Guest post by Forex Secret Profit

The only way to see how to turn a losing or borderline worthwhile currency trading system into a winning one is to record your trades. Having a clear and all-embracing record of every trade is the one thing that will make it possible to see where your system is succeeding and where it is failing. Your tracking system does not need to be complex of difficult to administer. Most traders utilize a spreadsheet to record their trades. You will keep this on your computer naturally but you may also want to print out a blank one to fill out as you trade everyday. The first thing to note is that if you use several different trading methodologies you need to record them on separate spreadsheets so that you can see which need attention and which are doing fine and should not be messed with. They could also depend on different signals so you will need different column headings for your numerous systems. As well as the opening and closing prices and profit in pips, there is other info that you should record. You will want your position size, costs ( spread, fees etc ) and the profit and loss in dollars ( or the currency that your account is held in ). You may additionally want to record the particular signals that made you open the trade. As an example if you’ve got a system that depends on the stochastic being in the highest or lowest quintile (above 80% or below twenty percent) you can record the exact point it was at when you made a decision to open the trade.