Is trading journals worth it? - page 3.

Silberman

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Quote from: Finestream on March 23, 2022, 01:12:26 PM

Quote from: Reid on March 15, 2022, 07:23:29 AM

It's not easy to be emotionless during trading so yes, there's a part that it will ruin your plan.
Journals. A simple spreadsheet will help with date, time, entry amount, losses, and gains. But, not all people could do that and just want to trade on spot, do what they can for a day and try to get lucky and make profits. Not lazy people, just don't want the hassle of putting everything on record.
Like for example I put in $1000, while it doesn't go below that or any further below (converted) then one may say he is doing pretty well so jotting everything down is unnecessary.

Keeping a trading journal is always a trader's choice. If you can succeed without even the need to jot down everything about your trader's gains and loss, then so be it. However, there are still lot of successful traders who always end up keeping their trading journals because it will always remind them to stick with what they are good to, and leave those strategies that seems not working. Having a record of your past trading journey will help you decide what to improve and what to leave behind as they become irrelevant to you.

While you can become a successful trader without using a trading journal I still think it is a very useful tool, after all there are trading systems that depend very heavily on the instincts of the trader, however we know that as you gain more experience those instincts will become even more refined, which means that what you saw back then will be completely different than what you could see in a few years down the line, so it is important to keep detailed records so you can read what is what you saw when you made that trade so you can compare it to what you can see right now and see how much you have improved over the years.

LUCKMCFLY

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Quote from: TelolettOm on March 20, 2022, 06:53:00 PM

Trade with emotion is one of the factors why many traders lose easily when trading. they are too hurried up, impatience, greedy, and other emotional situations that can break their exact strategy that has been managed for a long time.
The existence of a trading journal may be for the evaluation. The evaluation can be many things from, it can be from what indicator to use that cause wining or losing, the emotional management, the reasons why loss, the reasons why win, and amount to manage and others. I think that trading journal will be benefit when we really know that the journal can teach us many things, not only as a journla.

The truth is that I had never considered a trading journal, I think that just applying our strategy is enough, but to be clearer about our objectives in trading, it is something like that tool that must always be registered, not only that it remains in the Exchanges where is operated, but it would also be interesting to put it and keep it in our own records, just for the moment in which there is a failure in the operations, it can be recorded and know the exact reason under which it failed, I think it is a way to study more trading, some market speculators like Jesse Livermore always wrote everything down in a notebook, I think that's where he got his books from, those notes.

darewaller

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Quote from: stomachgrowls on March 24, 2022, 02:12:45 PM

Its a matter of self discovery because not all who do take note journals would really be just necessary nor being that effective towards his trades and you are the only ones who would able to find out

for yourself thats why its a matter of self preference or choice because not all would really be that willing to do so just because of some reasons neither they are really that in hassle manner or wont really
be that necessary for them to do so.
Trading does really need some certain things which would be helpful or beneficial for you and if you do find out that it is relevant then normally you would really be following it.

I do believe that it would allow people to learn what type of trader they are and what type of trading they should do as well. I mean you are right, it is a way that people would be allowed to learn more about how they trade, their mistakes but also their success and they will figure out what type of trader they are.

This means that they could shape the way they are trading in order to accommodate the new strategies accordingly. Like if you do X way of trading, then doing a Y way of trading would be bad for you and from the journal you could learn that you are X way of trader and you wouldn't even need to learn the Y way because of that.

stomachgrowls

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Quote from: Finestream on March 23, 2022, 01:12:26 PM

Quote from: Reid on March 15, 2022, 07:23:29 AM

It's not easy to be emotionless during trading so yes, there's a part that it will ruin your plan.
Journals. A simple spreadsheet will help with date, time, entry amount, losses, and gains. But, not all people could do that and just want to trade on spot, do what they can for a day and try to get lucky and make profits. Not lazy people, just don't want the hassle of putting everything on record.
Like for example I put in $1000, while it doesn't go below that or any further below (converted) then one may say he is doing pretty well so jotting everything down is unnecessary.

Keeping a trading journal is always a trader's choice. If you can succeed without even the need to jot down everything about your trader's gains and loss, then so be it. However, there are still lot of successful traders who always end up keeping their trading journals because it will always remind them to stick with what they are good to, and leave those strategies that seems not working. Having a record of your past trading journey will help you decide what to improve and what to leave behind as they become irrelevant to you.

Its a matter of self discovery because not all who do take note journals would really be just necessary nor being that effective towards his trades and you are the only ones who would able to find out

for yourself thats why its a matter of self preference or choice because not all would really be that willing to do so just because of some reasons neither they are really that in hassle manner or wont really
be that necessary for them to do so.
Trading does really need some certain things which would be helpful or beneficial for you and if you do find out that it is relevant then normally you would really be following it.

Finestream

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Quote from: Reid on March 15, 2022, 07:23:29 AM

It's not easy to be emotionless during trading so yes, there's a part that it will ruin your plan.
Journals. A simple spreadsheet will help with date, time, entry amount, losses, and gains. But, not all people could do that and just want to trade on spot, do what they can for a day and try to get lucky and make profits. Not lazy people, just don't want the hassle of putting everything on record.
Like for example I put in $1000, while it doesn't go below that or any further below (converted) then one may say he is doing pretty well so jotting everything down is unnecessary.

Keeping a trading journal is always a trader's choice. If you can succeed without even the need to jot down everything about your trader's gains and loss, then so be it. However, there are still lot of successful traders who always end up keeping their trading journals because it will always remind them to stick with what they are good to, and leave those strategies that seems not working. Having a record of your past trading journey will help you decide what to improve and what to leave behind as they become irrelevant to you.

Cling18

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Quote from: Accardo on March 12, 2022, 09:24:25 PM

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?

As for me, that will be a big help for you to track your previous trading transactions. In case you lose, then you'll be able to check and track back your mistake and if you gain a good profit, then you'll know what strategy would suit you. It's a good thing that you'll have a record to rely on because you could use it for your improvement as a trader.

tygeade

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Quote from: Hamphser on March 22, 2022, 07:04:39 AM

As long you dont rely on what you are reading or able to snip out then it would be good for you to at least have some guide or ideas on applying it into your own analysis even though it might rather be helpful or not.

This market is unpredictable which it is really that normal that you would commit countless mistakes but what is important is that you do able to make out learnings and gain experience with those.

Its neither you would create your own personal journal or would read up on others.Do all sorts of things which you do see to be worth or would be helpful for you.

That is the thing about people not understanding about "dyor". I mean of course you should do your own research, but how would you know how to do it if you do not learn from others.

Just keep a trading journal, study what people thought you, check to see where it went wrong on the journal, see if it is a consistent thing with something you learned, see if you missed something, and remove it completely if it is a bad lesson. That is how you get better, you do check others, but you compare your results on the journal to make sure that you are on the right path and it wasn't some scammer "teaching" a lesson he barely understands himself.

Kasabus

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Quote from: mk4 on March 12, 2022, 11:37:50 PM

Some traders do write down what they feel or what they were thinking the moment they make a certain trade, and they use the journal to see mistake patterns and learn from them. e.g. you might not realize that you might have been FOMO'ing a lot, and checking your journal might help you see that.

That's exactly why keeping a trading journal is important because it will help you track your past mistakes and losses so you won't be doing the same mistakes again in the next trades. Also, it will show how well you do in trading when you focus using your strengths. That way, you can be more successful in trading when you focus more on your strengths and do things to improve your weakness.

Silberman

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Quote from: TelolettOm on March 20, 2022, 06:53:00 PM

Trade with emotion is one of the factors why many traders lose easily when trading. they are too hurried up, impatience, greedy, and other emotional situations that can break their exact strategy that has been managed for a long time.
The existence of a trading journal may be for the evaluation. The evaluation can be many things from, it can be from what indicator to use that cause wining or losing, the emotional management, the reasons why loss, the reasons why win, and amount to manage and others. I think that trading journal will be benefit when we really know that the journal can teach us many things, not only as a journla.

As long as people are honest about why they made their trades and they are constant a trading journal is an incredible tool to learn from your mistakes, after all does not learning any other discipline works in the same way? If you go to college then you are going to be tested about the knowledge that it has been imparted in class, and you will see which answers you got right and which ones you got wrong, if you concentrate your efforts on improving where your knowledge is at the weakest then the next time you have to face similar questions then the chances you will make a mistake will diminish, improving the level of your performance in the process, and the same process happens if you use a trading journal.

Hamphser

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Quote from: Taskford on March 22, 2022, 07:00:25 AM

Quote from: Benefactor on March 22, 2022, 03:29:32 AM

I think everybody definitely know exchanging diary despite the fact that they didn't introduced on their gadget, they thinking carefully to recollect the amount they misfortune and the amount they benefit. These articles or diaries are only the gathered data from the experience of others so yes it will be useful.

Useful for the fact that you can learn from other mistakes and learn all things they possibly needed for their trades since its hard to trade without having a guide and also for sure we cannot afford to learn from our own mistake especially if we only trade a small amount of money which take a huge part of our earnings. So this thing is ideal for newbies to grab on because this is truly helpful to anyone.

As long you dont rely on what you are reading or able to snip out then it would be good for you to at least have some guide or ideas on applying it into your own analysis even though it might rather be helpful or not.

This market is unpredictable which it is really that normal that you would commit countless mistakes but what is important is that you do able to make out learnings and gain experience with those.

Its neither you would create your own personal journal or would read up on others.Do all sorts of things which you do see to be worth or would be helpful for you.

Taskford

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Quote from: Benefactor on March 22, 2022, 03:29:32 AM

I think everybody definitely know exchanging diary despite the fact that they didn't introduced on their gadget, they thinking carefully to recollect the amount they misfortune and the amount they benefit. These articles or diaries are only the gathered data from the experience of others so yes it will be useful.

Useful for the fact that you can learn from other mistakes and learn all things they possibly needed for their trades since its hard to trade without having a guide and also for sure we cannot afford to learn from our own mistake especially if we only trade a small amount of money which take a huge part of our earnings. So this thing is ideal for newbies to grab on because this is truly helpful to anyone.

Questat

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Trading Journals should be encouraged for those who are in trading whether you are a newbie or an old-timer. As in this way, we can lessen the possibility to lose and being misguided. This helps instead to reach success.

Quote from: teosanru on March 18, 2022, 11:08:49 AM

But a trading journal would every day remind you of the mistakes, especially when you are in a similar market situation which you have encountered before this will become even more effective.

That only happens if they are really motivated to keep everything on a note. This strategy becomes more helpful if we take this as our basis for trading.
Doing this really needs dedication and we don't just take for granted the mistakes and wrongdoings we did or else, this makes no sense.

Benefactor

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I think everybody definitely know exchanging diary despite the fact that they didn't introduced on their gadget, they thinking carefully to recollect the amount they misfortune and the amount they benefit. These articles or diaries are only the gathered data from the experience of others so yes it will be useful.

TelolettOm

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Trade with emotion is one of the factors why many traders lose easily when trading. they are too hurried up, impatience, greedy, and other emotional situations that can break their exact strategy that has been managed for a long time.
The existence of a trading journal may be for the evaluation. The evaluation can be many things from, it can be from what indicator to use that cause wining or losing, the emotional management, the reasons why loss, the reasons why win, and amount to manage and others. I think that trading journal will be benefit when we really know that the journal can teach us many things, not only as a journla.

Woodie

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Quote from: Accardo on March 12, 2022, 09:24:25 PM

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.

I have to agree with what the article said, Trade discipline takes quite sometime to develop after hitting a few pitfalls before developing trading plans and applying money management to our trades. And I think the main culprit that leads to trading with emotions is we do not acknowledge that we can not always win,hence when we see a nice trade setup we take it and risk a lump some on it without weighing the possibility of a failed trade.

Quote from: Accardo on March 12, 2022, 09:24:25 PM

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.

Sounds like a good idea but this could be too much work Roll Eyes

Quote from: Accardo on March 12, 2022, 09:24:25 PM

What are your thoughts on having a trading journal to better your trading experience?

Tbh, I have not taken this up but if this is likely to improve my trading journey then journal's it is

LUCKMCFLY

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Quote from: Japinat on March 15, 2022, 04:46:05 PM

Quote from: davis196 on March 13, 2022, 07:07:34 AM

Quote

Putting these activities down in a journal does it helps a trader to make a better decision?

A trading journal can't always help a trader to make better decisions,but it can actually stop the trader from making bad decisions.Making less bad decisions and less mistakes,rather than focusing on perfection(good decisions) is definitely a form of self-improvement.Nobody is perfect.
I've heard stories about Harvard students being required to maintain a journal.
Maintaining a journal can help you become more disciplined and discipline is a really important skill,when it comes to trading.Actually,it's not just trading.Having discipline and consistency is the key of success in every aspect of life.

For me, a trading journal won't guarantee success for a trader but it always draw a trader close to its success. Because its a good tool to track your progress, as well as your strengths and weaknesses. However, not all traders give importance on trading journals because they think they are already good enough, but its definitely where you can find an edge in the market to be more consistent profitable trader, than to stay in losses because you are not aware that you are simply repeating your mistakes again and again.

A trading journal is something unique and well, those who manage to do it have all my respect, but since it is always customary to have a trading journal when it is not achieved, I think it can cause a type of stress to the trader, if this happens It is necessary to emphasize that certain criteria must be taken into account:

1.- Do not fight against the market, nor seek revenge.
2.-Maintaining calm is the key.
3.-If the market goes against you, it is better to wait until the Stop Loss is triggered.

If they occur or if these factors are taken into account, I think it could lead to a path of success.

Silberman

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Quote from: lienfaye on March 15, 2022, 08:08:30 PM

Quote from: Accardo on March 12, 2022, 09:24:25 PM

What are your thoughts on having a trading journal to better your trading experience?

Well, its a good idea if you like to track your profit and losses in trading. By having a trading journal you can also monitor if you're improving as a trader or if the strategy that you're using is better than before (based on how much profit you earned).

However there are also people who would like to forget the past and move on. We know its not going to be a positive experiences only and some of us dont want to remember and dwell in it. Anyway it depends for every trader, in my case I dont think its necessary, as long as I learned from the past experiences and doing better now then that would be enough, no need to take note my profit and losses before.

You know what they say, ‘Those that do not remember the past are destined to repeat it’ it is important to keep a trading journal because it allows you to record your exact reasons of why you made a trade and what were you thinking at the time, and while recording a heavy loss can be heartbreaking if you improve your skills through it you will get to the point in which you will laugh about the mistake you made back then and instead of being a painful memory it will be one that made you grow and that was key to reach the success you were looking for.

teosanru

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Definitely yes, trading journal not only helps you in avoiding the mistakes that you have already done it also helps in you finding novelty ideas about trading. I can bet that you will forget the learnings from a lost trade if you don't keep a journal because human memory is just limited. But a trading journal would every day remind you of the mistakes, especially when you are in a similar market situation which you have encountered before this will become even more effective.

bitgolden

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Quote from: Joyawan13 on March 15, 2022, 11:01:59 AM

Quote from: ?? on ??

Taking note and updating the results of our trades gives us the awareness of where we are going now. It is a tracking tool that some traders use and I believe it was very helpful. By looking at the results, we can surely assess what we need to improve or what we need to sustain. This actually takes time to become a habit but we can ignore the huge help it gives back to us.

But on the other side, sometimes it bothers us especially if we notice of a consistent number of losses than profit, that surely it discourages us.

each sword must have a different strategy, where he certainly wants to get big profits, but usually traders who are not satisfied with the profits he gets and want to achieve even bigger profits and they usually will suffer very deep losses, and I please don't let that despair cause us to fall,

Obviously, there will always be type of people who will fail at trading and that is fine, if it is not meant to be then it is not meant to be and there is nothing wrong with that. At the end of the day we are talking about characteristic things and if you are not made for trading then you should try to stay away from it.

I believe that I am not made for trading, and that is why I do long term holding as long as possible, doesn't mean that I will never trade, I still do small time trading, but I know that I will not make as much money from it as possible and that is why I try to stay away from it as much as possible too. That is how I protect myself against from losing too much.

usekevin

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Keeping of records on a dairy is a good sense to became a successful trader. Now people using of modern gadgets for the records.But the important one is, you need to make use of old records for the current and future trade.Because the price of stable coin is like a cyclic one.When the price of coin reached 0.5$ in his variation. And it may reduced, but the same will increased again and reached the same 0 5$ and increased to the new high values.

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