I’m planning to start a trade journal to have a better insight on my trades. What are the important things that I should have in my trade journal?
Here are some important things that you should have in your trade journal
- Trade entry and exit points: Record the specific price and time that you entered and exited each trade.
- Write down the reason for making each trade, including any technical or fundamental analysis that influenced your decision.
- Risk management: Stop-loss or take-profit orders you placed, as well as the specific levels you set.
- Emotional state: Reflect on how you felt before, during, and after each trade.
- Results: Track the outcome of each trade, including profit or loss, and write down what you learned from the experience.
- Reflection: Regularly review and reflect on your trades, looking for patterns or areas where you can improve your performance.
Remember, the goal of a trade journal is to help you learn from your experiences and continually improve your trading skills. By regularly recording and reviewing your trades, you can gain valuable insights into your trading behavior and make more informed decisions.
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There’s a section about journaling in Pipsology
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Trading journals will let you know of many ongoinming econimic news, indirectly helping you in market analysis.
Many of us ignore reading trading journal just because they don’t know that a journal provides them with all necessary information.
Thanks for the help. I’ll take a look.
Yes but what are the things that should be in my trading journal?
I agree. This is why I want to start one.
Really grateful to you to have the answer in detail. As a new trader, it was completely unknown to me. If I search for any journal, I will remember these points.