Need of Trading journal for Successful trading
Trading is a process of continuous learning. If a trader pays close attention to what was done wrong or could have been done differently in past trades, a trader can greatly improve future performance.
For example, a trader may notice that there is some commonality in certain trading situations. In fact, by doing a postmortem on all trades, a trader may be able to identify indicators with high degrees of confidence. Likewise, a trade postmortem may reveal a flaw or omission in proper trading procedures. In any case, a trader must make every effort to limit losing trades and a thorough trade postmortem is an important part of each trade.
The trade postmortem and analysis is the final step in closing out a trade. A trade has not been completed until this vital step has been accomplished.
Your Losing trades are your weakness where you were defeted by markets.Do not let your loss go for nothing.Learn from it,Analyse your mistakes.
Most Profitable Traders talk to themselves.Spend time with urself ask Yourself question i have listed and be Honest with the answer.
You yourself are your best critics
- Did I follow my trading plan properly?
- Did I do anything wrong and if so, why?
- If I did follow my plan correctly but I lost money, I am not hard on myself. Sometimes this happens!
- If I didn’t follow my rules but still made money, however, that’s a problem.
- “Why didn’t I follow my rules?”
- Was it lack of confidence in the system?
- Was it Fear?
- Or did my ego want to be the hero that sold the high?”
- If I bought or sold too soon, I want to find out why.
- Be honest, and ask good questions:
- “What worked?
- What will I do differently next time?
- What was I feeling when I ignored that trade?”
The Trading Journal-your best friend.
Do let me know your comments on trading journal.
Interested in Learning How to trade in Nifty/Stocks Profitably Intraday/Positional
If you are Loosing Money while trading it is because of 3 Reasons
- No Trading System -To Generate levels
- No Trading Plan -To Execute Trades
- Lack of Discipline
- Not Maintaining Trading Journal
We can help you out in on the same bottlenecks and help you in trading profitably.