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A watchlist is a page that allows any logged-in user to maintain a list of "watched" pages and to generate a list of recent changes made to those pages (and their associated talk pages). In this way you can keep track of, and react to, what's happening to pages you have created or are otherwise interested in.
By default, pages are kept permanently on a user's watchlist until such time as they choose to 'unwatch' them. However, various options also exist for temporarily watching pages, from periods between one week and one year.