This is fine! Doesn’t have to be fancy or high-tech!
So this is a do-as-i-say-not-as-i-do situation as I don’t write down specifically why I have bought and sold specific positions.
But it is so critical. It is a habit I have to get into. And it is a habit I would recommend all traders get into.
Having the answer, a record of why a trade was actually entered and exited is so crucial! I think this would be the closest thing to a Holy Grail more so than any type of system, strategy, indicator, or Black box software program.
I would imagine it would be one of the most important learning experience/tools of everything that is available. What it does is gives the trader a record of how they think, view, and interact with the market over time. Is is an opportunity to modify behavior based on the historical record!
I think it would help traders stop repeating history by standing on the shoulders of their losses and standing higher on the shoulders of their winners!
I think understanding why we take certain trades that we do is the keystone to success. The journal would allow traders to uncover and have a record of mistakes and successes, a road map of their thought process in decision-making up to that specific date.
As Banya said on Seinfeld, “That’s gold Jerry, gold!”
Listening to myself… I’m excited to start! I think a trade journal a simple line of why a trader took a trade- and why they exited a trade would be the single most valuable information any trader could have!
I might go old school and sharpen a pencil … They boot up a lot faster and never crash!
To finding out why we enter and exit! Here here!
It would eliminate frandlost - Flounder, Ring and Lost - the guys who crush your forex goals.
Let’s all start journaling!!