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Author Topic: My Trading Journal Makes Me Money  (Read 384 times)
South Park
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July 22, 2019, 05:21:02 PM
 #21

I honestly don’t keep tab on my trading, I just trade as it comes, and when I win I record the winning in my brain, and when I lose I record it in my brain also, a strategy that I use at a particular time is what I don’t keep and I think this is where journal functions most.

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The problem with relying on your memory is that we are not computers that remember every single detail about what we do, so a trading journal is a great way to keep track of why you entered in a trade, why you got out, what were you thinking and what were your goals when you made that trade, if possible you should also keep a backup copy of the charts since a visual aid can help you to understand very quickly why you got in and out of a trade.

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July 23, 2019, 07:51:18 AM
 #22

I love when my trading journal makes me money.

Or, in this case, saves me from losing it.


There’s tons of opportunities to trade out there, but not all opportunities are created equal… ⚖️

I used to focus on trading the coins that had tons of action with wild swings in price

New exchange listings, the hype coin of the week, those kinds of things.

The potential to win big, and quickly, is definitely there. 🎯

But I found I wasn’t hitting those wins often enough.

Instead, I was hitting my stop loss more than normal.

Looking back at my journal, it was because I would get impatient and buy quickly instead of waiting for a better entry.

Then I’d get shook out right before the price jumps up. 🍃

The evidence was clear.


From there it’s just a matter of tweaking strategy to optimize performance.

What has your trading journal taught you?
I wake up this morning to review my positions in the market and I was happy to learning that there was a trade I was to close on Sunday because bitcoin was going up against usdtq that I was holding but through my trading journal I have learned that bitcoin has been volatile and it might lose against usdt very soon and that happens this morning as my position is now in good profits.
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July 23, 2019, 08:03:24 AM
 #23

OP, I'm genuinely curious as to what kinds of things you write in your trading journal.  I'm all for keeping a journal in general, but I don't know what kind of an advantage a trading journal gives you.  Do you write your thoughts in it about coins you're trading, or is it more just data?

Trading Journal is somewhat very useful

I usually indicates what style did I use, indicators, TF, RR, pairs
Yeah, but can't you just see all of this information by looking at your trading history on whatever exchange you're using?

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Mr_Akbar (OP)
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July 26, 2019, 05:26:54 AM
 #24

OP, I'm genuinely curious as to what kinds of things you write in your trading journal.  I'm all for keeping a journal in general, but I don't know what kind of an advantage a trading journal gives you.  Do you write your thoughts in it about coins you're trading, or is it more just data?

I actually keep two journals. One for each trade, and one for each session.

For keeping track of each trade, you'll want:
Date/time, which coin, position size, average buy in, plan for profit take and stop loss, where you actually sold, and any additional details/notes on the trade itself
Example would be:
7/26/19 12:00, REN/BTC, 0.05 BTC, entry 1400, take profit at 1442, stop loss at 1386, actually sold at 1433, "sold a bit before profit target because it looked weak"

To journal each trading session, you need:
Date, describe how you felt before trading, rate emotional state from 1 to 10, starting capital, describe how you felt your session went, rate the session 1 to 10, ending capital, performance, any notes
Example would be:
7/26/19, woke up to find my dog had diarrhea all over the place, 2, 0.5 BTC, got frustrated during the session but was able to clear my head and stay the course, 7, 0.51 BTC, 2% profit, had to take an hour long breather but when I did I was more successful and less emotional to end the day in profit

This can be done with a simple excel sheet, and with that you can run analysis on your trades beyond even just reviewing them.

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