Benefits of keeping a public journal
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Thread: Benefits of keeping a public journal

  1. #1

    Benefits of keeping a public journal

    Greetings, traders!

    Here, at Roboforex, we are committed to provide you all necessary tools to help you improve your performance. Still, many traders feel stuck with their mistakes and psychological issues.
    If you learned a lot about trading, but still are struggling with obtaining consistency, probably it’s time to make step forward in your development.

    One of most effective tools for trader development is Trading Journal. According to numerous observations, traders who consistently keep journaling, are more disciplined than those who doesn’t do It. Their trading is more accurate and stable. Traders with 20-30 years of experience still continue journaling because they know – essence of trading is change. Markets change, edges that worked well for you in the past, may not work in the future.

    Your goal as a trader is to recognize change in its early phase and to adapt to new environment. That’s the real edge. Journal will help you with this. Public journaling will help you even more – in friendly environment you will get feedback and support that you need to move forward.

    Why do you need to keep a journal?

    - To collect statistics about your trading

    You may think you know your strengths and weaknesses, but in reality you might not know or miss some important nuances that keep you away from consistency.

    To set daily, weekly and monthly goals for your own development

    Here I’m talking about process goals, not financial goals. You can control your actions, but you can’t control the market. If you are effective enough, financial results will come, and they might be greater than you expect.

    To get valuable feedback from fellow traders - your more experienced colleagues

    Trading is individual endeavour, but collaboration can help you recognize and eliminate your harmful biases. Professional traders always examine themselves, and you can develop this habit through public journaling.
    Last edited by Value trader; 11-25-2013 at 09:41 PM.

  2. #2
    Who will benefit from journaling?

    1. Beginner traders

    Beginner traders have other motivation than experienced traders. Beginner trader searches for his trading niche. You can trade with various trading styles – you can daytrade, you can swing or position trade. Somebody likes indicators, somebody analyzes chart or candlestick patterns. Every trading tool will be useful in right hands.

    Objective for this period, when you are just starting, is to test trading systems and styles, explore markets, finally gravitating to trading style that is designed personally for you.
    Other beginner traders would appreciate your sharing.

    2. Experienced traders

    Traders who have experience in the markets, but experience inconsistency with results, will benefit from public journaling. You will be able to reduce typical mistakes - often they occur when you violate rules of your trading plan. Keeping public journal will help you recognize – what prevents you from moving forward?

    Journal will help you recognize your repetitive behavior, to build on your strengths and to tolerate your weaknesses.

    Learn more about templates and rules in this thread
    Last edited by Value trader; 11-25-2013 at 09:43 PM.

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