Traders Journal

[suprsnipes]

Hi everyone,

I am wondering how many traders here use a journal and what information/ideas/comments you find useful to record...

Any feedback would be greatly appreciated.

 

[peter2]

Many people say that a journal is a helpful thing to have. I am yet to be convinced.
However I do use books to record "stuff".

(1) Trade book: This has all my stock trade setups that I have selected to use during the following week. As I trade using weekly charts this is done on Sunday pm. The book records the setup description, entry trigger, SL, risk, # shares to buy, etc. I also include daily setups when I see them while looking through the software scan results each evening. I enter the orders into the market from this book.

(2) Forex book: New. Started looking at the forex daily charts (6 majors + 2 minors), so I use this to record the trading setups in these markets. I also check the 8 hr charts for earlier entries and record these prices if appropriate. Funny how a setup is easily seen the day after it works out. Now I can go back a day and read what I saw then.

(3) General Ideas book: If I have an idea that will require research then I write it in this book. I describe the idea and the immediate advantages and disadvantages. The ideas might be a new trading setup, pyramiding strategies, option trading, forex trading, links to good articles etc. Then when I have some free time I review the ideas in this book and start looking into them in more detail. This is how the forex trading started.

All completed trades are reviewed and my trading performance in each trade is scored. Not recorded in a journal as such. At regular intervals (4m or 6m) I will review my trading stats and compare actual results with goals and find the things I need to do better. I am using this to specialise, ie find the trading that makes the money so I can do more of it, instead of time wasting.

I don't have a journal to record my "feelings" as I enter or exit a trade or what I think about a market each day or how I am feeling. If others do I would like to know how it helps them.

 

[suprsnipes]

Thanks Peter,

I have been using a journal daily for a few months now and I record the following;

1. Trading losses
2. Trading ideas and comments
3. Psychological, feelings I have and how they are effecting my trades and potential profit
4. Morning update or target band for EOD on the S&P ASX 200 Index

I have found taking this information useful and I know when I update my trading strategy (which I'm certain I will do many times, not because it's not working but if it isn't broke make it better) I intend to look over the journal in more detail.

 

[wildkactus]

Use one just for recording trades, The uses I find for it are:
- Allows for the checking of one trade against another, ie what has happen with a previous trade of the same code.
- Allows me to review each trade in detail, good, bad, ugly
- Alows me to review to see if I am making the same mistakes over and over again

I record, all information to do with that trade,
resons why trade was taken and exited.
Entry point, Stop loss, number of shares, etc
I also add a chart of the entry, and then another of the exit.

 

[cordelia]

I have to say that I never used to write record my entries or exits until I went back over some trades I had done and couldn't remember why I done them. Its embarrassing but in the beginning I didn't write anything down...

Now I have three files:

1. Planned trades
2. Current trades
3. Completed trades

I take screen shots of my entries and exits with notes.

Also I keep a daily record of my decisions concerning any current positions. Its interesting to look back and see if they were valid.

Looking back at any chart it is easy to see trends movements etc...but when you are right in the moment it is not so easy.....I write down all my thoughts and ideas on the day as I go....