How do you create your trading journal?

Beginner Questions
1

How do you create and analysis your trading journal in an efficient way? Can you share few tips?

2

I analyze and create my journal based on the tips and guidance I have received from BabyPip’s [Keeping a Trading Journal] (Why You Need A Forex Trading Journal - BabyPips.com) in their education section. As such, there are five things I make sure I have in my trading journal is (based on the tips of BabyPips which I find very good, however it’s up to you what you want to put in your journal)

  • Potential trading area
  • Entry trigger
  • Position size
  • Trade management rules
  • Trade retrospective

I think the above is self explanatory but if you want more clarification read the lesson. I’ve found that the above helps me stay focused on my trading plan and system. I’m still a beginner, so as time goes on, the above list may change but for now it has been of help. Obviously, I also include entry prices, stop losses, take profits, and support and resistance for the trades I take, in my journal.

Your journal is your journal. You decide what information will help you create and analyze your trading journal, there is no wrong or right answer, but there is an effective and an ineffective trading journal.

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3

A great rule in life that saves time and helps decisions is always decide what information you need to make a decision before you start collecting data. For me, the most important information I needed from my journal at a critical point was -
which strategy I was using (so you need to have a clear definition and title for each)
why I got in
why I got out
win/lose

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4

Thank u for your info. I will read the link you gave me. I like what you said: “Your journal is your journal.” Very much appreciate

5

Thank u for your info. Very helpful

6

Try to create trading journal, consisting of two parts:

  1. Trades - Exel sheet with all trades, noting there the idea of the trade, performance and conclusions about the results.
  2. Ideas - Evernote (or something like that) to note all your ideas about the markets, everything interesting you spotted during trading practice. There you can also write down usefull ideas from books, etc. It is very fruitfull to look it through to find out about trading progress.
1 Like
7

Useful input. Thank u very much. Really appreciate this :slight_smile: