Introduction: The forex market is one of the biggest markets in the world. Many forex traders are looking for a cheap forex trading platform to trade on, while there are others who simply want to increase their profits with forex strategies.
All forex traders should understand that forex is a very volatile market and it can be risky if you don’t know what you are doing.
Tracking forex profits can be challenging because forex is not like trading stocks or indices; forex traders need to monitor currency fluctuation continuously. This may require forex traders to spend a lot of time in front of the computer screen until they close their forex trade positions.
Forex Trading Platforms:
Most forex brokers provide forex trading platforms to their forex traders; most forex brokers’ forex trading platform is free and others may charge a small forex broker fee. It’s good for forex traders to check with their forex broker regarding the charges they need to pay in order to use their forex trading platform.
Forex Trading Platforms are also readily available online, but I didn’t find any that is free online. Some forex brokers offer free demo accounts to forex traders; it’s a good idea to try several forex trading platforms before investing any money on the platform you are going to use for your live account.
How do you track your earnings in Forex trading?
Journal
Keeping a journal is the most common way to track your profits in forex trading, especially if you are an active trader. Keeping a journal for each of your trade is important; this will show you how much money you have gained or lost as well as the time and date of each forex trade entry and exit. I found some people who keep journals on excel spreadsheets, while some others just write their trades on paper or on a computer text document.
Excel Spreadsheet:
There are several excel spreadsheets available on the internet, but it will be better if you create one for yourself to track your forex profits. There are free and inexpensive software available that you can use to create your own excel spreadsheet.
Online Platforms:
There are several online platforms available, but I didn’t find any that is really cheap (free). It’s better to use a forex broker online platform if you can afford it; this way, you don’t need to open multiple windows to monitor the forex trading charts.
Conclusion:
Forex trading has been around for a very long time now. Currency fluctuation is a key factor in the forex market, which means it’s hard to predict how currencies will move at any given time. You need to know what you are doing if you want to earn money from your forex trades.
For us, i think the best way is still to keep things simple and manual. Keeping a journal for each trade can help you know your gains and losses; note that, journal is only useful if you review it every time before or after you close your forex trade positions. This way, you can make more informed decisions the next time around when trading forex.
I hope this article has helped you understand how to track your profits in forex trading!