WHY YOU NEED TO HAVE A TRADING LOG OR DIARY?
If you are not measuring it, Then you are not improving it
Usually, traders keep jumping from one method to another (I also did at the start)…
* One indicator after another
* One book after another
* One mentor after another
* One seminar after another
* One forum after another.
This is the infamous “search for the Holy Grail.”
Sorry, doesn’t exist.
Okay, we’ve all heard that the psychological aspect of trading is the key to success. But HOW do you tap into it?
There’s only one way I know.
Through the hard work and the daily drudgery of keeping a trading log of every trade you take.
By recording, and reviewing every trade you take (along with the ones you didn’t take, but should have), you’ll learn more than from any book, seminar or video.
This feedback mechanism is the key to success.
Like all subjects of Master:
You begin by adding. You need to acquire the information, the principles, and rules of successful trading.
After you spend a long time accumulating all the information, then you strip it away. You simplify until you find an approach that works for you.
Then you simplify further by eliminating your mistakes.
Someone once told me: “Successful trading is simply a business of not making mistakes”.
We’re not aware of how many mistakes we’re making until we keep a trading log of every trade, and then review it every day and again at the end of every week.
I haven’t met a trader yet, who following this discipline, hasn’t been absolutely amazed at what a large percentage of their trades broke their own trading rules (the definition of a “mistake”).
Beginners work on trading.
Masters work on themselves.
Happy Trading, If you want to know more then feel free to contact me on my e-mail id.