For 2014 I would like to wish all of you discipline and patience in your trading!
Due tomorrow at 8:30AM Eastern are Monthly Unemployment numbers (AKA non farm payroll). It is important for one to keep a trading journal for these type of reports and events to reflect and remind yourself on how the future markets behave during different situations, events and reports. The point of the story is that keeping a trading journal has MANY ADVANTAGES…. and I highly recommend it.
I keep notes on the following:
- Different methods I test
- Market behavior during different economic reports
- Things I did well, mental state of mind
- Mistakes I have made, the reasons I did and how I can try to avoid these mistakes
- Different indicators, chart settings, ideas I read about
- Different codes I created for my charts
- Much more…
Many times the journal will help me put closure on a bad day but more so it helps keep track of work I have done so I don’t have to do it again.
Try it. It is not easy, especially after bad days….it takes time, energy and consistency – just like trading. I keep mine on a word doc so I can easily access it (plus my hand writing is terrible). Hope this tip helps and wishing you good trading!