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Chapter 32, Part I. Tracking Your Performance

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Apr 5, 2012.

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  1. Administrator

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    Part I. Tracking Your Performance. [​IMG]

    Commander in Pips: So we have passed through different multiple processes that are absolutely necessary for having a successful trading process. Some of them make a direct impact, such as technical analysis tools. Others make indirect influence on process, such as a trading plan, for instance, but we can’t say that it has less importance. So there is one important issue that we’ve not talked about it yet, but that has outstanding importance for trading. This is performance tracking. Usually this is done by keeping a trading journal.

    Pipruit: Hm, I like journals…


    [​IMG]

    Commander in Pips: All the better, then this will be a pleasure for you. So, why do we have to keep a journal at all? Why are we absolutely going need it? First, because if you do something on a consistent basis this teaches you discipline and build up good trading habits. Second, did you ever think why does the Captain of any ship keeping a logbook, the same as any airplane has build-in “black box” logbook. Many scientists and athletes are keeping journals. The answer will be the same – a journal lets them to track performance. If something will go wrong they can understand what was done wrong, where the reason was and how to fix it. The same is with forex trading. When you do some trade, sometime later you will forget the reasons and your emotions during this trade, why you have done something this way or that way. If you have some bad habit – you will repeat it again and again. Without a journal you can’t catch it, you just will not understand why your account value is in a solid downtrend. A trading journal lets you replace bad habits with good ones, catch mistakes and destroy them and also to understand what you’ve done well and repeat it on constant basis.

    Pipruit: And why we can’t use a software statement? Now any broker provides access to a history logbook of your trades.
     
    #1 Administrator, Apr 5, 2012
    Lasted edited by : Apr 13, 2012
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