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How to journal your trades?
Hello traders,
There are TONS of journaling tools out there.
But 99% of them are missing this one feature that is CRITICAL to your success.
Here's how to journal your trades the RIGHT way: 🧵
Most journals go over statistics of your trading day
These are important to measure, however...
There are a few elements that aren't shown in most journals
They are:
-Emotional Mistakes
-Strategy Iterations
Emotional Mistakes
Emotional mistakes are KEY to becoming a successful trader
It's typically the #1 reason traders fail
They don't have the discipline to follow their strategy
Some emotional mistakes are...
These are just a few of the examples that you've probably felt throughout your trading career
It is so important that you track these emotional mistakes... so you can fix them for the future
Strategy Iterations
You should be measuring what is and isn't working with your strategy
This will allow you to tweak your strategy to improve it
Seeing your P/L or the # of trades you took doesn't help you.
Seeing how you can increase your win rate or risk/reward WILL help you.
The whole point of journaling is to learn from your past trading and improve it.
If you aren't focusing on the real inputs that are costing you money...
then there's no point in journaling at all.
All the BEST
Daveatt
There are TONS of journaling tools out there.
But 99% of them are missing this one feature that is CRITICAL to your success.
Here's how to journal your trades the RIGHT way: 🧵
Most journals go over statistics of your trading day
- # of trades
- P/L
- Risk/Reward Ratio
These are important to measure, however...
There are a few elements that aren't shown in most journals
They are:
-Emotional Mistakes
-Strategy Iterations
Emotional Mistakes
Emotional mistakes are KEY to becoming a successful trader
It's typically the #1 reason traders fail
They don't have the discipline to follow their strategy
Some emotional mistakes are...
- Taking too much size
- Not getting out at stop
- Felt greedy and didn't take profit
These are just a few of the examples that you've probably felt throughout your trading career
It is so important that you track these emotional mistakes... so you can fix them for the future
Strategy Iterations
You should be measuring what is and isn't working with your strategy
This will allow you to tweak your strategy to improve it
Seeing your P/L or the # of trades you took doesn't help you.
Seeing how you can increase your win rate or risk/reward WILL help you.
The whole point of journaling is to learn from your past trading and improve it.
If you aren't focusing on the real inputs that are costing you money...
then there's no point in journaling at all.
All the BEST
Daveatt
⭐️ Listed as an Official TradingView Trusted TOP Pine Programmer
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
📧 Coding/Consulting Inquiries: dave@best-trading-indicator
Telegram: Daveatt
⏩ Course: best-trading-indicator.com
Twitter: twitter.com/bti_trading
Disclaimer
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