Everyone Should Use A Trading Log

Hello All,

Everyone should use a trading log.

A trading log is like a daily trading diary.

This will end up being a very valuable tool as you move ahead in your trading and investing career. You will be able to go back through your log and see exactly what you did right and where you went wrong.

You can do this online or keep a written journal. That’s up to you.

Here is the information I like to keep track of when trading.

Date,  Symbol, Entry Time , Entry Price, Exit Time, Exit Price, Profit/Loss Amount

You will also want to note if you used a stop loss order and at what price. Why did you set your stop loss where you did? Did you place it just below the alert price? Did you set it just below a support area?

Did you use a limit order that you set above your entry price to get out?

Make notes about the charts. What did you see?

What was my mood that day? Was I relaxed? Was I pushing it? Did I feel the need to make up a loss from a previous day? All this is critical to know.

You will find that going back over your trades you will begin to see patterns.

Go back over them when ever you have a free minute. You will be amazed at what you can learn about yourself.

Good Investing,

Mark