CREATING A PERFECT TRADING JOURNAL[PLAN]
A rough sketch of the minimum your journal must contain
🧵🪡🧶
A rough sketch of the minimum your journal must contain
🧵🪡🧶
Based on the mistakes majority of traders are guilty of, I decided to make this brief sketch of how your trading journal should look like,
Do you have a trading journal?
Do you have a trading journal?
The first thing your trading plan should contain a briefing of your trading style summed up with your finalized entry rule
Your entry rule is what triggers you to enter a position
Your entry rule is what triggers you to enter a position
As a standard trader should have certain pair(s) focus, put them down in your journal and always monitor them to understand their movement, create a dairy section inside your journal to take records of how they interact with you
A major thing you should add to the plan is your trading targets, either monthly/weekly/daily
From this you will be able to construct a cashbook containing expenditure & savings
From this you will be able to construct a cashbook containing expenditure & savings
Another thing that must be included in your trading plan is the “All about my losses” section, you should have a targeted loss in a day. With your trading style, work on your R:R to minimize losses & maximize profits.
The section themed “All about losses” must also have certain recordings of the potential causes of losses incurred on your trading account in order to learn & avoid next time
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