One of the most important tools for any trader is a trading journal. Unfortunately, people often confuse analytics and statistics tools with a proper and real trading journal. A trading journal can be a record of your trading activity, and it can help you track your performance, but it is not only that. It is the tool that will spot your strength and weaknesses, make you confront it and help you overcome it by the simple fact of writing about it and about yourself.
In this article, we'll discuss why a proper trading journal is an essential tool for any trader.
The Benefits of Keeping a trading Journal for Performance Analysis.
A trading journal is a great way to track your performances and establish statistics about your activity such as knowing on what market you are the more and the less performant, how long you keep your winning trade on average and how long you keep your losers, verify if your risk management is respected etc... All those things are absolutely essential for a trader in order to know what he is doing and to be in control of what he can. A trading journal can not only help you keep track of those mathematics, it can also help you identify patterns in your trading, such as when you are more successful and when you are most likely to make mistakes.
Overall, keeping tracks of past trades and collect datas is an essential part of a trading journal. But thinking that there is nothing more than that is clearly missing the biggest advantage of a trading journal.
Unlocking the Power of a trading Journal for Maximum Profits.
A proper trading journal doesn't just give you the statistics, it relies on it to help you progress. It makes you think about your past actions to build the next one in order to obtain a better result. The real power of the trading journal is that it will literally give you a direction to move forward. Among your trading plan, why you trade (THE why), the positions you opened and their outcomes, your trading journal should mention your affirmations to improve trade after trade, feedback after feedback, review after review. You have to write the actions you are going to implement in order to be a better trader.
You made a trade, it was a winner, your journal should help you to debrief it, what you did good, what you did bad, what you can improve, etc... It should push you forward to your self development and to the overall improvement of your trading. Edge journal was created exactly for that purpose.
Edge journal, the only trading journal you need.
Here is a quote from Assad Tannous (@AsennaWealth) "Technology is always introducing new software to speed up the process of trading. The older I get, the more I realize you should be doing the exact opposite, which is slow down."
It is exactly the same with online tools like the so-called trading journal that just track your results. The point of having a physical trading journal is to write on paper and not on your keyboard, clicking and watching a YouTube video at the same time, it is to stop being in a rush and stressed by the markets, to have a meeting with yourself, to think clearly before you open or exit a position. Journaling on paper allows you to create a reflection you can not have on your screen.
Edge Journal is a guided trading journal that will make you skyrocket your self development as a trader. By journaling your trades with edge journal you will stick to your trading plan, stick to your money management, feedback and review your trades pages after pages and it will lead you to improvement like you never thought it would be possible.
Keep it simple, take your time, make yourself a coffee and journal on paper.
