Hey traders, wanted to share a thought on an important resource that doesn't get enough attention. I think the reason you don't hear a lot of people talk about it is because of how personal and brutal it can be.
The Trading Journal
"If you can't measure it, you can't improve it" -Peter Ducker
I hope everyone here already has a trading journal of some sorts. Personally, I have mine broken into 3 sections to make a whole.
***Trading Log***; This is just by the numbers, entry/exits, %'s, **main trigger**,etc. A few simple spreadsheets can go a long way in tracking performance past the analytics your broker may offer you.
***Daily Journal***; This is how I track mental performance. Trading/investing is a self sport, self-employment. You're responsible to tell yourself everyday what you did and why. It's also great for keeping the mountain of information we're bombarded with relevant to our trading plan.
***Weekly Review***; This is the probably the most important of the 3. I keep mine pretty simple with just four questions.
What went right?
What went wrong?
What did I learn?
What needs improvement?
I have found that no matter how well I've done any given week, the "what went wrong" question always has the longest and/or most answers. It's brutal, and it should be. This is where the hammer meets the iron.
Googledocs and Googlesheets are my preferred choices for keeping my 3 part Trading Journal.
Happy Trading
-CZefo
The Trading Journal
"If you can't measure it, you can't improve it" -Peter Ducker
I hope everyone here already has a trading journal of some sorts. Personally, I have mine broken into 3 sections to make a whole.
***Trading Log***; This is just by the numbers, entry/exits, %'s, **main trigger**,etc. A few simple spreadsheets can go a long way in tracking performance past the analytics your broker may offer you.
***Daily Journal***; This is how I track mental performance. Trading/investing is a self sport, self-employment. You're responsible to tell yourself everyday what you did and why. It's also great for keeping the mountain of information we're bombarded with relevant to our trading plan.
***Weekly Review***; This is the probably the most important of the 3. I keep mine pretty simple with just four questions.
What went right?
What went wrong?
What did I learn?
What needs improvement?
I have found that no matter how well I've done any given week, the "what went wrong" question always has the longest and/or most answers. It's brutal, and it should be. This is where the hammer meets the iron.
Googledocs and Googlesheets are my preferred choices for keeping my 3 part Trading Journal.
Happy Trading
-CZefo