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Thread: Difficulties of Keeping a Trade Journal

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    Difficulties of Keeping a Trade Journal

    Keeping a trading journal is hard.

    But so is losing all your trading capital, failing as a forex trader, giving up, never to return to forex trading ever again.
    More importantly, a journal allows a trader to step back and view their trades as a group of trades, and not as individual and ultimately random transactions.
    Keeping a journal is the equivalent of an athlete's practice.

    It's not uncommon for a professional athlete to spend far more time practicing or training for an event than actually participating in it.

    According to Tim Grover, Michael Jordan's personal physical trainer:

    "Michael would go for 40 or 50 points one night, and the next morning he was right back at it in practice. He just couldn't take a day off. His mental toughness was unbelievable, but the reason was that he was so physically ready every day. He used to have a saying, 'I practice so hard because that makes the games easy for me.'"
    John Wooden, winner of a record 10 NCAA Men's Basketball Championships, and known as one the greatest minds basketball has ever known, ran a very strict and disciplined two hour practice, 5 days a week, in preparation for a 40-minute basketball game.

    You know who much time that is? That's 10 hours (or 600 minutes) of practice for 40 minutes of the real thing.
    And that's not all! Not only did he stress meticulous and deliberate practice, he kept a LOG of how every practice went. Coach Wooden would refer to his practice logs if his team had a problem he couldn't solve.

    For example, if his current team was shooting poorly, he would research his old practice logs to determine how he improved shooting. Even in the days of no computers or iPads, Coach Wooden understood the importance of strict record keeping!

    While the act of journaling really isn't that hard, it does take consistent time and effort. It is definitely a time-intensive process.


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    Catalyst (07-17-2012)

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    Yeah, keeping a trading journal is vital for a traders success. I don't think people have the right mentality when they enter into the trading business, that's why they don't keep one, and ultimately fail.


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    Quote Originally Posted by Catalyst View Post
    Yeah, keeping a trading journal is vital for a traders success. I don't think people have the right mentality when they enter into the trading business, that's why they don't keep one, and ultimately fail.
    Well, learning to write and maintain a trading journal will build discipline in you. Not only that, when you reflect on your entries after a month of trading, we guarantee you will learn a lot about yourself and your trading psychology.


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    A well-kept, detailed trading journal can be almost as good as having a coach watching you over your shoulder and helping you learn those lessons. Heck, keeping a journal may seem boring and time-consuming, but a trader can often learn more from reviewing their own trades, than from reading a book or even attending a seminar.


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    I think it's very difficult to keep a trading journal... it just requires so much discipline. You have to fill it out when you least want to, and that's hard to do isn't it.


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    Quote Originally Posted by Catalyst View Post
    I think it's very difficult to keep a trading journal... it just requires so much discipline. You have to fill it out when you least want to, and that's hard to do isn't it.
    A coach or mentor is there to guide you every step of the way, pointing out your mistakes, recognizing the things that went well, and keeping you disciplined and accountable for your performance. A mentor of any caliber is hard to come by for most new traders, so we have to the next best thing: mentoring yourself with a trading journal.
    Also, how disciplined you are with your journal will be a great predictor of your overall trading success down the road.


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    theMoney (08-08-2012)

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    Quote Originally Posted by angelnish View Post
    A coach or mentor is there to guide you every step of the way, pointing out your mistakes, recognizing the things that went well, and keeping you disciplined and accountable for your performance. A mentor of any caliber is hard to come by for most new traders, so we have to the next best thing: mentoring yourself with a trading journal.
    Also, how disciplined you are with your journal will be a great predictor of your overall trading success down the road.
    What a brilliant post. That is so true through and through.

    I think we all need a mentor. What do you think the best way to go about this would be?

    I am The Money

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    Quote Originally Posted by theMoney View Post
    What a brilliant post. That is so true through and through.

    I think we all need a mentor. What do you think the best way to go about this would be?
    Thanks the money.

    There are many different approaches in learning how to trade: classes, mentors, on your own, or any combination of the three.

    While there are many classes and mentors out there willing to teach forex trading, most will charge a fee. The benefit of this route is that a well-taught class or great mentor can significantly shorten your learning curve and get you on your way to profitability in a much shorter amount of time compared to doing everything yourself.

    The downside is the upfront cost for these programs, which can range from a few hundred to a few thousand dollars, depending on which program you go with. For many of those new to trading, the resources (cash money) required to purchase these programs are not available.

    For those of you unable or unwilling to pony up the cash for education, the good news is that most of the information you need to get started can be found for FREE on the internet through forums, brokers, articles and websites.

    As long as you are disciplined and laser-focused on learning the markets, your chances of success increase exponentially. You have to be a gung ho student. If not, you'll end up in the poor house.

    All the best


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    I've just started keeping a trading journal and it's probably the best thing that I've ever done to improve my trading and keep a track of what I'm doing, and above all else, accountability and discipline!!

    Confluence: 'A gathering together'
    On my way to the top baby!

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    Quote Originally Posted by SarahMaroc View Post
    I've just started keeping a trading journal and it's probably the best thing that I've ever done to improve my trading and keep a track of what I'm doing, and above all else, accountability and discipline!!
    Very Good Girl!
    All the best and happy trading!


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