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A trading journal is a log in which you can record your trades. Traders keep a trading journal to reflect on previous trades and evaluate themselves; you should, too! Journals can help you determine where you can improve your trading. They’re a good way to keep track of things.
The following are the main reasons to keep a trading journal:
They help you identify weak and strong points in your trading style.
Journals can increase trading consistency.
The diary can consider you responsible.
The diary can assist you with picking your best-exchanging procedure.
Keeping a diary is a straightforward yet strong method for further developing an exchanging methodology.
An exchanging plan is a bunch of decisions and rules that you will use to complete your procedure, hazard the executives, and merchant brain science.
It is simple to set up a trading journal, and you can tailor it to your specific trading goals and style:
1. Select either a book or a spreadsheet. We recommend that you use a spreadsheet.
2. Determine what information you want to record. (Trade date, the underlying asset, position size, and so on.)
3. Record your trades immediately after you have placed your stop losses and take profits.
4. Compile the data and reflect on the trades after a set period of time (daily/monthly/weekly).
Step 1: Select a book or a spreadsheet.
Because of the built-in analytical functions, we recommend using a spreadsheet. These can assist you in reflecting on the trades, as explained in step 4.
Step 2: Determine the information to be recorded.
A trading journal’s standard format will include the following main criteria:
A simple trade journal is illustrated by the standard format. It can help you reflect on your trades, but with a few additional criteria, we can improve the journal and make it much more useful.
Step 3: Immediately after the trade, record the trades.
Make it a propensity to write down the particulars of each exchange when they happen, while they are still new in your psyche. Make it a propensity to write down the particulars of each exchange when they happen, while they are still new in your brain. This way, you won’t have to remember why you made the trade in the first place. Make sure you only do this after you’ve set your stop-loss and take-profit levels.
Step 4: Compile the data and consider the trades.
After a certain period of time, preferably a few months, you can compile the data in your trade journal.
If you keep a conviction criterion in your journal, total the number of successful trades you made when your conviction was high, medium, or low.
When you have this data, you can conclude whether it is beneficial to exchange just when you have a significant degree of conviction or not.