Topic: A trader's best tool for consistent profits - page 2. (Read 366 times)

I used journal to record my success rate and how I'm doing with my trades. I'm only old school, I love to write everything down not just my trade but almost everything. When I do write, I tend to look at how I did right or wrong during a particular trade, so that I can avoid those mistakes in the future. Of course TA will always be there to analyses graph, however, as I have said, sometimes its better if you have something in your hand to look at that could spell success or failures in the failure.

Yes, those are theory but it's quite difficult if you implement in real situation.
There will be always factor X that will disturb our judgement especially when crypto consider as risky investment.

Overall, I just hold it rather than short term trading because It's less stress 

Using a journal is just kind of wasting your time, instead, spending time to write on it, you can do such time in studying and analyzing the graph price movement in the market. Those OP's stated above was right but no need to write it down to your journal just keep in mind these tips and probably sooner or later you will be successful soon. I think you may distract on this by monitoring the market price.

Majority of the traders are accepting your thought, so all the peoples are expecting and depressing at anytime. Nowadays those are want to quick profit they will take risk and some beginners are make big drops in trading. The tools are never proved the future reference so brilliant experience is a major tool for trading platform.

Money management is crucial in the trading (either forex, or crypto, or futures, ...). Proper allocation of capital for each trade, trading session helps the most for consistency in trading, in my opinion.

This is an important tool to successfully be in the market, yes.
This covers a whole area of trading psychology including not being greedy when you have made a profit.

You're right, a trader has to be disciplined and also avoid being greedy. Sometimes greediness can cost you the little profit you have been able to achieve in a day, due to you wanting more you can end up losing that little one you have managed to earn that day. So it is good for every trader to avoid anything that has to do with being greedy. Always set your target and stick to that and don't let anything change your mind unless you're 90% to 100% sure that it is going to work out then you can try it out. But if not, just stick to what you have started with.

When I was new in a trading field, i had a strong desire of writing down my trading journey. Journals as you said, will help us to become a successful trader. It may help us realize our mistakes and will improve our trading skills. I haf started it actually. But I did not continue to write down my tradings. I was depressed when I lose huge amount as a margin trader before. And I forgot that I did start writing a journal.

Here's what I jot down at the first page of my journal:

- The do's and dont's

1. Greed will mess up the trades.
2. Patience will make you success.
3. Do not Enter trades hastily.
4. Always use stop-loss.
5. Do not FOMO.

The next pages is the indicators or the technical analysis I am using before. Their uses, the use of timeframes, etc.
I almost forgot what I actually write down in my journal. It is because I was too pessimistic before that is why I ignored it.

Anyway, I do appreciate your tips here. I actually screenshot it on purpose for my future use. Thanks, buddy. It made me recall my "old journal".

Keeping a journal is critical for new and experienced traders to maximize their profitability. 3 reasons why you should use a journal if you don’t already ➕ what to include in your journal. 📓

1. Discipline
The self discipline needed to maintain a trading journal helps fortify a trader’s discipline in sticking to their trading plan. This is a valuable skill to build, and can only be built through doing. 🛠

2. Accountability
Recording your trades holds you accountable for your performance. Did you have a plan before opening the trade? Did you stick to that plan? 🎯

3. Analysis
Once trades are consistently being recorded, you can analyze those trades to improve your strategy. 📈 Example analysis of one’s trade journal might reveal that stop losses are getting triggered more than they should be. With that information, you might conclude that you are either buying too high or that your stops are too tight. A solution could be to focus on getting better entries, even though you might miss some opportunities by not buying sooner.

When looking for a journal or template, consider journaling both each individual trade as well as each trading session. Break down the profit/loss details for every trade, and reflect on your performance and emotions for each session.

❓For those already using journals - what have you learned about your trading since you've started journaling?