Keep a Trade Log: 

A log is a trader’s best friend. It shows what works and what doesn’t. It simply prevents you from repeating your mistakes, which is the reason why most traders fail. 

Enter the most important information in your trade log: 

1. Date and time of your trades. 
2. Why you placed the trade and a note about your trading strategy. 
3. Record why you exited the trade and whether your stop or limit was reached, or if you exited for other reasons. 

Keeping a trade log will help you understand why certain transactions were more successful than others. The trade log helps you to trade more efficiently. As soon as you recognise a successful series of events you can start to depend with greater certainty on being able to duplicate your results and thus profit from this knowledge. It is comparatively easier to apply this learning method with currencies on the forex market than with other markets. The forex market lets you practice technical trading continuously and offers technical patterns that you can build on. 

Having the right trading tools and resources can make the difference between profit and loss. 

Technical analysis is a vital and decisive tool on the forex market. It can be used to determine key moments for entering and exiting trades. FXCM currently offers the largest selection of basic, premium and professional chart packages to meet all traders' needs.