How to Keep a Trader's Diary: Examples and Benefits
How to Keep a Trader's Diary?
A trader's diary is a must-have for anyone who wants to grow in trading. It helps analyze your trades, control your emotions, and improve your strategy.
Why do you need a diary ❓
👨🏻🏫Analyze your mistakes. By writing down your trades, you can see your weak points and understand where you make mistakes.
🏋️Developing discipline. Regular entries teach you to follow the rules and not give in to emotions.
📈Finding successful strategies. A diary helps you identify which approaches work best.
What to include in your entries ❓
📋Basic data: instrument (stock, pair), date and time of the trade, volume, profit or loss.
💵Market: what was happening at the time of the trade (trend, news).
💃Emotions: how you felt is important for combating impulsive decisions.
⚖️Conclusions: what can be improved or used in the future.
How to manage ❓
🟠Manual method: write everything down in a notebook or table.
🟠Programs and applications: such as Edgewonk or Tradervue simplify analysis and make notes visually understandable.
A trader's diary is your personal tool for growth.