Topic: Is trading journals worth it? (Read 719 times)
To grow as a trader, you need to keep track of your trades and check whether you are actually growing or not . That’s where I think trading journals come to their best use. You can use them to analyse your trades without missing out any detail.
I came across an article a few days ago. But, I can't trace it back to share the link here with you. But, some points that I can recollect from that article are as follows.
People trade with their emotions: they have an initial specific amount to trade but, getting on to the exchange they change their mind and trade higher amounts which results in big losses.
So under the article, I could remember points like writing down every action you've made while trading. Stuff like, I lost xx amount of money today, made x amount of profits today.
Putting these activities down in a journal does it helps a trader to make a better decision? Because I know of many people that are in control of their actions. They got these activities recorded on their brain. Regarding it's related to funds or assets. They may not forget a single activity immediately unless in the future. And it's one reason I can say that a journal is good for remembrance only. What are your thoughts on having a trading journal to better your trading experience?
I think the journal is very important to support the development of our trading. with the journal we can review the trading history that we have lived, especially if we make mistakes, then this must be made as neat as possible so that it is easy for us to read it. that way our trading knowledge will increase by knowing the usefulness of using journalsPeople trade with their emotions: they have an initial specific amount to trade but, getting on to the exchange they change their mind and trade higher amounts which results in big losses.
So under the article, I could remember points like writing down every action you've made while trading. Stuff like, I lost xx amount of money today, made x amount of profits today.
Putting these activities down in a journal does it helps a trader to make a better decision? Because I know of many people that are in control of their actions. They got these activities recorded on their brain. Regarding it's related to funds or assets. They may not forget a single activity immediately unless in the future. And it's one reason I can say that a journal is good for remembrance only. What are your thoughts on having a trading journal to better your trading experience?
If you do commit out some errors then it would really be that depending whether you do make out some adjustments or not or make some learning out from it.
Not all people are really good on making out some adaptation on various conditions.
If you do see that journals do really help you out then go ahead but if its not really that relevant since you do learn up on point then its also a good thing.
What are your thoughts on having a trading journal to better your trading experience?
I think this is a very good idea and we all should be doing it. When it comes to trading and investing I have two ways of keeping track of my trades. The first one is an excel sheet where I write down purchase price, dates, fees and which exchange I trade on. This is very short summary and I need it to get a quick overview and to calculate taxes. All the information is stored electronically and can be accessed from my phone. The second way how I keep track of my trades is an trading journal, it's a ledger where I write in by hand using different colors. The journal for me is not so much about at what price I am buying and selling, but rather the rational behind a trade. For me it's helpful to write down important research and what made me decide to enter a particular trade. Like that I can go back after a few months and see if it was a good trade and if my expectations where correct or wrong. Without the journal it would be too much to remember.
I came across an article a few days ago. But, I can't trace it back to share the link here with you. But, some points that I can recollect from that article are as follows.
People trade with their emotions: they have an initial specific amount to trade but, getting on to the exchange they change their mind and trade higher amounts which results in big losses.
So under the article, I could remember points like writing down every action you've made while trading. Stuff like, I lost xx amount of money today, made x amount of profits today.
Putting these activities down in a journal does it helps a trader to make a better decision? Because I know of many people that are in control of their actions. They got these activities recorded on their brain. Regarding it's related to funds or assets. They may not forget a single activity immediately unless in the future. And it's one reason I can say that a journal is good for remembrance only. What are your thoughts on having a trading journal to better your trading experience?
I think the journal is very important to support the development of our trading. with the journal we can review the trading history that we have lived, especially if we make mistakes, then this must be made as neat as possible so that it is easy for us to read it. that way our trading knowledge will increase by knowing the usefulness of using journals People trade with their emotions: they have an initial specific amount to trade but, getting on to the exchange they change their mind and trade higher amounts which results in big losses.
So under the article, I could remember points like writing down every action you've made while trading. Stuff like, I lost xx amount of money today, made x amount of profits today.
Putting these activities down in a journal does it helps a trader to make a better decision? Because I know of many people that are in control of their actions. They got these activities recorded on their brain. Regarding it's related to funds or assets. They may not forget a single activity immediately unless in the future. And it's one reason I can say that a journal is good for remembrance only. What are your thoughts on having a trading journal to better your trading experience?
Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
This is basically the case for almost every single thing in the crypto world. There are things that make it easy, and there are things that make it hard. I believe that the best way to trade would be to use a trade journal, so that you could go back and check it, but some people could find it futile and not helpful at all and just checking trading history is all there is to know.I literally write down the "reason" why I bought something and when I bought it and at what price, that way I know the way I think while buying it. That allows me to know the mindset, and change it, if it is wrong of course. You can't do that with a trading history chart, but I guess some people find it enough.
What are your thoughts on having a trading journal to better your trading experience?
Trading journal could be useful especially if you plan to make trading a living. If you have trading journal it can increase the success probability of your trades, you can assess where or what you did wrong during your trades. You can try many strategies then analyze what works best for you. Having trading journal will help you remind to not repeat the same mistake again. But as you become successful in trading, try not to depend on it to see if you are really getting good at it.
^ But as I can see, it is just wasting of time.
Instead, you will focus on your trading analysis, you are spending time on your journal which is not necessary for me. However, if this will not bother your trading activity still the decision is yours because trading for me needs to focus on searching and analyzing more technical stuff which is very hard if you do have not enough time for this. So for me? the answer will probably depend on you don't waste your time but instead remembering all your mistakes and correct it in the future.
You must be a real trader and have experience about it. I have been trading for like 2 years now, I have never thought of trading journal before and this will be because I do not need it, it adds no value, it is not needed and not necessary towards achieving successful trading and profit making. I am still thinking what can be on trading journal but I got none to think about. Instead, you will focus on your trading analysis, you are spending time on your journal which is not necessary for me. However, if this will not bother your trading activity still the decision is yours because trading for me needs to focus on searching and analyzing more technical stuff which is very hard if you do have not enough time for this. So for me? the answer will probably depend on you don't waste your time but instead remembering all your mistakes and correct it in the future.
You will gain experience in trading when you follow more and more notebooks. And you have to have an idea about the different exchanges so you can gain experience. The more you can trade, the more you will gain experience, but before you start trading you must follow a variety of steps that will help you. If you are trading journals If you follow then of course you will be successful.
If it helps you grow and improve your skills in trading then it's worth it. Trading journals could help you track your trading records including your profit which would be helpful for you to monitor your growth as a trader. Any tool that monitors your experiences will also serve as a guide and motivation for you to maintain or do more in trading. Through it, you could beat your own record.
Instead, you will focus on your trading analysis, you are spending time on your journal which is not necessary for me. However, if this will not bother your trading activity still the decision is yours because trading for me needs to focus on searching and analyzing more technical stuff which is very hard if you do have not enough time for this. So for me? the answer will probably depend on you don't waste your time but instead remembering all your mistakes and correct it in the future.
You will gain experience in trading when you follow more and more notebooks. And you have to have an idea about the different exchanges so you can gain experience. The more you can trade, the more you will gain experience, but before you start trading you must follow a variety of steps that will help you. If you are trading journals If you follow then of course you will be successful.
If it helps you grow and improve your skills in trading then it's worth it. Trading journals could help you track your trading records including your profit which would be helpful for you to monitor your growth as a trader. Any tool that monitors your experiences will also serve as a guide and motivation for you to maintain or do more in trading. Through it, you could beat your own record.
If you do not keep records then you will not have a precise idea of your biggest win or loss, your fastest win or loss and so on, by keeping detailed records you will know all of this information and more which will push you to try to get better and diminish your losses while improving your profits, and that can only be a good thing.
You will gain experience in trading when you follow more and more notebooks. And you have to have an idea about the different exchanges so you can gain experience. The more you can trade, the more you will gain experience, but before you start trading you must follow a variety of steps that will help you. If you are trading journals If you follow then of course you will be successful.
If it helps you grow and improve your skills in trading then it's worth it. Trading journals could help you track your trading records including your profit which would be helpful for you to monitor your growth as a trader. Any tool that monitors your experiences will also serve as a guide and motivation for you to maintain or do more in trading. Through it, you could beat your own record.
It depends, in my opinion.
Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
but certainly trading journals let us know what happened in the past and we must have progress to correct all these mistakes. By keeping a trading journal we can evaluate the results of our trades over a certain period of time and this evaluation is useful for developing a trading strategy that is suitable for your trading. Those who despair because of past mistakes will certainly not be able to step up to a higher rank, because they are still stuck at that level.Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
I keep several trading journals which I record every time I make a trade and it becomes my personal journal.
It depends, in my opinion.
Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
Yes, this is really just depending on someone on how they would really be treating these things to be that relevant with your trading outcomes and if you do see for it to be that relevant or useful for you then go ahead.Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
Worth of something does depend on someone yet we do have different experience on what we are dealing off with and if you do see its relevance then its good but if you do see its useless then dont
boggle up yourself on making some journals and you are just simply dealing on what are the current things you've been engaging into.
It depends, in my opinion.
Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
The key there is to have a trading journal right at the start or before you do your first trade (the actual/real trade and not the demo one's) so that you can stop once you know that your losses are already too much and you can not afford to lose more than that but if you haven't come to that point, you can still try correcting your mistake and hope that you can become a better trader one day.Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
If ever you haven't done a trading journal before but you are somehow good at trading, like you can pull a win other than losses then I think there is no need for you to create a trading journal as it can only be a hindrance to what you are currently doing.
In general, for beginners it is quite convenient. At least, with the right approach, you can get a very good result.
It depends, in my opinion.
Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
Other traders might find it helpful and others might find it devastating. Your mistakes that you wrote in your journal could help you to avoid the same mistake, which leads to growth because you're gonna find another way to correct it instead of doing it again. On the other perspective, looking at your mistakes in your journal might give you a certain impact like discouraging yourself to quit trading because you committed already a lot of mistakes and stopping trading is more wise.
Trade journals aren't so bad or aren't bad for use because it has its purpose, its benefits for those who use it. It can help a trader to monitor all his trades of he'd be able to see if he's progressing or not. It can make one to at least find out what they are good at or what strategies they are using that is working for them or not working for them, enabling them to make the necessary adjustments they need. It could also help in the area of risk management.
You will gain experience about trading when you follow more and more notebooks. And you have to have an idea about the different exchanges so you can gain experience.The more you can trade, the more you will gain experience, but before you start trading you must follow a variety of steps that will help you. If you are trading journals If you follow then of course you will be successful.
What that matters most in trading is experience, not trading journal, but I have heard people are doing that, but I did not know how that is convenient for them, I can vividly remember all that is happening in my trading life, the mistakes I made and what I did to make such mistakes from happening again, also I know if I lose, how much I lose and if I should stop trading or not. To be sincere, I have seen no reason for a trading journal, what I have see that is most important is experience, which is what trading journal can not give traders.in regarding with his engagement in the market and this is something depending on someone and there's nothing wrong with that.Being worth will really be the thing that you would be finding out for yourself.
For some people it might really be that irrelevant but its actually helpful for someone and its none of their business on what are the usage of those journals or tallys that you had made of.
So it does vary since people are different in terms of mindset and perceptions.
You will gain experience about trading when you follow more and more notebooks. And you have to have an idea about the different exchanges so you can gain experience.The more you can trade, the more you will gain experience, but before you start trading you must follow a variety of steps that will help you. If you are trading journals If you follow then of course you will be successful.
What that matters most in trading is experience, not trading journal, but I have heard people are doing that, but I did not know how that is convenient for them, I can vividly remember all that is happening in my trading life, the mistakes I made and what I did to make such mistakes from happening again, also I know if I lose, how much I lose and if I should stop trading or not. To be sincere, I have seen no reason for a trading journal, what I have see that is most important is experience, which is what trading journal can not give traders.
In general, I think that such a variant is quite good. At least given the current state of affairs - the option can be profitable.
You will gain experience about trading when you follow more and more notebooks. And you have to have an idea about the different exchanges so you can gain experience.The more you can trade, the more you will gain experience, but before you start trading you must follow a variety of steps that will help you. If you are trading journals If you follow then of course you will be successful.
I think getting yourself into trading early, definitely you will have to gain the experienced. As for the journals or notebooks, this is just one way to track your progress and I think not just in crypto trading, but all other business and endeavors has to be in writing, a data that you can have any given day to make a decision. So I would say that having a trading journal is the beginning is good, but it's not a must if you go past the beginners levels. Everything should be in your head by that time.
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