Key points about a psychological journal

Any trader who wants to succeed in the market cannot achieve this goal without keeping a journal and analyzing it. This is because it helps identify our weaknesses and strengths, allowing us to address weaknesses and reinforce strengths.

Some might say that our trading timeframe is one minute, and we don't have time to keep a journal. In such cases, we should take screenshots at the moment, immediately after closing a trade with profit or loss, and record the journal for that trade before entering a new one. We should ensure that there is no need to enter the next trade immediately after closing the previous one; this can seriously impact us in the long run, as it doesn't give us time to think and keeps us caught up in emotions, leading to consecutive trades.

In general, questions to consider when keeping a journal might include: Why am I losing? Is there a way to prevent or limit losses, and if so, how can it be implemented?

Similarly, regarding profits: What is the quality of my profitable trades? Can I increase my profits, and if so, how can this be achieved? These are parts of the trading plan puzzle that will be discussed in the future.

Do not make journaling difficult. To keep a journal, simply record the events and actions taken during trading in a way that can be reviewed later if needed, similar to video analysis, so we can understand what actions led to the results. The journal should be valuable for review, meaning that if referred to later, it should reveal weaknesses and strengths in our work. It should be clear enough that during review, we understand what happened at that moment.

We are here to work in this market and achieve continuous income to reach our financial goals. This goal is not achievable without gaining self-awareness, such as understanding which trades in which timeframe and market align better with our mental state.

We should record 30-50 trades to draw meaningful conclusions, as fewer might result in random patterns. For example, we might be randomly in an uptrend, and the first 5-10 trades are profitable, leading us to believe that the model used in these trades is suitable, such as adjusting the stop loss candle by candle instead of swing by swing. However, when the market cycle changes, such as entering a range-bound cycle, we see that this model no longer works. We might then think that we are not a good trader, when in reality, the model worked by chance at that time.

This rule applies everywhere and is not just specific to financial markets. For instance, if in a statistical survey, we want to gather opinions on the latest Apple phone model, and we ask in low-income areas, the majority might have a negative opinion due to the high price. Conversely, if asked in affluent areas, the majority might have a positive opinion. However, if the sample size increases and includes various parts of the city, more accurate statistical information is obtained. Similarly, in journaling, a sufficient number of long, short, continuation, and reversal trades should be recorded. Each can be categorized for more detailed analysis, such as whether continuation trades are more profitable and if so, how to increase their efficiency, or what common positive factors are present in profitable reversal trades and what elements contributed to their success.

Importance of a Trading Journal

Self-Assessment: A trading journal helps traders identify their strengths and weaknesses. By documenting each trade, including the reasons for entering and exiting, traders can analyze their decision-making process and refine their strategies

Improving Performance: Tracking trades helps in understanding what works and what doesn’t. If a trader notices consistent patterns in losing trades or profitable trades, they can make adjustments to improve their performance

Emotional Control: By reviewing past trades, traders can recognize emotional triggers that may lead to impulsive decisions. This awareness can help in managing emotions and improving decision-making.

Pattern Recognition: Over time, a trading journal can reveal patterns in a trader’s performance, including which strategies are more successful and which need adjustment.

By keeping a detailed and well-structured trading journal, traders can gain valuable insights into their trading habits and performance, which can ultimately lead to improved trading strategies and better overall results.

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