Trading the markets can be a daunting task when trying to remember entry points, levels of resistance and take profit levels.
Traders, who are serious and successful, highly publicize the idea of making use of a journal to ensure you are kept up to speed on your trading activity.
The simple fact is if you are consistent with recording your trading ideas, then the data will be accessible, which will help to:
- Better observe market conditions
- Clarify mistakes you made
- Track your trading performance
Ultimately trading is comparable to a business, your end goal is to be successful and make a profit. Would you operate a business without taking ANY notes? I don’t think so.
Richard Branson had one piece of advice for 2017 – “Write it down.”
Whether you need to write down financial observations about the markets or motivational quotes to keep you focused, the goal is to ensure you are tracking your success.
“trading activities should be tracked to ensure you know how you are performing”
Create notes on which pairs are movers and shakers, resistance levels that you are keeping an eye out for, or even news events that will affect your trading.
Most importantly, trading activities should be tracked in your journal to ensure you know how you are performing. Nothing is more satisfying than being able to go through your entire trading journal at the end of the year and see how your account have grown, as well as the tips and tricks you learned throughout your trading journey.
Should you require more information on Tradeview, please don’t hesitate to email us.
Business Development Manager South Africa