Trade Indicators Free Resources

What Advantages Does a Trading Journal Offer?

Trading Journal Book Cover

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.

 

HAPPY TRADING

 

In this Article

Tools to Fit Your Budget

Start Online Trading!