08.06.2022
A journal is a place for a trader to record all their trades and comments, analyze strategies, note successful techniques and reflect on unsuccessful trades to avoid similar mistakes in future trading.
Where do traders keep their journals?
Excel, OneNote, Notion, and even ordinary notebooks will do for a journal. There is also specialized software for keeping such records.
Does it matter where to keep a journal?
Absolutely not! The most important thing is that it is convenient for you and that you update it after each trading session.
What do you need to record in a journal?
The information about the deal.
General analysis of the market situation.
Which phase the traded instrument is in: growth, fall, or correction phase; which trend prevails; if there is a sideways trend on the chart, then where exactly the price is — near the upper or lower limit of the sideways trend, etc.
Conclusions and thoughts.
In this section, you need to write everything that comes to your mind before, during, and after the trade. For example, what emotional state you had, what feelings you had (fear, greed, indecision, euphoria, etc.), why these feelings appeared, and what you need to do to eliminate them in the future. How can you improve your trading results? Where did you break discipline or, on the contrary, did everything perfectly? And so on.
Chart analysis
It is necessary to take a screenshot of the transaction, note on a chart the entry and exit points, all the levels, stop and take profit
A simple example of journaling
I keep a journal. What do I do next and how do I increase my profitability with it?
Analyze and identify patterns.
For example, you notice that more than half of the deals that you have opened after dinner, turn out to be losing. So you need to give up this habit.
And remember: we help you trade efficiently.
Trade with Grand Capital for pleasure and profit.
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