Do you want to improve your trading?
Keeping a trading journal is the best thing to improve your profits and reduce your losses. It’s not easy, but it’s worth it! You will be able to see what works for you and what doesn’t work. This way, you can focus on improving those things that are working well for you while minimizing or eliminating those things that aren’t working at all.
You’ll also be able to see how much money you are making or losing every day, which is very important if we want to make sure our bankroll is growing at all times. In addition, it will help us avoid bad habits such as chasing losses or letting winning positions run too far beyond their target price points.
A good trading journal should include several elements such as date, time frame used for each trade, entry price, and exit price with corresponding profit/loss figures (including commissions).
Finally, it must include an analysis of why we decided on taking this particular trade and whether we were right or wrong about its expected outcome based on our technical analysis tools (i.e., charts) used before entering into the position(s).
If there was any news event that affected the market during this period then these should also be included in our daily diary so that we know when not to take certain trades due to possible volatility caused by some unexpected events affecting specific securities.
We have tested many different journals and we can recommend some of them to you. You can download our free excel sheet or try out professional software for free on this page.
You can read all about why it is important to keep a trading journal, how it works and what benefits it has for your career as a trader. If you are interested in keeping one, we have made an easy tutorial so that even beginners can start with their own right away!