One of the biggest questions I get asked from traders is whether or not they should keep a trading journal and why.
In this video, we explore all the benefits to keeping track of your performance in addition to detailing exactly what you should be doing!
Fidelcrest is an award winning prop firm that funds traders worldwide with up to 2M in capital and offers generous profits splits up to 90%.
One of the biggest questions I get asked from traders is whether or not they should keep a trading journal and why. So in this video, we explore all the benefits to keeping track of your performance in addition to detailing exactly what you should be doing. Journaling your trades is essential for traders who want to succeed. Now, you may have tried to journal but you weren't able to stick with it for a really long time. And well, if you want to become and stay a profitable trader, then you must discipline yourself, break your bad habits and develop good ones such as journaling. Now, if you are unsure how to journal and why you should actually do that, then this video is just for you. Journaling your trades is essential for self discovery, it is a great tool for learning about yourself and everything begins with self awareness. Now you can't change what you don't know about yourself. So if you don't know say what kind of mistakes you tend to make, then how can you possibly get rid of them? How can you reduce them? Also, if you're unaware of your personality traits, then it will be a real struggle for you to find the strategy that works best for you. So when it comes to journaling, it is all about staying focused and trying to find out what are your flaws, but also what are your strengths. And if you finally start journaling, then it may also reveal to you what is inside of you. If you'd like to become a consistently profitable trader, it literally requires an extensive trading journal that you can review at the end of each week or each month. Plus journaling allows you to find out all connections between your decisions, your outcomes and your emotions. Now, the majority of professional traders have a trading journal as trading is all about getting better and improving ourselves. And let's be honest, we won't remember the details of every single trade. I mean, if you don't write down your notes, then find a way of journaling that's comfortable for you. Maybe you're not really a writer, you know, then you can still journal everything and an audio record. You can record your thoughts you can record how you felt and maybe how you feel about the trades that are successful, or perhaps the ones that are not successful. Why did you enter? How did you feel when the stock went up? Or down? And when did you get out, you should dedicate the first page of your journal to writing down all the rules that helped keep yourself from self sabotage, such as I will always use stops, I will never risk more than 1% on each trade. These rules may help protect yourself from making bad choices while trading. And it'll also help make sure that discipline is a part of your success as a trader. Now I know you're thinking journaling my trades is not going to make me profitable. Well, I know I get it, I really do I hear you. But here's the thing. If you are not sticking to your own trading rules and plan, it is highly unlikely that you'll succeed in the long term as a trader, trust me. So stick with your plans. Don't break your own rules, find a strategy that works best for you and keep on journaling. Write out all of your thoughts and record them. And then maybe at the end of the week, or at the end of the month, for example, you can go through that and you can read it or you can listen to it. And then you can see these connections between your emotions and your traits. So to recap, journaling your trades is absolutely essential. It is the most important part of becoming a better trader, you can find out what has been stopping you from your highest performance, or for example, what your motivation is to behave in the way that you do. You'll find out by journaling consistently and really writing it all down. Write in your notes about how you feel before your trading session. Then when you're all done, write down what happened and how it made your emotions change. Journaling is one of the best tools to become mindful of our trades to get to know ourselves better, and also to find out our strengths and our weaknesses. And if you take trading seriously, you should take journaling in the same way. So let me know how it works for you in the comments below. And thank you so much for watching.
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