Trader's Diary
Hello everyone
Today we will talk about what most traders avoid and underestimate - Trader's Diary.
Traders believe that the Trader's Diary is a waste of time, but in fact the Trader's Diary directly affects the trader's income.
Why keep a trader's diary?
If you keep a diary honestly and impartially, over time you will gain a lot of statistics of inputs, outputs and emotions experienced when trading.
This is a useful database that will help identify weaknesses and recurring errors, helping to fix and not repeat them again.
What should I write in diary?
Date and time of the signal occurrence.
The chart at the moment of entering the market, for clarity, you can make notes justifying the actions of the trader. If the work is done on graphical analysis, then markup is needed.
The result of trading. Regardless of whether the trade is closed by take profit, stop or ahead of schedule manually, it is advisable to attach a chart.
Comment. The trader's thoughts on entering/exiting the market are briefly indicated here. It is advisable to record emotions, for example, "the signal complies with the rules, but there is a feeling that it is not worth entering" or "the graph has not reached the Fibo level a little, the volume has been reduced".
This is the necessary minimum.
You can also add the following items to the report:
Maximum drawdown as a percentage and in the deposit currency.
Volume.
The state of capital after the position is closed.
The duration of keeping the transaction open.
Losses due to swap, spread.
How not to keep a journal
The key violation of the rules when keeping a diary is a frivolous attitude towards it. If you keep a journal only to comply with a formality, then it will not be of any use. With this attitude, important information concerning psychology and emotions is guaranteed to be missed.
If a trader is lazy, does not accompany transactions with illustrations of the state of the market, forgets to make part of the transactions, the value of the report decreases.
Analysis of trade and your emotions at the entrance
When analyzing trading, the most difficult thing is to give your actions a sober assessment. If, for example, you put out a limit order in violation of the strategy rules, and this caused a loss, you do not need to explain your blunder by external factors.
That is why it is extremely important at the time of entry to indicate not only the technical characteristics of the transaction, but also emotions. Nobody will control the correctness of keeping a diary, you need to learn this yourself.
As for the analysis, after accumulating an array of statistics, first of all look for emotional losing trades. This is one of the most common mistakes of traders. I recommend starting the optimization of trading with this.
Resume
A trader's diary is a tool that indirectly affects the results of trading. It teaches you to work in a measured manner with a clear assessment of each entry point. Keeping a diary allows you to eliminate the emotional component from trading over time, and thereby improve results.
I recommend getting used to keeping a journal from the very beginning, entering information on all transactions into it. Regular analysis will show weaknesses in trading, it remains only to eliminate them and continue trading. To facilitate the task, you can use auxiliary services that collect an array of statistics in automatic mode.
Today we will talk about what most traders avoid and underestimate - Trader's Diary.
Traders believe that the Trader's Diary is a waste of time, but in fact the Trader's Diary directly affects the trader's income.
Why keep a trader's diary?
If you keep a diary honestly and impartially, over time you will gain a lot of statistics of inputs, outputs and emotions experienced when trading.
This is a useful database that will help identify weaknesses and recurring errors, helping to fix and not repeat them again.
What should I write in diary?
Date and time of the signal occurrence.
The chart at the moment of entering the market, for clarity, you can make notes justifying the actions of the trader. If the work is done on graphical analysis, then markup is needed.
The result of trading. Regardless of whether the trade is closed by take profit, stop or ahead of schedule manually, it is advisable to attach a chart.
Comment. The trader's thoughts on entering/exiting the market are briefly indicated here. It is advisable to record emotions, for example, "the signal complies with the rules, but there is a feeling that it is not worth entering" or "the graph has not reached the Fibo level a little, the volume has been reduced".
This is the necessary minimum.
You can also add the following items to the report:
Maximum drawdown as a percentage and in the deposit currency.
Volume.
The state of capital after the position is closed.
The duration of keeping the transaction open.
Losses due to swap, spread.
How not to keep a journal
The key violation of the rules when keeping a diary is a frivolous attitude towards it. If you keep a journal only to comply with a formality, then it will not be of any use. With this attitude, important information concerning psychology and emotions is guaranteed to be missed.
If a trader is lazy, does not accompany transactions with illustrations of the state of the market, forgets to make part of the transactions, the value of the report decreases.
Analysis of trade and your emotions at the entrance
When analyzing trading, the most difficult thing is to give your actions a sober assessment. If, for example, you put out a limit order in violation of the strategy rules, and this caused a loss, you do not need to explain your blunder by external factors.
That is why it is extremely important at the time of entry to indicate not only the technical characteristics of the transaction, but also emotions. Nobody will control the correctness of keeping a diary, you need to learn this yourself.
As for the analysis, after accumulating an array of statistics, first of all look for emotional losing trades. This is one of the most common mistakes of traders. I recommend starting the optimization of trading with this.
Resume
A trader's diary is a tool that indirectly affects the results of trading. It teaches you to work in a measured manner with a clear assessment of each entry point. Keeping a diary allows you to eliminate the emotional component from trading over time, and thereby improve results.
I recommend getting used to keeping a journal from the very beginning, entering information on all transactions into it. Regular analysis will show weaknesses in trading, it remains only to eliminate them and continue trading. To facilitate the task, you can use auxiliary services that collect an array of statistics in automatic mode.
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🔻FREE Telegram channel🔻
t.me/DeGRAMChannel
🔻Contact for Paid SIGNALS🔻
t.me/DeGRAMForex
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