Tracking trades: what to record and why

Posted on 2023-05-08

Tracking your trades is an important part of successful trading. Keeping accurate and detailed records of your trades can help you identify patterns and trends, learn from your mistakes, and improve your overall trading performance. Here are some key items to record when tracking your trades:

  1. Trade Date and Time: Record the date and time that you entered and exited the trade.
  2. Trading Instrument: Note the instrument that you traded, such as a currency pair or commodity.
  3. Trade Size: Record the size of your trade, including the lot size and the number of contracts.
  4. Entry and Exit Prices: Note the prices at which you entered and exited the trade, including any stop-loss or take-profit levels.
  5. Profit or Loss: Keep track of the profit or loss for each trade.
  6. Trading Strategy: Record the trading strategy that you used for each trade.
  7. Market Conditions: Note the market conditions at the time of the trade, such as volatility, news releases, and economic events.
  8. Trading Platform: Keep track of the trading platform that you used to execute the trade.
  9. Notes and Observations: Record any notes or observations that you have about the trade, including any mistakes that you made or areas where you could improve.

Why is it important to track your trades?

  1. Learning from Your Mistakes: By keeping accurate records of your trades, you can identify patterns and trends in your trading performance, as well as learn from your mistakes.
  2. Analyzing Your Trading Performance: Recording your trades allows you to analyze your trading performance over time, which can help you identify areas where you need to improve.
  3. Evaluating Your Trading Strategies: By tracking your trades, you can evaluate the effectiveness of different trading strategies and make adjustments as necessary.
  4. Meeting Tax and Regulatory Requirements: Accurate records of your trades are essential for meeting tax and regulatory requirements.

In conclusion, tracking your trades is an essential part of successful trading. By keeping detailed records of your trades, you can identify patterns, learn from your mistakes, and improve your trading performance over time.

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