There are numerous vital things that traders should keep in mind while intraday trading and short term trading in the stock market. One of the most important things that you must do as a trader is to keep a Trading Journal. With the help of a proper Trade Journal, you can review as well as evaluate your decisions periodically that are made in the past.
George Soros who is a highly successful investor (as of March 2021, he had a net worth of US$8.6 billion) is known to account for this tendency. He attained huge trading success by keeping a journal log of his reasoning behind every investment decision appropriately made by him.
What is a Trade Journal?
A trading journal is one of the most effective tools for great performance management for traders. It is a place where you record and review your trades on a day-to-day basis. By this, you can have better output along with future references. Moreover, an effective trade journal can help you track progress. Also, it can assist you in studying and managing the mistakes made at the time of entering or exiting a trade.
In addition to this, it is realized that if many traders start doing this, then it becomes mundane, and a kind of boring task. As a result, it can also fall out of discipline. After all, we cannot expect journal-keeping to always be fun. You need to just do it without thinking much.
How should a Trading Journal be?
You can create a trade journal either handwritten or can manage it by screenshots with reasons in a soft copy.
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