The best way to speed up your learning curve is to keep meticulous records using a trading journal. In this article I will give you ideas for setting up your own trading journal as well as examples from my own.The business of trading is filled with some of the brightest minds in the world. These veteran traders have 10, 20, and 30 years of experience trading the markets.
How do you become one of them. Trade to trade well and the money will follow.Whether you choose to journal by pen and paper, on the computer, by audio recording, or through video screen captures your objective is to identify mistakes and develop ways to avoid the same level one options trading journal spreadsheet in the future. The ideas opptions here can be used as a framework to get started. Most traders tend to come up with a set of trading rules that, if followed, will be profitable.
The problems occur that the trader is often not clear about all facets of his trading methodology and is unable to look at scenarios with probabilities. What follows is rules are not executed properly, which is the majority of the time for many traders. By journaling, you can go back and see exactly which trades worked, and which failed. As outlined in many of the books on the Suggested Reading List, one of the keys to becoming a great trader is by keeping a highly detailed robust trading journal to track and capture as much detail spraedsheet your trading as possible.
We are taught that the ultimate professor of the market is the market itself. Yes its levfl level one options trading journal spreadsheet to read and study the great traders, have a sound system(s), and master position sizing and risk management. I really love the Expectancy Formulator. That page is addictive. This is a great way to get the most functionality out of your trading journal without the hassle of creating the spreadsheets yourself.An alternate to record keeping in Microsoft excel would be the highly popular StockTickr web based software.
The ease of uploading trades right from your broker really saves a lot of time. spreadseet I am going to first explain to you why having a Forex trading journal is essential to becoming a professional trader, and then I am going to show you what my trading journal looks like so that you get an idea of how to make your own. Turn my 50% win rate into a 75% or 80% win rate.