Journaling your trades

The IMPORTANCE Of JOURNALING Your TRADES

Journaling your trades can be a critical component to your long term trading success. Forex traders who view their trading activities as a business most likely keep a trading journal.

This is no different than any other business that keep reports and historical data to monitor the performance.

Journaling can help you to assess the overall performance of your trading activities in an organized fashion.

It’s like a diary, it keeps a record of each trading day.  It details exactly what you did well and exactly what you did wrong.  Over time this will help you spot trends in your trading, trends in what you do well, and trends of common mistakes that you make.

Your trading plan can help you to follow your system but journaling your trades can help you to follow your trading plan.

Every serious trader who wants to survive and thrive in this business should be journaling. It helps you reveal and overcome any weak spots in your trading. Ideal for new traders and it can help them avoid making the most expensive mistakes. Advanced traders can fine-tune aspects of the system and monitor their behaviour.

Journaling – The Easy Way

A simple way to start journaling your trades is to just get a blank note book. Start by keeping some basic information each day about significant price levels, important announcements (if your day trading), overall trends, strength of market, or whatever information is relevant to your style of trading.

I would also recommend journaling about your preparation, your emotional state, and any other important factors that could potentially affect your performance on the day or that week. Ie. a death in the family, an argument with your spouse etc.

You can refine your journaling as time goes on and you develop the knack for specific information that you find you are benefiting from. As you evolve your journaling will evolve with you.

Journaling – Advanced Methods

Edgewonk is a highly sophisticated trading journal, developed by professional full-time traders themselves, that provides you with unique statistics and suggestions based on the input from your trades.

Even though I have just started to use Edgewonk, I am really excited about the prospect of getting detailed and specific with my trade results.

As I learn more and get more familiar with the Edgewonk journaling software, I will be updating everyone on the blog.

http://www.staceyburketrading.com/wp-content/uploads/2018/01/Journal-Trades-With-Edgewonk

Journaling – Conclusion

A trading journal is a must-have for every serious trader because it not only holds you accountable and provides structure in your routine and your daily trading, but it also shows you where your strengths and weaknesses are and how to overcome them.

Whereas most traders stumble around without really understanding why they are not successful, the professional traders know that a trading journal is the most important tool for their development and success.

I hope you enjoyed this post! Did This Help You? If so, I would greatly appreciate it if you commented below and shared on Facebook

Here’s to YOU and I becoming BETTER traders!

Stacey Burke’s Trading Blog

Email: support@staceyburketrading.com

PS: If you’re struggling with being consistent in your trading and you don’t have a step-by-step BLUEPRINT for your trading success… Check out my 7 Step Daily Routine For High Performance Traders CLICK HERE FOR INSTANT ACCESS

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