There is a lot of mystery surrounding the practice of journal trading. It is often viewed as some sort of secret club that only the most elite traders get to join — or, alternatively, a practice that doesn’t really exist outside of TV series and shows as well as movies.

This article will dispel some of the mystery around journal trading and explain exactly how it can improve your trading performance. Keep reading to learn more about what journal trading is, how to do it, and how you can effectively implement this approach in your own trading routine.

What is Journal Trading?

Journal trading (or trading with a trading journal) is simply the practice of recording your trading activity and decisions in a journal, along with the reasons why you made those choices.

This concept is closely related to keeping a trading diary, which is a similar strategy that doesn’t require any specific tracking or metrics. Journal trading was originally developed by financial traders who needed a way to track their progress and performance.

How to Journal Trade?

There are a few steps that you’ll want to follow when journal trading:

  • Choose a journal format – The format that you use for your trading journal will depend on your personal preferences, so you can use whichever journal format works best for you. Journal formats could include tables, graphs, or even lists.
  • Track your trading metrics – You’ll want to record the metrics associated with your trading decisions and the reasons why you made those selections. You can record these metrics in a table or spreadsheet format. If you want to improve, you can use paytm SMM panel to help yourself reach more journal traders and with that, you can have a higher income.
  • Make adjustments to your process – As you record your trading data in your journal, you’ll be able to make adjustments to your trading process. You can also refer back to your journal at any time to evaluate your success rate, identify trading mistakes, and make adjustments to your approach based on the data that you’ve collected.