No Result
View All Result
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
No Result
View All Result
No Result
View All Result
Home Education and Career

Keeping a Trading Journal: Why and How

by Wilfred Shah
in Education and Career
0
0
SHARES
61
VIEWS
Share on FacebookShare on Twitter

Few people enjoy doing administrative tasks. It’s just human nature. Whatever your line of work, having to keep records is often seen an unavoidable chore. But in the work of online trading, there’s a unique aspect to the profession that makes record keeping an essential component of the job. Traders who keep accurate, timely journals have a better chance of earning a profit.

That’s mostly because by recording all your impressions, purchase prices, strategies, exit points, stop loss values, and other elements of each trade, you gradually improve. Many new traders are surprised at how valuable their early mistakes can be. But, if you don’t have any record of what you did or why you decided to enter a particular position, you won’t even have the chance to learn from your own errors. Here are some details to keep in mind.

Why Keep a Trading Journal?

There is no substitute for recording all the stats and comments that make up a standard trader’s notebook. Why keep one? As noted above, unless you possess a super-human memory, there’s no other way to know why you chose to buy a particular security, at what price you bought it, why you decided to exit the trade, and what your rationale was when getting in and out of the position.

The Right Way to Record Trades and Comments

Does keeping records of transactions have to be a tedious, time-consuming chore? Fortunately, it does not. That’s because the better trading platforms offer easy ways to add information to an electronic journal. For example, the Metatrader 4 platform has a tab dedicated to the job, called Journal. Platforms that offer journaling capability automatically fill in the pertinent information when you buy or sell, like the time, date, purchase price, and number of shares or other units. Some have space for you to type in short comments about your state of mind, motivation, reasoning, etc.

When adding comments, keep the wording short and to the point. It’s not a diary. A good example of a helpful entry with all the essential information might be: Bought 20 shares ABC for $20/sh because news reports stated that tomorrow’s earnings report is expected to be positive.

Other Benefits

There are more benefits to keeping detailed records besides learning from your mistakes. For instance, when the time comes to file your annual or quarterly taxes, the journal can serve as a verification of disputed trades. If your broker sends you a statement that says you bought 2,000 shares of ABC Corporation’s stock on a given date, check your written records in the journal’s pages to see whether the transaction matches what your broker says. Even in the digital age, brokerage companies make mistakes and report higher or lower amounts on tax documents. If you have a written record on your platform’s journaltab or on some other type of record, you can easily dispute the broker and correct the statement before filing your taxes.

Previous Post

Murano drinking glasses: an Exquisite Art That Increases Elegance of Your Room

Next Post

Here are some investor’s tips to get your house sold fast

Wilfred Shah

Wilfred Shah

Senior Editor

Next Post
Home Improvements Will Help You to Sell Your House Before Retirement

Here are some investor’s tips to get your house sold fast

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The Global Evolution of Online Gaming: Trends and the Role of Third-Party Item Purchases

The Global Evolution of Online Gaming: Trends and the Role of Third-Party Item Purchases

6 hours ago
Is My Van Safe Now? What You Should Know About Van Break-Ins

Is My Van Safe Now? What You Should Know About Van Break-Ins

1 day ago
Build Your Own Supplement Brand: Everything You Need to Know

Build Your Own Supplement Brand: Everything You Need to Know

3 days ago
How Cable Tracks And Energy Chains Improve Industrial Efficiency

How Cable Tracks And Energy Chains Improve Industrial Efficiency

3 days ago
Grow Your Own Thai Herb Garden

Grow Your Own Thai Herb Garden

3 days ago
Turning Grief Into Growth: Finding Hope Through Loss

Turning Grief Into Growth: Finding Hope Through Loss

6 days ago
Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

4 years ago
Home Improvements Will Help You to Sell Your House Before Retirement

Everything You Need to Know About Selling a House in Chicago

4 years ago

Get Blogo is a web magazine platform. Our aim is to provide trending information. So that, our readers get benefited from this website. Our team is here to provide the latest news and information on different topics.

Category

  • Animals
  • Apps & Software
  • Automotive
  • Biography
  • Business
  • Celebrity
  • Education and Career
  • Electronic & Gadgets
  • Entertainment
  • Fashion and Beauty
  • Finance
  • Fitness
  • Food and Recipes
  • Gaming
  • Health
  • Home and Garden
  • Instagram
  • Jobs and Services
  • Law
  • Lifestyle
  • Love and Relationship
  • Marketing
  • Miscellaneous
  • News & Politics
  • Nursing
  • Outdoor
  • Parents and Children
  • Politics
  • Real Estate
  • Reddit
  • Social Media
  • Sports
  • Tech
  • Tips and Tricks
  • Travel
  • TV Shows
  • Writing
  • Trending
  • Comments
  • Latest
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

March 7, 2023
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

July 15, 2024
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

0
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

0
The Global Evolution of Online Gaming: Trends and the Role of Third-Party Item Purchases

The Global Evolution of Online Gaming: Trends and the Role of Third-Party Item Purchases

June 26, 2025
Is My Van Safe Now? What You Should Know About Van Break-Ins

Is My Van Safe Now? What You Should Know About Van Break-Ins

June 25, 2025
  • About
  • Team
  • Privacy Policy
  • Editorial Policy
  • Terms & Conditions
  • Contact

Copyright © 2025, Get Blogo

No Result
View All Result
  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Get Blogo – Web Magazine
  • Home 4
  • Home 5
  • Privacy Policy
  • Team
  • Terms And Conditions

Copyright © 2025, Get Blogo