Why Should You Keep a Trading Journal?

A buying and selling journal is a doc the place merchants document all the things they do throughout a buying and selling session. This contains technique, threat administration, psychology, and extra. Many merchants depend on their journal as a “buying and selling roadmap” to assist decide the trail to achieve their buying and selling targets.

Watch this 2-minute video to study extra about holding a buying and selling journal.

Advantages of Maintaining a Buying and selling Journal

– Monitor Commerce Particulars – Hold a day by day buying and selling journal to maintain monitor of the small print of your buying and selling expertise. It helps to place a give attention to post-trade evaluation.

– Use Pen & Paper – Use pen and paper when creating your commerce journal. Your mind processes data otherwise if you write issues down thus enhancing understanding and reminiscence retention.

– Monitor Time – Hold monitor of the time of day you open and closed your positions. Are you a greater dealer within the morning or later within the day?

– Evaluation Usually – Evaluation your buying and selling journal and see in the event you can establish your strengths and customary errors. Reviewing typically may enable you to keep away from repeating errors.

– Write Down Observations – Make certain to put in writing down buying and selling observations. For instance “was my cease too tight?” or “my pre-open counter pattern didn’t work once more” may also help you refine your technique.

– Don’t Deviate From Your Plan – Did you deviate out of your preliminary buying and selling plan by shifting a cease or revenue goal mid-stream? If that’s the case, why?

There are lots of nice causes to maintain a buying and selling journal and we simply lined a couple of. When you aren’t at the moment holding a buying and selling journal, strive it out! NinjaTrader even has built-in journal capabilities the place merchants can concurrently journal whereas buying and selling and conducting market evaluation.

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This text is meant for instructional and informational functions solely and shouldn’t be seen as a solicitation or advice of any product, service or buying and selling technique. It contains content material from impartial individuals or firms which might be in no method affiliated with NinjaTrader Group (NTG) or any of its associates. The content material and opinions expressed on this article don’t essentially replicate the official coverage or place of NinjaTrader or any of its associates.