We get it. Journaling is a mundane task for most people. But as traders, we need to maintain a journal. There are no cons to journaling. It provides a great deal of increment to a trader’s bottom-line performance.
Make journaling into a habit and incorporate it into your trading routine. If you are using a physical journal, place it beside your trading device. Do not forget the pen as well. We want to ensure that there is the least amount of resistance to journaling. On the other hand, if you are using an online journal, set the website link to open up during browser startup. Or place the journaling app right beside your trading app. It becomes a habit after doing it for some time, and you will stop thinking about doing it consciously.
What to write?
So what should you write down in your journal? Here are some suggestions;
Before you begin your trading session
- Upcoming economic/ political news
- The criteria you are looking for your trade setup
- Position sizing
While you are in a trade
- Do print screens as the market moves
- Your emotions (when market moves against you and vice versa)
After your trading session
- Metrics of trades taken
- How well did you execute your trading plan
- What do you feel about the outcome of the trade(s)
- What went right, what went wrong
- What can be done better in the next trading session
Remember, there is no right or wrong way to journal. Everyone has their preferences and knows what works best for them. Before we end this article, here are some paperless tools that might interest you
- Google Docs
- Telegram Channel
- Microsoft Excel
For MetaTrader users, myfxbook is a convenient tool as it allows you to link your trading account to the platform. You can then view your trading metrics such as P/L ratio, win rate etc. and look for ways to improve your system.