Tools like Google Sheets or Microsoft Excel, and Google Docs or Microsoft Word, help traders create trading journals.

A forex trading journal helps you keep track of your trading history. Reviewing past trades helps you learn from mistakes and boost profit.

Some traders keep actual physical journals with pen and paper, but others use spreadsheet programs like Excel or other software programs to keep track of their trading information.

The thought of keeping a trading journal may seem like a time-consuming activity that isn’t worth the hassle, but it can bring tangible benefits to your forex trading strategy.

Paper-trading competitions allow participants to experience the thrill of trading without the financial risk. Competitors start with a hypothetical balance—say $100,000—and simulate buying and ...