- Learn the #1 Reason Journaling can save your trading account.
- What journaling is BESIDES gathering data points.
- How waking up 30 minutes later effects my trades.
Honestly this all comes down to getting better at your trading. Every single day I sit down at my desk, I want to be better than I was yesterday. That's what it all comes down to. Getting better and better. But how can you get better if you don't know what you have done in the past? The answer, you can't.
The only way to get better is to look at what you have done in the past so that you can change the future. This is why in trading, journaling is so… so important. I personally journal every single trade I make as well as journal trade set ups that I see that I don't take. And this is for one reason and one reason only. So I can look back at my data to become a better trader.
You know, I always talk about how most of my trades that I take on Mondays do not usually win. I would go as far as to say that 75% of those trades never work out. but I wouldn't know that if I would not have taken a peak inside my data. And I have found countless other items that I have seen in my trading.
Did you know that if i wake up 30 minutes later than I am supposed to, so waking up at 5:30am instead of 5am, I am less productive and this in turn effects my trading decisions. How crazy is that? That is bananas! But it's true. But again, I only know that because I look back.
Looking back at your previous trades can also show you if your system that you are using is continuing to work well or not. Or maybe you spot something happening within your trading system that calls for a review of the system or a complete overhaul.
To me, this is like spotting patterns in the market. Except it is with trades I have already taken. I am spotting patterns in my trades, and spotting patterns within myself. Am I less confident in my trading on Tuesdays? Or do I continually place bad trades on Friday? Who knows. But you can find out if you keep records of this stuff.
Now I don't just keep basic data of my trades like what currency pair I traded, or price I entered in at. I also keep data of how I felt before, during, and after the trade. Was I in a good state of mind that day? Was something eating away at me? Did I get enough rest that night? Was there something in the news that I heard that was making me weary of this particular trade?
You see, journaling is not just about data, it is about psychology as well.
Microsoft Excel – Excel is one of the most commonly used tools for spreadsheets. It is actually one of the ones I personally use.
Google Sheets – Google Sheets is the number two tool I use for tracking and recording my data.
Tradervue – Tradervue is an online journaling spreadsheet made specifically for traders.
Trading Journal Spreadsheet – TJS is another great resource for traders. This is an excel based spreadsheet that is already remade for you.
Other Links and Resources:
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Good Luck & Happy Trading!
Music by: Troyboi