Keeping a trade journal, or any other kind of journal for that matter, is a great way for both the trader and his system to improve, and remain in control of what he is doing. In this article, I will go over some tips to keep your journal organized, so it does not get lost and end up as just a bunch of scribbles. After reading this article, you will be ready to keep your trade journal organized and looking great.
The first thing I do when I get started with my trade journal, is to divide it up into sections, such as breakout sessions, entry points, support/ resistance levels, etc. Each of these sections has a place for your notes and analysis, which will help you to identify what trends are taking place for each entry point, support or resistance level, and any major developments that may take place in your system, such as the addition of new indicators. Once you have all of these sections in place, you should have a great idea of which entry point or support or resistance level you need to focus on and start entering at that point. If you need to get more information, then you should go back and re-read your journal as often as necessary to keep your entries current.
You should also try to make it a habit to check in with your entry point or support or resistance level at least once daily, so you will know what is going on with it and how to deal with it. This will allow you to make changes, such as the removal of support or resistance levels as you become more comfortable. You should also try to set an exit time for your entries, whether it be a few minutes or a few hours depending on how long it takes to analyze the information and make your decisions.
Another thing to keep in mind when looking over your entry point or support or resistance level is to make sure that you are not making your decisions based on emotion, but based on logic, and data. If you feel that the market is going to move in a certain direction, it is a good idea to take advantage of it by entering at that point and buying low and selling high. If you find that your system is making more errors, then you want to stop using it immediately.
Once you have done everything you need to with your entry points and support or resistance levels, then you can begin making decisions about your entry point. and support or resistance level. You will want to look at the data, such things as swing/direction trading, the volatility, momentum, and moving averages to help make decisions about which entry point to enter on. and how far to go to close with.
Finally, once you have made the decision on your entry point or support or resistance level, it is important to determine your exit point. If you are using a technical analysis system, you may want to use stop losses and profit stops, or maybe a combination of them, to help you decide the appropriate exit point.
When you decide which exit point you are going to use, be sure to use it for a few times, so you can see what happens. After you have tested it, you should be comfortable with your decision, so you will be more likely to stick with it. I recommend that you keep the exit point and entry point consistent with your entry and exit point, so you don’t get too caught up in losing.
Keeping a journal or journaling with charts is a great way for your systems to work and learn from each other. If you have any questions about trading, you should feel confident enough to ask, since you have done your research, and you know what you are doing.