Indices Trading Journal Book
Indices trading journal will track all your trades in a indices trading journal. By following this simple, easy to follow indices trading journal writing tip, you can easily improve your indices trading results. Here is how you do it:
Step 1 - Write down WHY you're making a indices trade BEFORE opening a trade transaction on your stock indices journal.
Before opening a indices trade position, write in a indices journal the reasons why you are making the trade transaction. It doesn't have be long; it doesn't even have to be in compete sentences. Just write in the trading journal a few key reasons why you are making this indices trade.
Be honest with this stock indices trading journal. If you are honest, it will prevent you from making the biggest mistakes in your indices trading. If you see that you are making the indices trade because of anything other than a sound indices trading strategy. DO NOT MAKE THE Indices TRADE TRANSACTION!
If you make a losing indices trade, do not open another indices trading transaction immediately so as to make profits to neutralize the losses you have made, this is known as revenge indices trading, do not revenge against the stock indices trading market. Switch off the PC computer, walk away, and take a very cold shower to cool down. And remember that you'll never lose money which you do not put in. A winning indices strategy isn't only about how much you win, but how much you do not lose.
Step 2 - Write down how you'll exit the indices trade BEFORE making the indices trade transaction.
Do not get trapped with a great entry indices trading strategy without an exit strategy. Your indices trading strategy should have both great entry & exit strategies. One is useless without the other.
But you ask, Why bother? I know my indices trading exit strategy. Why do I have to write it down?
Well, the reason is this: humans are at best irrational, impulsive, and emotional creatures. If you have your indices trading exit strategy written down, you have a frame of reference when you exit a indices trade position. You will refer to your indices trading journal BEFORE exiting a indices trade. If you're closing a position for any reason other than your original indices trading exit strategy, you must ask yourself why?
Your indices trading journal will save you more money than you can imagine. It will prevent you from making impulsive moves, which is usually why people lose money in stock indices trading.
Step 3 - Write down why you exited the indices trade position.
This should be same reason that you wrote in step 2. If it is not, it is up to you to interpret it. The most common reason why traders deviate from their trading strategy is lack of discipline. Your indices trading journal will be looking back at you with glaring evidence of exactly why you are not a winning Indices trader.
Step 4 - How to Interpret the Indices trading results
You must learn from your mistakes in indices trading. This is the best way for any trader to improve their profits. Everybody makes mistakes, but great indices traders are able to learn from them & not repeat.
And best way to learn from your mistakes is to document them in a stock indices trading journal. A few years down the road, you can still look back and realize that you are still making the same errors you were when you first began indices trading online.
This information cannot be found in any book or seminar. Your indices trading journal is personal and is uniquely you. Your personality will determine type of trader you'll become, and will also determine type of mistakes you will make.
Not only does your indices trading journal highlight your weaknesses, it will reveal the indices trading transactions that are most profitable. After a little while you will see the type of indices trade setups that make you the most money, and a indices pattern will emerge. Don't let this data on your journal go to waste.
You should do every effort to understand why those indices trade transactions went well and try to replicate it as often as possible. Profitable indices traders know their strengths and weaknesses. They play on their strengths & try to minimize their weakness.
Do not get lazy and forget to write in your indices trading journal. Documenting your thought process is fastest and surest way to get better at indices trading. Do this consistently, and you will learn more about your habits than you can imagine.
Your indices trading goal is to spot and break the bad habits as soon as possible. If you notice that you always hang on to a losing index trade transactions too long, you should do everything that is in your power to prevent this from happening again.
Summary
Your indices trading journal is indices. It contains a wealth of information that will play a vital role in your success as a indices trader.
We urge you to use it for atleast one month. If it hasn't helped improve your indices profits in thirty days, then feel free to stop.
But be sure to try it before deciding not to. It might be just the indices trading tool needed to push your indices trading to the next level to becoming a successful trader.
