making notes

[prop]

i was just mentioning in another post i made about the importance of keeping notes when you trade !
how many of you do ?
i dont mean on scrappy bits of paper, i mean in an A4 diary type of thing
this is one of the best things i ever did for my trading and i would recomend it to anybody whether you are a new trader or not
why ?
well for a start it will stop you over trading, if you cant take the time ( except steroidal bruce lee type scalpers) to write down all your trades then thats a sign of something !
and its a great way to learn from all your mistakes and successes !
i write down every trade (and i mean every) i also keep a seperate diary in which i record my emotions when i am trading.
then at the end of each day i recap both, what can i do better what did i do well, i can then give myself pointers for the next day to improve my trading
if you want to be a succesful trader this ( in my opinion) is one step you cannot miss out.
this will give you an edge oiver the other side of your trade who didnt bother

cheers

 

[timsk]

Spot on Prop!
As a day trader, I find that making notes while trading rather tiresome, especially as they come in clusters and multi-tasking isn't my strong point (one of many). The solution is a digital voice recorder. I then mark up my charts and accompanying notes the next day when the market is closed just as you describe in your opening post. For a mere 30 quid, it's a no brainer, IMO!

Tim.

 

[trader_dante]

i was just mentioning in another post i made about the importance of keeping notes when you trade !
how many of you do ?

I trade the system Spanish showed me so will only have a complete trade every few years when the price eventually gets back to where I bought it.

Nevertheless, a good post mate.

 

[prop]

yep i can see it now

dear diary

spent today searching for my a*se which i lost sometime yesterday, i know its around somewhere !

day 2

dear diary, had very nice letter from spread betting company today telling me they had found my a*se in their bank account !

day 3

dear diary, i miss my a*se

day 4
dear diary,i must use smaller stops

 

[0007]

i was just mentioning in another post i made about the importance of keeping notes when you trade !
how many of you do ?
i dont mean on scrappy bits of paper, i mean in an A4 diary type of thing
this is one of the best things i ever did for my trading and i would recomend it to anybody whether you are a new trader or not
why ?
well for a start it will stop you over trading, if you cant take the time ( except steroidal bruce lee type scalpers) to write down all your trades then thats a sign of something !
and its a great way to learn from all your mistakes and successes !
i write down every trade (and i mean every) i also keep a seperate diary in which i record my emotions when i am trading.
then at the end of each day i recap both, what can i do better what did i do well, i can then give myself pointers for the next day to improve my trading
if you want to be a succesful trader this ( in my opinion) is one step you cannot miss out.
this will give you an edge oiver the other side of your trade who didnt bother

cheers

Agree with above - all good stuff.

I would also add that I've found it useful to write down the essence of the trade before entry. This ensure it meets all the selection parameters (whatever they are) and helps to keep the discipline of sticking to the plan. Easy to think you don't need to do it but i find it helps with the entries. Yes, exits are more difficult but it doesn't do your profits any harm to get the optimum entry.

I now use a standard proforma which I print off and complete by hand - quicker than pratting about on the PC (but keep the template on PC so that you can modify it as your preferences / requirements / experience changes). File the completed proforma along with the subsequent debrief sheet made after close. All this takes a lot less time than you'd think. No doubt there are experts who don't need to do all this but i found it helped when i started and i've been doing it ever since.

I once read someone who suggested that you can treat each trade like a military flying combat mission - each sortie is planned down to the last detail, all reasonably expected eventualities are planned for, brief and debrief pre and post mission and never expect any 2 missions (trades) to be the same. In military flying it's generally accepted that an hour's flight needs 3 hrs prep on the ground - I therefore think it reasonable to expect to do a lot of work preparing for your trade - clicking the mouse to enter is dead easy!

And of course the mind-benders tell us that if you write it down you're more likely to retain it - every trade is a learning experience (just like the combat mission) and you can't afford to ignore that ever-growing knowledge & experience bank.

Just my thoughts - works for me!

 

[shadowninja]

I have a spreadsheet with the following fields:
Date
Entry Price
Pair
Points/PIPS profit/loss
Reason for entry
Comments

For each and every trade.