Journal/Checklist Practices

[Nowler]

Hey folks!

Do any of you care to share how you document your trades, and the format of your checklists before taking a trade?
Do you simply document them in something such as Microsoft Word? Or use something that offers more?

I'm just trying to get some inspiration for making my own.

 

[tomorton]

My checklist would only help you if you're going to take the exact same forex trades in the exact same way.

But in principle I do run through a checklist that's drawn from an "ideal" picture of a perfect set-up. Each parameter that's present in the real-life chart earns 1 point: a score of 5 or more out of 7, or of 7 or more out of 9, or of 9 or more out of 13, or is a probable trade. The hard part is deciding which parameters are worth a point, which are not worth tracking and which might be worth a bonus point. All this has to come from your own strategy.

 

[Nowler]

The hard part is deciding which parameters are worth a point, which are not worth tracking and which might be worth a bonus point. All this has to come from your own strategy.

Can you give me an example?
Seems a bit odd that you can just move the goal posts depending on how you feel about a particular trade.
Doesn't that sort of defeat the purpose of the checklist?

Also, I realize that your methods are not going to translate entirely for another person.
I'm just looking for some ideas

 

[tomorton]

What I mean is a perfect set-up for a trade using a certain strategy might have 5 or 6 or 7 or 20 recognition points. The more there are visible in the real-life chart you have in front of you in real time, the more convinced you should be to take the trade in preference to another opportunity. Some recognition points will be either present or not present - but mostly they can be either bullish or bearish - like is price above the 200EMA or below? is the 50EMA sloping upwards or downwards? so you can end up with either a unique total - such as 5 out of a possible 8, or a "match score", like 5-3, bullish score:bearish score.

But the strategy drives the set-up which drives the recognition point list that you use.

 

[Nowler]

What I mean is a perfect set-up for a trade using a certain strategy might have 5 or 6 or 7 or 20 recognition points. The more there are visible in the real-life chart you have in front of you in real time, the more convinced you should be to take the trade in preference to another opportunity. Some recognition points will be either present or not present - but mostly they can be either bullish or bearish - like is price above the 200EMA or below? is the 50EMA sloping upwards or downwards? so you can end up with either a unique total - such as 5 out of a possible 8, or a "match score", like 5-3, bullish score:bearish score.

But the strategy drives the set-up which drives the recognition point list that you use.

I understand.
Thanks for the insight.

I will work in some technical's into my checklist and see how that goes.
Though just having a checklist would likely increase my hit-rate on it's own

 

[fibo_trader]

Hey folks!

Do any of you care to share how you document your trades, and the format of your checklists before taking a trade?
Do you simply document them in something such as Microsoft Word? Or use something that offers more?

I'm just trying to get some inspiration for making my own.

There is no time, Cherie to document and format and mess around in the Wild. It goes down like this.

 

[fibo_trader]

Hey folks!

Do any of you care to share how you document your trades, and the format of your checklists before taking a trade?
Do you simply document them in something such as Microsoft Word? Or use something that offers more?

I'm just trying to get some inspiration for making my own.

To the best of my knowledge there are no lions, leopards or cheetahs on the Serengeti plains who use checklists or Microsoft Word. Such stuff is only meant for Beta Males in Humankind.

 

[fibo_trader]

Hey folks!

Do any of you care to share how you document your trades, and the format of your checklists before taking a trade?
Do you simply document them in something such as Microsoft Word? Or use something that offers more?

I'm just trying to get some inspiration for making my own.

Inspiration? Spot opportunity, calculate distance to prey, then pounce and go for the jugular. Then feast. Its that simple. Ben going for billions of years. No moderator complaints have ever succeeded in changing this style of dining.

 

[min6485]

To the best of my knowledge there are no lions, leopards or cheetahs on the Serengeti plains who use checklists or Microsoft Word. Such stuff is only meant for Beta Males in Humankind.

I used one note for mu journal. My journal is broken up into sections that I have the following sections Before, during,&after,
How did I feel about the loss, Exiting discomfort, Reason for the trade, Performance assessment, what were my strong point, and what were my weak points.
By journaling this way I am trying to gather as much information about myself to help improve my trading.

 

[fibo_trader]

I used one note for mu journal. My journal is broken up into sections that I have the following sections Before, during,&after,
How did I feel about the loss, Exiting discomfort, Reason for the trade, Performance assessment, what were my strong point, and what were my weak points.
By journaling this way I am trying to gather as much information about myself to help improve my trading.

Too much significance will kill you quick. Formula for success has been the same for trillions of years:

Rest/relax/enjoy
spot opportunity
calculate striking distance
Strike/kill
Devour = TP (since there is no refrigeration on the Serengetti, the profit is eaten in a day)

 

[Nowler]

I used one note for mu journal. My journal is broken up into sections that I have the following sections Before, during,&after,
How did I feel about the loss, Exiting discomfort, Reason for the trade, Performance assessment, what were my strong point, and what were my weak points.
By journaling this way I am trying to gather as much information about myself to help improve my trading.

That's a good idea!
I keep meaning to use OneNote in work... keep neglecting it.

My home computer doesnt even have Microsoft Word, so I cant use OneNote for Trading. I have it on my list to get a new computer though.

Thanks for the idea!