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As a new trader, riding the emotional ups and downs can be a very difficult task. It is human nature to feel the pain of a losing trade. The losing often outweighs the positive feeling of any winning trade. Dealing with the emotion of trading can be an incredibly difficult task. It can cause even the best system to fail. A trading journal especially early on in a trading journey can provide important feedback and information about the effectiveness of an edge. The reality is that early on profit and loss can be terrible measure of an individual’s trading ability which is why a journal is so essential.
There are many different formats and styles of journals that can be used. Some like to base their journal around a calendar. Others like to pick out their best and worst trade each day and analyse them intensely. In the end, it doesn’t matter what style is chosen if a consistent structure is followed. Both quantitative and qualitative measures that ca be used to measure performance.
What to include in your journal?
Below is a breakdown of elements that can be analysed in the trading journal.
This list should not be seen as exhaustive, and traders can tinker and adjust to suit their own trading strategy.
Reviewing the journal.
It is important to review the journal at the end of a set time whether it be weekly or monthly to see if common mistakes are occurring or a theme is emerging. If the same mistake keeps occurring, it may act as point of emphasis for future journaling or improvement. Ultimately, using a journal can accelerate the learning curve drastically especially for new traders.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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