Trading is easy to learn: Clicking buy or sell can be done by anyone. But mastering it in order to make a profit is a whole different story. There is no element of learning by doing in trading. You are competing against the best of the best, and to add to that, you also compete against yourself.
Seconds after you took a losing trade, you will forget about it. Seconds after you took a winning trade, you will forget about it. Lessons learnt: Zero. Traders who do not track their results are like ships without sails.
The truth is: what you can’t track, you can’t improve. Or even clearer: what you don’t track, you won’t improve.
As explained on this article by Chartyourtrade.com
You will start to grow confidence and start trusting your system and your abilities. You will have a much easier time dealing with inevitable losing streaks as your journal backs you up with the statistics that confirm that your strategy works.
You will start to act like a professional because reviewing and entering your trades is what professionals do – this will automatically increase your trading itself by instilling a positive mindset. You will be motivated to take only the best trades, use logical risk management and stick to your trading plan because your journal is your mentor, telling you to do the right thing.
A disciplined trader is a profitable trader and keeping a trading journal is the first step to building your discipline.
Keeping a trading journal is actually a crucial task in any performance or goal-oriented endeavor. The key is to have some way to measure, track, and stay focused on improving your performance; to become disciplined, consistent, and most importantly, profitable
A trading journal isn’t just about writing in the prices of your entry and exit and the time you executed the trade.
The trading journal is also about refining your methods and mastering your own psychology.
To be even more specific, it is about your individual emotional psychology before, during, and after the trade.
If we fail to manage the trade well, we fail to trade the plan and most importantly, we fail to distance our emotions from our trading!
As explained in this article by Babypips.com
In the heat of the moment, when you are managing your trades, you don’t have a lot of time to make your trade journal.
Maintaining a trade journal after trading, like the end of the day isn’t that useful as you lose a lot of that ‘in the moment’ information.
With Jigsaw Journalytix™, a browser pop up gives you the chance to get to journal a trade on entry or exit – with just one click. So you can get to your journal in the heat of the moment but without distracting you from the job at hand – your trade execution.
For more information, go to: http://www.journalytix.me/
Of course, it also offers analytics to help quantify trading performance, potentially leading to the identification of patterns that may have been hidden.
One-Click Trade Journaling Automation from Jigsaw Journalytix™