I recently started to dip my toes into demo trading and it’s not going too badly. Over the course of the babypips course the idea of keeping a journal and recording trading activity was repeated endlessly and from previous weeks experience trying to do some “freeballing”, I’ve realised that the documentation really is important!
As a result, I’m trying to make a lasting habit out of documentation, and I would like to ask what tools or software you guys use to document your trading activity and your journal entries and what features make said tools so useful to you.
I log all trades as they’re opened with simple data like date and risk in £, but most importantly the name or abbreviation for the strategy used - i.e. the reason I opened it. This is most important when looking back in a week’s time or 3 month’s time to see what happened and how the strategy might be refined.
Don’t forget to look back critically not just over your losers but also your winners to draw lessons for the future. But focus on the winners - try to be better at what you’re good at rather than being less bad at what you’re bad at. Surely you don’t want to be an expert in useless entry signals or bad risk management? So spend the bulk of your time studying and learning and improving the good aspects of your trading. Look after the pounds and the pennies will look after themselves.
I also used to test my each and every strategy first at demo trading platform. Yes, documentation is really important. I also documented my trading data. Basically I keep log of my different strategies that I applied in different trades with the trading pairs. I think it helps in future trade. Because if I faces any negative result I can look back and review my trading to not to do in future.
I have used before this community but really not good experience. Not active at all times and they not published any post without verification. It’s just disgusting for newcomers.