The trading journal narrates the trader’s tale. People should take notes of their every trading steps so that they can be aware of their activities. This also helps to continue the trading growth. This is one kind of book which keeps the records of the previous trades of the traders. If you want to become profitable, you should keep this. To make a strong career, the financial journal will help you. This also helps to aware of the mistakes and recognize the strength which is very necessary to take the right steps. When you will confirm the approach or pattern that allows you to make money, you will able to make consistent profits. For these, people should keep a journal. However, this is also necessary to develop this properly.
Creating a Trading Journal
To develop this properly, the person is required to take notes of some necessary things such as entry and exit points, profits, losses, and so on. The investors also refer to which types of emotions interfere in the time of trade execution, what types of techniques have been applied, and how they have handled the situations. There are some additional information that is necessary to do this. For example, the dates of entering the trade, expired date, size of the position, the direction of the trade, stop-loss point, outcomes, and total costs. As a new Singaporean trader, it is very crucial to have these things in the record.
Five Tools to Create the Trading Journal
There are some components that are needed to create this. Goggle docs are used to keep the notes. Here, the table and charts can be used to keep the records. This is a word processing tool. The data was kept in the cloud so there is no chance to lose these. So, the person can stay tension-free. Google sheet is a free spreadsheet. The person uses it to put down calculations, metrics, and so on. He or she should not need to worry about the security of the data as these are stored in the cloud. Microsoft paint is also free instruments and used to develop the chart.
The trading view is also called the free charting package. The person can keep the details of the trade by opening an account. This allows the investors to draw the chart and get the view hereafter. Those who are looking to trade in the futures market, must visit https://www.home.saxo/en-sg/products/futures to know more about the trading environment. This will definitely chance the way you use the trading journal.
There are two ways of reviewing the record. These are being given here.
Recognize the Patterns that Lead to Winners
When people will able to identify the patterns that enable them to make profits, they will able to use this in the future. If you know this properly, you will able to know how to do this. This will help to make the progress and reduce the chance of losing. The person will also able to identify the opportunities for making money.
Recognize the Patterns that Lead to Losses
If the trader wants to avoid the mistakes, he or she needs to find out the reasons behind the losses. He or she will easily able to find out their losing streak from the previous data. After knowing about these, the investors will able to get a chance to find out the ways of decreasing the loss.
This is one of the best important components to develop trading. Successful people try to aware of their strengths and weakness by maintaining this. The journal provides a big scenario of the traders’ trading activities. But, people have to learn how to make this appropriate by putting down the correct data and how to review this properly. When the investor will able to do this carefully, he or she will able to achieve the target.