This is my first post. I’m BRAND new to trading. Why FX? I don’t know but I’m sure glad I found this site. I’m writing this post because the last few days of researching trade journals I found that there definitely isn’t any standard for what goes into the journal. So below I’m listing what I’ve found from two different sources (Adam Khoo and Timothy Slater’s Forward in Mark Douglas’s THE DISCIPLINED TRADER)
First thought was to set this up as a spread sheet.
Spread sheet column’s represented in order left to right:
- Trade #
- Entry Date/Time
- Direction (short vs long)
- Pair (USD/CHF)
- Stop Loss
- Target Price
- Exit Time
- Exit Price
- R Multiple
- Comments (might change, move or eliminate - see below)
- Screen Shot
Then I started to read The Disciplined Trader and Timothy Slater posed some great suggestions:
QUESTION EVERY TRADE
What motivated it?
How was the trade managed?
Was it successful? Why?
Did I lose (or win)? Why?
Write down assessments and refer to my comments before making next trade.
So starting with a spread sheet but then adding these individual questions would make for a VERY WIDE spread sheet are my thoughts. There must be a better way to organize this possibly.
So being new, I’d definitely like to ask opinions on this. Am I missing anything? Are any of these mundane or unnecessary? Is there a suggested more efficient way about this other than a spread sheet or with my organization?
Thank you for your time reading reading this and your responses.