Ok, I have been an options trader for the past year and a half. And during that time I have kept a journal to keep track of all my trades. Normally I am in these options for 20-50 days or so with sometimes being in them for shorter periods of time like 1-7 days. My journal has really helped me a lot and has helped me grow as a trader.
When you keep your trading journal of all your trade you will have a historical record of your personal performance providing you the opportunity to determine how successful you have been. And it can increase your confidence because in every trade you can almost tell the outcome before the end of the trade.
Yes, but couldn’t I just use the reports that are built into most software instead of writing a journal?
If ur winning, who cares? If ur losing, git writing and reflecting.
Yes. That is the way to go for me.
-Adrian
Yes, and given that you carry out quite a large number of trades, it might make sense to use the built in software to keep track. But whichever one you use, the key is to analyse your performance and tweak your strategy…good luck.
I think there is always room to improve and tweak.
LOL, even professional traders get to tweak their strategy every once in a while and if I were to take a guess, most of those impacted by CHF doing the free fall have done so…
Exactly having a trading journal seems pointless on my point of view, you can use those reports and reflect on them.
I think this manual journal keeping thing everybody talks about is very outdated, just connect your profile to myfxbook or something similar, and it does the job well, it even makes statistics you wouldn’t even do manually.
Or simply use a charting platform like tradingview. Where you can always revisit your past trades to see how they fared. That said, stuff like ‘Deal Map’ on ctrader is quite helpful for analysis.
Trading journals were a big thing of the past, not anymore with more and more platforms and technology catching up. I bet soon we’ll get additional features such as post trade to blog with notes on analysis etc. wishful thinking
Do you need to extract data to myfxbook or is it there after you connect your account ? what kind of statistics they provide ?
It is good to make trading journal, it’s more than writing history of your trading only but you should note method of trading which you’re using, consideration to trade and then you could use it to evaluate your trading which has happened. With trading journal, you can find out good time for trading (causing profit more than loss) and bad time for trading. From there, you could focus to maximize profit with schedule your trading in the best time for trading with current strategy. And also, it will be easier for you to make evaluation in your loss condition and what is causing loss.
Why not just use myfxbook? You can do all you analysis there.
simply connect your account, it will automatically extract all your trading history. they had wide range statistical data fetch from our account, more detailed information of our trade.
summary of my trade, it help me to decide which pair should I keep with my current trading system.
help decide to dropped most ‘red’ pips profit result pairs, why keep use same method if the pair are not suitable for it :).
for any trading development purpose, a journal is a must.
You can add notes to myfxbook trades so you can go back later to see how/why you did what you did and how you felt, so long as you have added this detail. If youre doing dozens of trades a day, why not just pick a few when you have the time? Its not as good as notes for every trade but its a start
Wish I could use MyFXBook for my journalling. It sounds really good. But I am using a Mac to trade from (on FXCM’s web based trading station) and I can’t figure out how to connect it to MyFXBook. MyFXBook wants me to install a windows app to connect it to the downloadable trading platform which I can’t run. Does anyone know if I can hook it up [U]without[/U] having to use a windows program?
thank’s for the insight, I do always check my entry trade all the times. back to when I still with my favorite mindset provide by babypips : make pips, keep pips, repeat. a journal of entry cause, seem the crucial factor for ‘repeat’ procedure. without it I may end up blindfold for each my trade and there’s no guarantee I would succesfullly made pips that way.
I still do old fashioned way of developing trading system, manually write the trading journal. I may said these are my daring trading diary :). and myfxbook are additional feature which help me which pair should I dropped while using current trading method.
Very nice features can you use it with demo accounts too?
follow the lead, and start registration. its confirmed, feature are fully free, and also available for demo accounts.