Do you need to record your trades?

You must have a trading journal because it helps you find your edge, identify your strength & weakness, and improve your trading results. During and after the trade: This is where you record the relevant data so you can review them and find ways to improve on it.

Why You Should journal your trades?

10+2 reasons on why you should consider keeping a trading journal…

• Identify, Review, Learn and Work on your weaknesses.
• Helps you set up your Goals.
• It is used as a virtual portfolio.
• Ideal for monitoring potential growth stocks.
• Holds you responsible and sensible.
• Helps you with risk management.
• Helps with trading psychology.

How do you keep records of trade?

Using a loose‐leaf binder to hold your trading journal is probably best. Print before and after charts for each trade and include them in the journal. Keep detailed notes about each trade and about the system you used to trigger the trade.

How many trades does the average trader make?

You average 5 trades per day, so if you have 20 trading days in a month, you make 100 trades per month. You net $7,500, but you still have commissions and possibly some other fees.

When should you exit a trade?

The safest strategy is to exit after a failed breakout or breakdown, taking the profit or loss, and re-entering if the price exceeds the high of the breakout or low of the breakdown. The re-entry makes sense because the recovery indicates that the failure has been overcome and that the underlying trend can resume.

What should a trading journal include?

Trading journals should include all necessary elements that describe a trade, such as the date and time of the trade, the traded instrument, the direction of the trade, entry and exit prices, position sizes and the result of the trade once it’s closed.

What do I need in my trading journal?

What is the importance of keeping a trading journal?

Another importance of using a trading journal is that it can give you a clue for your future trading strategy since you have recorded your prior strategies. Keeping a trading journal is an exceptional strategy to improve performance and grow confidence in trading.

How do you keep track of your trades?

That’s one way that you could do something. Another thing that you could look at is a scorecard and a scorecard gives you a tally sheet, like a report card about your trades. And here again you could do it on a weekly basis scorecard, you could use it in a monthly or even yearly basis.

How do traders mark up their charts?

Most traders mark up their charts throughout the day, drawing lines and marking indicator levels that help them determine the trend and find possible reversal or target points. The chart shows the exact market conditions being traded.

Should you take screenshots when trading?

Taking screenshots is more effective at capturing information than you could by just writing in a journal. Plus, if you do want to write stuff down, you can do so right on your charts, or keep a written trading journal as well. Be diligent in this routine, so that you have every trade you make recorded.