. You will refer to your excel xauusd spread-sheet trading journal BEFORE exiting a trade. If you're closing a trade for any reason other than your original xauusd trade exit strategy, you as a trader must ask yourself why?
Your excel trade spread sheet journal will save you more money than you can imagine. It will stop you from making impulsive moves, which is usually why traders lose funds in xauusd.
Step 3 - Write down why you exited the trade.
This should be the same reason that you wrote down in step 2. If it's not, it's upto you to interpret it. The most common reason why most traders deviate from their strategy is lack of discipline. Your excel xauusd trading spreadsheet journal will be looking back at you with glaring evidence of exactly why you're not a winning trader.
Step 4 - How Do I Interpret the results
You must learn from your own mistakes in xauusd. This is best way for anyone to improve their trading profits. Everyone makes mistakes, but great traders are able to learn from them and not repeat.
And the best way to learn from your mistakes is to write down & document them in a excel xauusd spreadsheet trading journal. A few years down the road, you can still look back and realize that you are still making the same errors you were when you first began xauusd.
This data can't be found in any book or seminar. Your excel xauusd spreadsheet journal is personal & is uniquely you. Your personality will determine type of trader you will become, and will also determine type of mistakes you'll make.
Not only does your excel xauusd spread sheet trading journal highlight your weaknesses, it'll reveal the trade transactions which are most profitable. After a little while you will see the type of xauusd trade transaction setups that make you the most equity, & a pattern setup will emerge. Do not let this information on your excel xauusd spreadsheet journal go to waste.
You should do all effort to understand why those trades went well and try to replicate it as often as possible. Profitable traders know their strengths and weaknesses. They play on their strengths & try to minimize their weakness.
Do not get lazy & forget to write in your excel trade spread-sheet journal. Documenting your thought process is the fastest and surest way to get better at xauusd trading. Do this consistently, & you'll learn more about your habits than you can imagine.
Your goal is to identify and break the bad habits as soon as possible. If you notice that you always cling on to a losing xauusd trading trade transactions for too long, you should do everything in your power to prevent this from happening again.
Summary
Your excel xauusd spread-sheet journal is gold. It contains a wealth of information which will play a vital role in your success as a trader. We strongly urge you to use it for at-least 1 month. If it has not helped improve your profits in 30 days, then feel free to stop. But be sure to try it prior to deciding not to. It might be just the tool needed to push your xauusd to the next level toward becoming a successful trader.
