IQ Option Explain Why You Need a Trading Journal

IQ Option Explain Why You Need a Trading Journal

Keeping track of your trading is a necessity. However, is a trading journal the best way to go about it? Well, according to the CFD trading platform, IQ Option, for most people it is.

In fact, the platform describes trading journals as a “must” for a “successful goal-oriented trader”. Indeed, it is clear to see why and there are many clear benefits for using one – all of which revolve around the need to make sure you are in control of what you are doing and also the behaviour of the market.

75% of retail investor account lose money when trading CFDs with this provider.

Naturally, the world of trading is all about stats and statistics and unless you have similar memory skills to that of Rainman, then you are going to struggle with doing that. A trading journal can make this a lot easier for you and remove anything you do in your trading behaviour that is unproductive towards the ultimate goal of making money.

The concept of a trading journal is one that is very simple. Essentially, it just keeps track of the trades you make and any other related information. It can be as detailed as you see fit and it should be fit for purpose in regard to your trading techniques – some of which IQ Option have been outlining in recent weeks.

This means that if you are following a certain trading technique, the information you record should be tailored towards that, this includes considering any trading time frames that you are working alongside. It will also reflect the specific assets you are trading and can even include your emotional state when you were trading.

With this considered, no two trading journals will be the same – unless of course, your trading behaviours are exactly the same. However, there are some recurring features that most can and should include. IQ Option have drawn attention to four elements that will need to be noted within your journal if it is going to be an effective tool to help you trade, these are:

  1. Market conditions 
  2. What went well.
  3. New ideas.
  4. Mistakes made

As you will notice and as inherent of the concept of a journal, most of these comments are about you personally as opposed to the market specifically. This can relate to trading goals that IQ Option helped readers understand a few weeks ago.

This is because, in a similar way to your goals, because you can’t change or alter the market you have to consider your own behaviours and make a change in regard to these if you want to improve your earnings. Only by keeping track of these via your trading journal will you be able to ensure that any things you do wrong are not repeated while also making sure the things you do right are.  

All in all, it is all about personal improvement and making sure you know what you have and haven’t done and why this is being reflected in your earnings. If you want to learn more, go to IQ Option to read the full guide.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


Cryptocurrency Market Cap Jumps Past $2 Trillion

Cryptocurrencies continue to make headline news around the world as the total market cap surpassed $2 trillion on Monday. Supported by increased interest from institutional investors, celebrities, and retail investors, digital coins are now worth more than Apple Inc. Bitcoin has, once again, played a major role in the sector’s market cap. The world’s first […]

6 April, 2021
Digital Currency,Ethereum,Stablecoin

VISA Set To Support Cryptocurrency Settlements

The global payments corporation, VISA, announced on Monday that it is making preparations to allow USD Coin (USDC) to settle transactions within its network. This move is being viewed by industry analysts as yet another clear sign that cryptocurrencies are being accepted by major institutions within the traditional financial industry. USDC was selected by VISA […]

30 March, 2021

CasinoFair Temporarily Shuts Down Amid Network Congestion

The popular cryptocurrency casino, CasinoFair, has announced in a recent blog post that it will be temporarily stopping its gaming services. Citing unsustainable congestion on the Ethereum network as the main reason for this pause, the casino reassured its players that it is “actively researching solutions and hope to be back with a new range […]

26 March, 2021

Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020