I’m pretty new to this game. Have been going through the pip-school here twice. Once about a year ago or so, and once more pretty recent, so I’ve opened up my second demo account and wanna do this seriously and by the books this time around. I really wanna make it this time.
So I’ve started a trading journal. I’m writing everyday, but i could need some help with it.
What is missing?
Am I doing something wrong?
What can I do better for next month?
BONUS QUESTION - Please feel free to comment on my trades too if you want
OBS I know that my account is small. I’m looking at starting my real one (later in the future) with 5.000kr (SEK - Swedish kronor), and that’s around $622, so that’s why my demo account has the same balance, I want it to be as realistic as possible so I see how it would be if it was the real deal.
Hi, SEK huh? I’ll assume you’re Swedish then, nice to see a fellow Swede here
In my view the dropbox file looks more like a excel spreadsheet. To me a trading journal is more about recording the “soft” things such as emotions, reasons why a trade was taken, or not taken, reason why a winning trade was exited early etc.
To evolve as a trader you need both: rock solid statistics which you can get through, for example, myfxbook. And to better understand why you made this or that decision it can help to record your thoughts, the thought process behind a choice to do this or that, any fear or excitement you experienced etc.
Do you have a trading plan?
Part of the reason for the trading journal is so you can see if/when you deviate from your plan.
If you make a winning trade based on a hunch, rather than your plan & the strategy that should be detailed within it, then it is a bad trade. Yes, it made money, but you cannot repeat it as you have no solid basis for making that trade.
The journal should detail everything listed by 099016mh, and you should follow up with how you felt during the trade, how you felt at the end of it, and how you feel you could have improved on it.
Yeah I agree with the emotional part of it. All I have right now is some screenshots with some minor notes on my 70+ profit trades, but that’s it. Maybe I should write a more specific thoughts and emotional journal along side a basic statistic chart where I can see my progress.
And about a trading plan, no, I actually don’t have one yet. This is my first (or second?) week with my demo account and I just haven’t got started with it. But I want to have it done by the start of Feb
Thanks for your support, both of you!
