I agree. I often get the cheapest (or second cheapest) copy available. Why pay $30 when I can pay $6?
And I also check thriftbooks’s site as well as their ebay store.
It is not just the toiling upward in the night that makes one great. It is the heights reached and kept. Toiling while others are sleeping is an attempt to outwork them or even to catch up and overcome any disadvantages one may have–but it’s not a guarantee.
I have yet to reach and keep any heights, hence, no–I am not a great man. Nor am I as smart as others, so I must work as hard as I can; even be willing to work/study while they are enjoying leisure activities.
I haven’t kept a journal at all. I have a spreadsheet with each of my pairs on it, and each day I record what I saw. But the next day, I delete it and write something new.
When I want to review my trades, I started marking the chart with an arrow where I entered. Red arrows for where I got stopped out, etc. And I also can check my trading log in my trading history.
However, I don’t keep a log of how/why I traded each setup. Besides, all my mistakes are the same. The same 4 or 5 mistakes over and over. That’s why I stopped seeing the need for a journal. If my mistakes are repeating, I don’t need a journal to tell me the same thing over and over. I can achieve that by simply placing arrows on my charts.
Regardless, it got me thinking about journaling again. I had a Word doc before, but I think a spreadsheet would be easier. Instead of creating a new doc everytime, I can compile each trade onto a spreadsheet page. It condenses all the trades for each pair onto one sheet, and each page can be a trade. It’s much easier for me this way. This way, I don’t have the excuse of inconvenience. Well, now it’s more convenient.
I’m tweaking it, and I plan to start trying it out soon. I don’t know if I’ll stick with it or not, but it’s worth a shot. Thanks!
I totally agree! If you recognise the same recurring mistakes then there is no point in journalling it.
But what I don’t understand is how you are not eliminating these mistakes? I guess there are two basic types of mistakes: 1) false signals generated by the strategy and 2) not following the signals that the strategy is generating.
The first indicates a need to tweak the strategy with something that helps reduce these fakes. That is perhaps somewhat easier.
The second needs a bit more work, and I think that returns us to that issue about confidence in your strategy. And that really does bring us back to a journal - but not just about entry and exit levels.
The type of journal that I would suggest you need should also record the actual profit and loss from each trade. You should have clear capital/risk management parameters which help define the position size you are going to take. E.g if you have made 100$ on your last few trades you might not want to take another trade with a risk exposure of 80$. Maybe 30$ would be more comfortable. Then you can identify your SL level and calculate what max size position you can take without exceeding that level.
I am sure this is all familiar to you, but journalling these financial items really helps build discipline and routine in managing your capital. Eventually, it becomes totally instinctive.
The journalling can become even more complex if you regularly add to open positions. But I suggest that it is much more valuable to keep it simple and one step at a time.
IMO just looking at direction and entry/exit points doesn’t tell even half the story if you do not also look at how much you gain when you are right and how much you lose when you are wrong.
But this is just my way of looking at it! My journalling is also all on spreadsheets and I have journalled every trade for very many years now - and I wouldn’t stop now 
At least give it a shot! 
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Does this help any?
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Learn more
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EURUSD-Day-Trading-Log-2024-TradeThatSwing.com_.xlsx (75.8 KB)
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The tricky part of my strategy is that the signs are meaningless without the context of the surrounding conditions.
The signs and conditions are similar, but they never repeat exactly. So, when I make mistakes, it’s because I didn’t read the conditions AND signs correctly. These things are not etched in stone. They’re fluid. This sounds strange because strategies should be as mechanical as possible.
But there are clues in the chart, and I make mistakes when my fear/greed makes me read them incorrectly.
That’s why I created a big batch of different charts, the same setups. And I trade them over and over. The idea is to reprogram my brain to the point that I know what to do, and I don’t have to guess–when to hold vs when to trade.
I have over 50 charts that I’m practicing again and again. There’s so many that I can’t memorize them, so it remains a challenge. So, yes I make the same mistakes, but that means I have to keep practicing.
I finished practicing each chart in my long-term strategy. That was round one. Now, I’m doing round two. I’m still making mistakes, but so far there are a couple charts that I’m performing better on than round one.
But my mistakes are often due to fear of loss. I’ll convince myself that NOT taking the trade is the smart, conservative thing to do. But in reality, it’s just fear of loss. There is NO guarantee with any trade, but that’s what I’m looking for when it comes time to trade the real market (in demo). In my practice charts, it’s easier. Of course it is–it’s just practice.
But the live market actually costs when you lose. And I’ve had soooo many losses that I’m scared of them. Overcoming that fear is a challenge; I’m working on it.
Whoa! Lots of options. Thanks!
I just finished a template. But it’s a work in progress.
I actually don’t need a few things here: entryexit price, SL, duration of trade, buy/sell, lot size. I really just need the pictures, the date, and my thoughts. Journaling shouldn’t be so time consuming that it’s impractical.
Like I said, work in progress.
Hi, I agree with your approach. As a project manager, and previously as a development engineer of 50 years, I am programmed to spend at least 10% of my time organising and trying to continuously improve processes. I realize this is not the best or only route to success, it is just my comfort zone. I agree you do not need all those detailed stats, but your outcome (what you need to be convinced you are moving in the right direction) is your overall % profit (loss). In order to get that, if you only trade with one broker you should be able to get that from your broker’s record history. Most commonly, that should be available for export in a csv file (comma separated values), that can be imported into a spreadsheet. Once the raw data is in there, you can take your time to work out whether, over time, your losses are getting smaller, or your profit is getting larger. Best of luck with however you analyze your actions and outcomes.
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Some useful links there from @Mondeoman! One sentence from one link I think says it all:
“You can’t improve what you don’t measure!”
I hope @dushimes that you make good of these. Personally, I would say that I spend maybe 80-90% of my time analysing and waiting for trades - and certainly no more than 10-20% on open trades, probably a lot less, in fact.
Do you not see a core conflict in these two statements? On one hand you are saying that the signs are meaningless without the surrounding conditions but these conditions are always different. Then, on the other hand, you are saying you want every trade to come with a guaranteed profit?
That is similar to a weatherman always wanting to be 100% correct on tomorrow’s weather. But the conditions are always varying and it is impossible to be 100% - nor is there any need to be! There are always sufficient signs to give a high probability of the forthcoming weather and it is worth it even if sometimes it goes haywire. It is only the big picture that really counts.
That is why journalling your financial outcome is so much more important than just the details of each individual trade.
But, hey, what do I know about anything! 
I just took a look at your profile to see when you joined BP and I noticed this follows/following thingy. And I see that both you and @Mondeoman have zillions of followers all finding value in what you say…and how many do I have? zero…
That is a very humbling and deflating discovery 
. So I will take the obvious course and take up gardening instead.I like the BP calendar but it is time to drop out from the forum.
But as I said earlier, I sincerely wish you every success and hope that you get there, especially with all the night time vigils! 
Take care and good luck…
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Hi SovoS, I tried to follow you but your settings do not allow me to do so. I checked with a few other peeps and followed about 6 of them, but when I click on your profile the option to follow does not exist. Maybe ask an admin? We love you really - you are not ignored. 
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I also tried to “follow” you. @SovoS, and couldn’t. Then I tried to send you a message asking why not, and couldn’t.
Here is one of my favourite quotes:
“Just because you are not paranoid, it doesn’t mean they are not all out to get you” 
@SoroS. You do not exist to send you this message but I did send you a private message.
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Followers are not what’s important here. The whole point of BP is to support each other so we can keep going. And you’re a big part of that!
I understand you have your reasons, but we appreciate you here!
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Yes, there is a conflict. My fear of loss makes me have unrealistic expectations. That’s my problem.
But I’m working on it, and it’s starting to get better. For one thing, my account balance has never been as steady as it’s been for the past few months. Before that, it’s nosediving. It’s still going down, but much much much slower. Sometimes, it actually goes up. It may not seem like much, but for me it’s a positive sign for sure.
Thru my practice charts, I’m teaching myself to be patient, yet to be brave and take the trade when I actually see a sign. That’s why I keep telling myself:
Patience, young padawan.
I had an idea that I’ve been kicking around for about a week. I wanted to ask a friend to make a kind of pact with me. He also is studying investing, and I thought it would be a good chance for us to boost morale.
But then I changed my mind. People have different ways of doing things, and I have to respect their way–regardless of how positive I think my way is. It didn’t work last time with a different friend, and I doubt it would work this time.
In the end, I decided to say nothing.
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I missed some trades about two or three weeks ago. I saw a set up this week, but it was a fakeout.
I saw what I wanted to see, and didn’t consider the whole picture. I wondered how I could have known it was a fakeout. Then I look at my practice charts, and I see the same setup all over the place. I really SHOULD have known it was a fakeout.
I think I got too excited about the entry and didn’t think about the surrounding conditions. Well, now I know. But I have to pay more attention, not just to this kind of set up, but I have to think about how to identify surrounding conditions BEFORE I enter a trade.
One way could be to label different parts of the chart. I’ve done that, but only a little. I should think about doing that more thoroughly.
Actually, I could make some practice charts for that as well. I already have plans for such charts, but I have a lot of other practice to get through first.
Patience, young padawan.
A lot of stuff I write repeats. My mistakes repeat. Giving to fear, misreading the chart.
But I’m learning. I missed some entries, but as I think about them, more ideas click in my head.
My ultimate goal is to INTERNALIZE all my trading rules. That way, I can just look at the chart and know what to do: wait, stay out, hold, take the trade, pyramid, etc.
Through my mistakes and practice, I want my strategy to be permanently etched in my brain.
I just have to keep going, and connect the dots in my coconut. Patience and persistence.
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Everyday I use my excel spreadsheet. It’s a list of my 9 pairs. I write what I see that day, and I check the box next to it so I know I already reviewed that chart that day.
I overwrite it everyday–I don’t save it. I decided to try using it as a sentimental journal. Each day, instead of overwriting it, I create a new page.
Also, I added a section for ¨final thoughts for the day¨.
I found out the hard way that my broker (IG, now tastyfx) closes inactive accounts after 2 years.
Even though I use my demo account, I haven’t used my live account. And because the demo account is connected to the live account, they’re both closed.
I opened a new demo account, right away. Of course, my current positions were closed.
It reminded me to make a deposit and place a trade in my other accounts, which are also to be closed before the end of the month.
I didn’t realize so much time has passed since I opened those accounts. It reminded me that I gotta get moving and start building my account balance. I told myself I could start trading live once I have had 3 consecutive profitable months.
I’m sticking to that. But I really need to figure this out, and start trading better. Just like my friend told me, ¨It’s not a joke.¨
I’m treating the new account as a new start. Of course, it’s not–the account is different but I’m the same.
My demo account did nothing but go down since I opened it. It had small increases for two months, and that was it.
I practiced my long-term strategy, and I’m now practicing my short-term strategy. Once I’m done with the short-term strategy I’m gonna mix the two and practice both together.
Right now, I’m confident that I’m practicing the correct charts.
I’ve been practicing a lot of charts, but practice can’t go on forever–it shouldn’t. Meaning, it shouldn’t be practice and no improvement. That’s a bad combination–a waste of time actually. There has to be some kind of improvement.
I have to figure out why I’m making my mistakes. I have to figure out WHY I doubt the signals when I see them, and why I get so scared. Is it really just fear of loss due to soooo many losses I’ve had in the past? I have to retrain my brain to follow the strategy better.
I have to do SOMETHING different. I’m currently watching nine pairs. I thought about trading just three.
Focus on three, and try to trade them perfectly according to the strategy.
There’s some kind of gap between my practice charts and my live market trading. I have to find out what it is. Fear? Doubt?
I don’t believe in karma, but I’m pretending my closed account had bad karma. Sure, I was annoyed, but I’m using it as an opportunity to do some spring cleaning on myself.
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Could easily be, actually? I think that’s far more common than many people acknowledge?
You’re probably right. I have to take super baby steps and re-program my brain to trade correctly–fear or no fear.
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