Basics of Creating a Trading Journal

A trading journal is a record that can be used to record a trader's trades. Traders use the trading journal as a reflection of previous activity so that they can evaluate themselves.

Importance of Trading Journal

The main reasons for keeping a trading journal include:

- Journals help traders identify weak points and strength points in a trader's trading style

- Journals can improve trading consistency

- Journals can keep traders accountable

- Journals can help traders choose the best trading strategy for traders

Keeping a journal is a simple, effective way of improving a trading plan. A trading plan is a set of rules and guidelines that a trader will follow covering strategy, risk management, and trading psychology.

How to Create a Trading Journal

Creating a trading trading journal is simple and can be adapted to the specific goals and trading style of the trader. The following steps are a basic guide, which is explained in more depth below:

1. Choose between a book or a spreadsheet. The use of spreadsheets is highly recommended.

2. Identify what information the trader wants to record. (Trade date, underlying asset, position size, etc.)

3. Immediately record the trader's trade after the stop loss and take profit points are successfully placed.

4. After a set period (daily/monthly/weekly) collect data and reflect on trading.


Note:

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