Here's Why You Need To Keep A Trading Journal

Trading isn't easy. But you can prepare! The best way to prepare yourself is to track EVERYTHING. Write down every detail. This can help you identify your strengths and weaknesses as a trader to help you improve your strategy.

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FULL DESCRIPTION

What the heck is a trading journal … and why do you need one?

You need to know what works for you as a trader, and that means you need to track your results. A great way you can do that is by writing down every trade detail. Then you go back and review them.

There are lots of ways to do this. You can use a paper journal, apps, or platforms like Profit.ly and StocksToTrade.

The market is like a constantly moving target. You have to know what your strengths are overall and in the current market. If the market changes, you need to adapt. It’s important to never get too comfortable.

Trading isn’t easy. But you have one advantage — the ability to prepare.

Study charts, video lessons, webinars — it can help you better prepare! You need to figure out where you excel. Some traders are better short-selling, some are better at going long. Some prefer trading in the morning, and others prefer afternoons.

The stock market will be there. There'll always be another hot stock, sector, or setup. Are you prepared for that? What can you learn from your past to better prepare?

Whether you use a spreadsheet, pen and paper, or Profit.ly, write down your trades! Write down every detail. What was your entry point? Where did you exit? What were your reasons for entering and exiting? How did it play out? How did you feel — were you comfortable? Write a short description of the trade. That's a good start.

What are your strengths? How does a trading journal help you? Leave a comment below and let me know!

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#TimothySykes #Pennystocks #Investing

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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here