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Chapter 32, Part I. Tracking Your Performance. Page 3

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 27, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    So, what goals could be achieved by keeping a trading journal?

    - Understanding where you are relative to your defined goals in this business;

    - Extracting of bad as will as good habits in your trading process. This could be as in psychological issues as in your trading system, methods and approaches;

    - As a result you will understand how to shift bad habits to good ones and what you have to do to eliminate bad habits and unprofitable trading methods.

    These issues in fact are of exceptional importance, since not all of us will able to find a job in some super-duper corporation on Wall Street under the wing of some really big financial Whale (do whales have wings?). That’s why probably most of us have limited resources to succeed on the trading field. We have to pick from our essential money to start trading.

    As a result we can’t pay for the services of a really good trading mentor or visit his/her seminars and so on. Thankfully we have internet and forums, where we can share with each other and study from each other. So, a trading journal is not bad as a mentor’s replacement. You will be able to catch your trading errors by yourself and eliminate them.

    Initially you have to have rock hard discipline in keeping it, since newbie traders mostly tend to abandon it, since this is a bit boring. But, later it will turn into constant habit to do it. If you will keep it right, it will help you to understand:

    - when to trade and when not;

    - what to trade and what not to trade or stop to trade;

    - Is your risk management optimal or you can increase/reduce your risk per trade;

    - How long to trade in a row and how much to rest;

    - Catching the start of an unwelcome period in trading;

    - Starting favorable period in trading and other issues.

    Pipruit: Looks like you’re right. So, how it is better to do it? What include and what we can skip?​
     
    #1 Sive Morten, Dec 27, 2013
    Lasted edited by : Oct 9, 2016
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