How else can you gain experience if you ignore your results if you don’t evaluate and analyze them? This is where keeping a diary becomes useful. Why? Because each trade, winner or loser, has a valuable lesson to teach you. But come on, you get the point… right? In case you haven’t already guessed it, none of the above reactions are good. I should just keep trading endlessly till I’m a millionaire – then I’ll buy everyone a drink! Yes, I’m invincible! I’ve got the best strategy ever and I should buy everyone a drink!ī. How would you behave this time? Here are a couple of typical behaviors:Ī.
Let me ask you one more question, don’t worry, this is the last question, I promise! Suppose now that you just won a trade, you’ve succeeded delightfully. If you think these behaviors describe you – keep reading. Blames everything on bad luck and leaves, very pissed, to do something else. Keeps jumping in more and more trades in order to make up for the losses immediately.ī. I know from personal experience that after a failure a newbie trader most likely behaves in one of the following ways:Ī. Well, allow me to explain the “why” and the “how” and the… the… hmm, that’s all! Before I answer to those questions let me ask you one, what do you do after a trade has expired? Suppose it was a loss, you’ve just failed miserably and now you’re angry. Why Should You Start Writing a Trading Diary? Luckily, after I finally found my own working strategy, I understood why I should keep a diary and today I’ll share with you the great advantages of having one! So I chose to ignore this great advice and later even forgot about it. Besides, there were so many other things I had to learn about and a diary didn’t seem to be as important. I guess it was partly because I didn’t even have a strategy to work with and hence nothing to write about. “What should I write anyway?” – I thought to myself.
When I read about the importance of keeping a trading diary the first time, it sounded so meaningless and dull. I know, it sounds sooooo boring, but please, bear with me. Yes, I’m talking about keeping a diary, a trading journal or whatever you want to call it.
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