The most imp discussion which happened in this meet was about #Journaling by @Anuragg_CA.
Can't thank enough to @swing_ka_sultan bhai for this initiative.
Excerpts of the discussion are as follows:
#tradingjournal
#tradingdiary
#tradeanalysis
#trademanagement
#tradingpsychology
Can't thank enough to @swing_ka_sultan bhai for this initiative.
Excerpts of the discussion are as follows:
#tradingjournal
#tradingdiary
#tradeanalysis
#trademanagement
#tradingpsychology
To improve UR trading performance, maintaining a trading journal is a crucial practice for tracking UR portfolio, analyzing UR trades & improving overall performance. Here's a step-by-step guidance on how to journal your trading portfolio effectively as discussed at the meet 👇.
𝟭. 𝗦𝗲𝘁 𝗨𝗽 𝗬𝗼𝘂𝗿 𝗝𝗼𝘂𝗿𝗻𝗮𝗹:
Create columns or sections for the following information:
a. Trade Date
b. Ticker Symbol
c. Entry Price
d. Exit Price
e. Trade Type: long (buy) or short (sell).
f. Position Size: The number of shares or contract size.
Cont...
Create columns or sections for the following information:
a. Trade Date
b. Ticker Symbol
c. Entry Price
d. Exit Price
e. Trade Type: long (buy) or short (sell).
f. Position Size: The number of shares or contract size.
Cont...
g. Trade Result: profitable or a loss.
h. Trade Duration: The length of time the trade was held.
i. Reason for Entry: The rationale behind entering the trade.
j. Reason for Exit: The reasons for closing the trade.
k. Lessons Learned: Key takeaways and insights from the trade.
h. Trade Duration: The length of time the trade was held.
i. Reason for Entry: The rationale behind entering the trade.
j. Reason for Exit: The reasons for closing the trade.
k. Lessons Learned: Key takeaways and insights from the trade.
𝟮. 𝗥𝗲𝗰𝗼𝗿𝗱 𝗘𝘃𝗲𝗿𝘆 𝗧𝗿𝗮𝗱𝗲:
Promptly enter the details of each trade you make, including the above-mentioned information. Be consistent in updating your journal after every trade to maintain accurate records.
Promptly enter the details of each trade you make, including the above-mentioned information. Be consistent in updating your journal after every trade to maintain accurate records.
𝟯. 𝗥𝗲𝘃𝗶𝗲𝘄 𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗧𝗿𝗮𝗱𝗲𝘀:
a. Analyze Winning Trades: Look for patterns, strategies or reason that led to your successful trades.
b. Document the Factors: Note down the specific reasons that worked in your favor.
Cont...
a. Analyze Winning Trades: Look for patterns, strategies or reason that led to your successful trades.
b. Document the Factors: Note down the specific reasons that worked in your favor.
Cont...
c. Assess Timing: Evaluate the entry and exit points to identify and understand effective timing strategies.
𝟰. 𝗔𝗻𝗮𝗹𝘆𝘇𝗲 𝗠𝗶𝘀𝘀𝗲𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀:
a. Identify Missed Trades: Look for potential trades you considered but did not execute.
Cont...
𝟰. 𝗔𝗻𝗮𝗹𝘆𝘇𝗲 𝗠𝗶𝘀𝘀𝗲𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀:
a. Identify Missed Trades: Look for potential trades you considered but did not execute.
Cont...
b. Analyze Reasons: Determine why you missed these opportunities (e.g., fear, indecision, lack of information, etc).
c. Learn from Missed Trades: Use these insights to improve your decision-making process in the future.
c. Learn from Missed Trades: Use these insights to improve your decision-making process in the future.
𝟱. 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝗙𝗮𝗶𝗹𝗲𝗱 𝗧𝗿𝗮𝗱𝗲𝘀:
a. Identify Losing Trades: Review trades that resulted in losses.
b. Identify Mistakes: Identify any errors in judgment, strategy or execution.
c. Risk Management: Evaluate whether U adhered to proper risk management.
Cont...
a. Identify Losing Trades: Review trades that resulted in losses.
b. Identify Mistakes: Identify any errors in judgment, strategy or execution.
c. Risk Management: Evaluate whether U adhered to proper risk management.
Cont...
d. Learn from Failed Trades: Document the lessons learnt & adjust UR approach to avoid similar mistakes in future.
𝟲. 𝗥𝗲𝘃𝗶𝗲𝘄 𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲:
a. Calculate Key Metrics: Calculate UR average PNL, win rate, R:R ratio & other performance metrics.
Cont..
𝟲. 𝗥𝗲𝘃𝗶𝗲𝘄 𝗢𝘃𝗲𝗿𝗮𝗹𝗹 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲:
a. Calculate Key Metrics: Calculate UR average PNL, win rate, R:R ratio & other performance metrics.
Cont..
b. Assess Trading Psychology: Reflect on UR emotions, discipline & mental state during trades.
c. Identify Areas of Improvement: Pinpoint specific aspects of UR trading that need improvement.
d. Set Goals: Based on UR analysis, establish actionable goals to enhance performance.
c. Identify Areas of Improvement: Pinpoint specific aspects of UR trading that need improvement.
d. Set Goals: Based on UR analysis, establish actionable goals to enhance performance.
𝟳. 𝗥𝗲𝗴𝘂𝗹𝗮𝗿𝗹𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 𝗬𝗼𝘂𝗿 𝗝𝗼𝘂𝗿𝗻𝗮𝗹:
Schedule regular intervals (e.g., weekly, monthly) to review your trading journal. This habit will help you stay accountable and track your progress over time.
Schedule regular intervals (e.g., weekly, monthly) to review your trading journal. This habit will help you stay accountable and track your progress over time.
Purpose of a trading journal: To provide U with valuable insights & a historical record of UR trading decisions. By consistently reviewing & learning from UR journal, U can refine UR strategies, capitalize on opportunities & minimize potential pitfalls in UR trading activities.
@Anuragg_CA bhai do correct me if I've understood anything otherwise or have missed out any critical points of Journaling which you discussed during the meet.
I've tried to summarize them here as easy to understand as possible.
Thank you for your wisdom shared in the meet.
I've tried to summarize them here as easy to understand as possible.
Thank you for your wisdom shared in the meet.
That's a wrap.
If you enjoyed this learning, try to be part of such upcoming meets arranged by @swing_ka_sultan bhai and @Anuragg_CA bhai in future.
Happy learning !!!
If you enjoyed this learning, try to be part of such upcoming meets arranged by @swing_ka_sultan bhai and @Anuragg_CA bhai in future.
Happy learning !!!
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