Do you record your trades?

Nice one here @Leo_FX_Trader, if we all managed to see trading as much more than just staring at the charts, I’m sure the failure rates will reduce dramatically… I have a journal I use also, similar to yours, and it’s been really helpful.

It seems like a lot of work though if you’re trading shorter timeframes, do you trade the daily charts or shorter?

Hi @macilme thank you. Recently I had a sample large enough to extract all my mistakes, and therefore looking at 10 different types errors that are recurring in my trading, by focusing on implementing the right behaviors instead of these that could be the end of self sabotage and therefore the start of profitability.

On the time frames, you are right, probably more work with the faster time frames. My niche is the 15mn time frames (entry and management), with the idea to ride 60 and 240mn trends. Doing so, it usually takes 1 to 3 hours to find and enter, and when things goes well within 6 hours I am either stopped out or in a risk free trade, and ready to ride the trend. So my trading cessions require 2 to 3 hours of work, additional 3 of close monitoring and after that the trades can live on up to a few days. I trade the 26/28 most liquid pairs (usd, eur, jpy, cad, aud, nzd, chf).

It could be possible to trade as you suggest, the daily charts - probably look at it once a week but I would need to trade a lot more pairs to compensate the reduction of signals (I specializes on 2/3 strategies, which is compensated by the number of signals the fast time frames give, and would need more instrument if I trade slower time frames). Daily charts are believe are less stressful and need less work, but I am not super patient and can focus quite a bit when it is for few hours, but diluted focus needed for daily charts would probably not sit well with me :frowning:

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I just began considering taking notes for each of my trade and then this post…

The comments has also gone further to enforce my convictions

Yes, no question about that. The purpose of the journal is not only to keep financial record, but moreover, keep record of MISTAKE you made, and to learn why in order to stop reoccurrence.

Simple as that, but deep as that.

Let me rephrase THAT for you…

Do “YOU” think …it is important to records all of your trades…???

Will “YOU” …do it in a spreadsheet …or in a journal… ???

What do “YOU”… think should be in “YOUR” trade journal…???

Think …my young Padawan…THINK !!! :wink:

Only YOU…have THE answer…!!!

Trello !!! :smile:

That really is an interesting idea @Leo_FX_Trader, I’ll be having my first month of dara to review in a few days time as well, I trade the daily charts so I have relatively less issues recording my trades as things move along pretty slow, the downside being sometimes I have to wait days before getting an entry.
It’s not all bad though, since most of my trades are higher probability trades, I ex0ect my win rate to be much higher as compensation than if I were trading shorter time frames…

Just a thought, when you say large enough sample, on what basis do you place that, I’m guessing it’ll have something to do with a specific number of trades as a minimum?

yes @macilme indeed.

To have mean and averages that are significant, the number of 50 observations is commonly accepted, when some says it can start with 30 and others a 100.

Then it is good to cross check various samples, simulations vs live, time frames and pairs (can even be market types).

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Trading journal is very important to see what you have done correctly and what you have done wrong.

All of you were in the school and you know how to learn something:

  1. Read what you need to learn
  2. Try to understand it with logic or at least so it makes sense to you
  3. Read again so it sticks into your brain

“Repetiton is mother of knowledge”

So. In Forex, if you do not have trading journal how will you repeat what have you traded?

Will you remember all the stuff you have traded and what you have learned?

No.

You need trading journal to read again what you have traded in order to avoid mistakes you have done and to repeat wining trades in the future.

Learn from your mistakes and have journal to record them.

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Trade 1h timeframe

Short AUDJPY
Entry xxx
SL xxx
TP xxx

Signals shooting star bearish pinbar
Analysis Stochastic overbought

Outcome loss (hit SL)

I do this on a diary/journal app…came to check for improvement.

I think it’s important if we often forget after doing forex activities.

Yea, I currently just use screencast on my pc to record my analysis. It helps a ton, I record what I did wrong, what I did right, everything and just watch them over and over lol

yes, every day. i have a set of diaries in my book shelf

I write my trades set ups and thoughts into a book but my broker also sends out daily/weekly/monthly statements which show all the trades which is good for cross checking

Thank you for all of your comments. I have been focusing on studying the past couple of months.

@GodAtum - Have you started with the service? How has it been?

@Manxx - Thank you for the link to the trade journal template and for your detailed comment.

@hollyholly141 - Why didn’t you find it useful?

Yip. I input my capital balance on Monday morning and again on Friday evening after the close and calculate what I’ve made for the week. Recording of trades done.

Now I’ll admit when I posted the above is was meant to be for fun. But in just thinking about it here’s some advice:

If you are still demo trading and learning then it’s probably a very good idea to record trades so that you can analyze what went wrong (and what went right) and the reasons why. But if you’re actually trading you should already be past this stage and be concentrating on the money as by this stage you shouldn’t be analyzing trades etc. because inevitably it’s going to lead you to curve fitting whatever trading system or methodology you started out with (and of course it’s assumed that you’d not be trading with real money if you’d not already been able to eek out an overall profit when testing your trading system or methodology). And if it’s for bragging rights: nobody cares I assure you. Don’t get too bogged down with detail is all I’m saying as it can detract from the job at hand. At the end of the day: all that counts is the money. Nothing more.

Wow such a good idea thanks

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Recording your trades is a must!

I think it’s a good idea. I didn’t do that for a long time and it was a mistake.