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Those of you who have attended any of our LIVE Inner Circle education sessions, or participated in our courses, will know that a regular theme covered is the importance and benefits of measuring your trading. One of the key tools we often discuss is the use of a trading journal.
For those of you less familiar with this as a concept, a trading journal is a method through which you record your decisions and actions on all trades you enter for a specific period (often a month at least). This allows you not only to see the dollar performance of individual trades but more importantly to make judgements on:
a. How well (or otherwise) you are following your trading plan;
b. How well (or otherwise) your plan as a whole, and its specific components are serving your trading results.
Subsequently, you are then able to amend as necessary either your behaviour, your plan components, or indeed both with “hard” evidence.
Many would suggest that this is a crucial system in any trader’s development.
One of the common questions we are asked relates to the set up and contents of such a journal. Quite simply, your aim should be to measure all aspects of the trade set up, entry and ultimately exit decisions. Such information could be recorded on a spreadsheet, a word document or even in a notepad for example.
To help you kickstart your journaling process, the download attached to this article gives an example of the detailed information you could choose to collect. Simply click below for access to your pdf download.
If you would like to know more about how we can help your trading learning journey, why not join our Facebook “Inner Circle” group for weekly educational content at CLICK HERE, or there is also our “Next Steps: course (see image link on the right) where you can access a full video course including a specific session on journaling and an example template to download.
One last thing…find the concept of “Blueprints” useful? If so drop an email to email@example.com and let us know and we can develop some more.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.