How to Journal Your Trades and Why It’s Important

https://tradeproacademy.com/trading-journal/

As I’m sure you are aware, 90% of traders lose. One big activity every trader should take in order to be a part of the 10% is to track and journal every trade you take. Knowledge is power in trading and you must take every loss as a learning experience that is the only way to get better. If you learn to accept losing, our trading career will be a lot smoother.

One website I use and many traders use to journal and track their trades is tradervue. It’s free to create an account. What you will want to do is import the trades you made for the day and then once they are important you can go through each trade and make notes about them. What you did wrong, what you did right, what your levels and thought process was for the whole trade. You will want to note everything so that when you go back to look at it you know exactly why you took that trade and what you could have done better. That will reduce the number of same mistakes you make so that when it comes again you can make money from it instead of losing money. This website also allows you to track your performance based on the inception and see how you progressed as a trader. It’s always fun to see your profit graph go down and as you learn it will slowly start rising up. It will give you some extra confidence and it will allow you to actually see graphically and physically where you stand as a trader and that you are progressing. I recommend also adding a screenshot of the chart so you can see exactly the trade setup you made and it will allow you to recognize the trading layout and visualize what you need to avoid or notice.

It is very important to track your trades because it will give you details beyond what you just see on your statements. It includes your traders’ mistakes and what the market condition was like in that period of time. It also allows you to see what your strategy and thought process was. All of that is important and why the 10% of traders are successful. They analyze their trades and learn from their mistakes and losses so that they don’t make the same ones again and reduce the number of losses. At the end of each week or day go back and see what you did. Notice any common problems or strengths. This will get you in the right mindset and allow you to grow as a trader. It is what will separate you from the 90%.

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