As a trader, It’s very difficult if not impossible to know the bad habits you may be forming by NOT using a Trading Journal, such as:
- What patterns are hurting your trading performance?
- Are you making more money going long or short
- Are you letting your profits run?
- Are your stops too tight or too loose?
- Are you respecting your daily limits?
- Are you holding on to losers?
- What is your best trading strategy?
- Are you losing money for being undisciplined?
- Are you trading in losing symbols?
- What were you emotions like during a losing trading?
- What were your emotions like during a winning trade?
- Do you over trade when you’re having a bad day trading?
- Do you make or lose more money during trends or consolidations?
I would dare say, you cannot answer these questions with any level of certainty without the use of a trading journal. Poor trading habits have a way of creeping up on us, without us even knowing it’s happening!
Here are some phrases we hear from some of our traders, especially in our Boot Camps:
- “I don’t have time to enter information into a trading journal”.
- “I scalp my trades, there is no way I could keep up a trading journal”.
- “I’m just not wired that way, a trading journal is not for me”.
- “I guess it’s important, but I know myself, I will start entering in my trading journal then I will stop, so it’s no use”.
- “I really don’t think I need to use a trading journal, I don’t think it will help me”?
Each one of these previous statements have started to form poor trading habits! Most of our mistakes come from a “SET” of trading mistakes and these “SETS” are formed from poor trading habits.
Here is what you will gain by using a trading journal:
- Good trading habits begin to form as you use a trading journal.
- As a trader, you will increase your confidence.
- You will gain healthy evidence to make wiser trading decisions.
- You will over-time increase your discipline (and who doesn’t need more of that?).
- As a trader, you will be able to bring your emotions under control.
- As a trader, you will gain trading intelligence that will make your more profitable, almost instantly.
- The more you use your trading journal, the more sharpened your trading skills will become.
Don’t miss out on what traders around the world use as their #1 trading tool, a Trading Journal.