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Rookie - Journaling

  • #1
  • First Post: Jan 22, 2020 9:40pm Jan 22, 2020 9:40pm
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
First, I fully expect this to get buried. After making arguably all the cardinal rookie mistakes, I've decided to get focused.

Obviously, I have a TON of beginner questions, but the purpose of this thread to to have a starting point, and then add other ideas and/or solutions for documenting -and perhaps leaning from- previous trades.

This image is the beginning of not only documenting but also, more importantly, understanding some basic P&L aspects - ratios, trends, best/worst days, brokerage fees, etc.
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Click to Enlarge Name: first journal screenshot.JPG Size: 153 KB


After looking at a few 'solutions' and videos, I think it wise to go the long way - at least for the near-term. I really liked this video
Inserted Video
that has a lot of data; I especially like the concept of documenting the price action after closing the trade (to see you could have held it longer).

The first issue I found doing this is calculating the brokerage fees --- my numbers do not tie-out with the "end profit" on their app.
School of hard knocks
dmj120 Return This Year: na
  • #2
  • Jan 25, 2020 3:38pm Jan 25, 2020 3:38pm
Quoting dmj120
First, I fully expect this to get buried. After making arguably all the cardinal rookie mistakes, I've decided to get focused. Obviously, I have a TON of beginner questions, but the purpose of this thread to to have a starting point, and then add other ideas and/or solutions for documenting -and perhaps leaning from- previous trades. This image is the beginning of not only documenting but also, more importantly, understanding some basic P&L aspects - ratios, trends, best/worst days, brokerage fees, etc. {image} After looking at a few 'solutions'...
If I can be of any help, then please don't hesitate to ask me.
Risk Management is of utmost importance!
  • #3
  • Feb 4, 2020 1:56pm Feb 4, 2020 1:56pm
Make sure to document your own mental state after you enter.
Why you chose to stay in or get out.
Also review your chart 1m 3m 6m 1y down the road to see if, had you stayed, your trade would have been a winner or not.
market is a device for transferring money from the impatient to the patient
  • #4
  • Feb 7, 2020 8:51am Feb 7, 2020 8:51am
That is excellent advice actually, thank you!
  • #5
  • Feb 8, 2020 3:48am Feb 8, 2020 3:48am
Hello

I cant stress enough how much:
1. You need a plan, but when I say plan I mean identify a behaviour that a pair does and develop a strategy to exploit it, i.e. dont develop a strategy and then try and find trades to fit it. Remember that also this behaviour to be reliable must occur over and over again.
2. Develop the strongest possible money management techniques so this means risking only a few percent of your account per trade, this way one trade never hurts too much.

I have been doing this since 2007, so if I can help please ask, as its scary being new.

Simon
  • #6
  • Feb 9, 2020 11:58am Feb 9, 2020 11:58am
Quantify everything - that's the goal, and also the end game.... from here you can extrapolate where an edge 'might' exist from a stats point of view.

Ultimately you want positive expectancy over a relative sample size where you've recorded trades throughout all possible cyclical market cycles.

A journal is the most valuable tool you can make, but it's also worth putting some thought in before you start so that you record the correct variables which relates to each trade.

The more you can quantify these variables the more you are also removing discretionary elements (ie. emotional human and usually counterproductive decisions)

Good luck.
  • #7
  • Mar 19, 2020 3:29pm Mar 19, 2020 3:29pm
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting bs4
Make sure to document your own mental state after you enter. Why you chose to stay in or get out. Also review your chart 1m 3m 6m 1y down the road to see if, had you stayed, your trade would have been a winner or not.
Never thought about documenting "mental state," but excellent advice!
School of hard knocks
dmj120 Return This Year: na
  • #8
  • Mar 20, 2020 2:50am Mar 20, 2020 2:50am
Documenting mental state is brilliant. I noticed that when I am calm and collected I make good trading decisions but after loosing a few trades I start to fight the chart and usually that does not end good.
  • #9
  • Mar 20, 2020 2:23pm Mar 20, 2020 2:23pm
  •  dmj120
  • | Joined Jan 2020 | Status: Newbie with professional aspiration | 108 Posts
Quoting Micro-Wave
Documenting mental state is brilliant. I noticed that when I am calm and collected I make good trading decisions but after loosing a few trades I start to fight the chart and usually that does not end good.
Yup, especially during the past few weeks. I've picked up some pretty good trades just by staying calm and reminding myself to relax and that "it'll correct itself," whereas before I'd just close the trade after being negative 10-15 pips. Now, having more 20-plus pip wins.

I forgot who, but someone's signature here says "plan the trade, trade the plan" - wise words!!
School of hard knocks
dmj120 Return This Year: na
  • #10
  • Mar 21, 2020 8:55am Mar 21, 2020 8:55am
Quoting Micro-Wave
Documenting mental state is brilliant. I noticed that when I am calm and collected I make good trading decisions but after loosing a few trades I start to fight the chart and usually that does not end good.
I think that applies to any kind of decision-making.
  • #11
  • Last Post: Oct 29, 2020 11:47am Oct 29, 2020 11:47am
Quoting dmj120
{quote} Yup, especially during the past few weeks. I've picked up some pretty good trades just by staying calm and reminding myself to relax and that "it'll correct itself," whereas before I'd just close the trade after being negative 10-15 pips. Now, having more 20-plus pip wins. I forgot who, but someone's signature here says "plan the trade, trade the plan" - wise words!!
Yeah truly wise word. Cloud mind is dangerous for trading. So, I also mediate before my trading.
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