Tackle Today: Journal your trades | Tackle Trading

You have to keep score


Whether you are paper trading to improve your skills or live trading your strategies you need to keep a journal to track your overall performance.

On any given trade, you can win, lose or breakeven. But one trade is just that. Over time, through the accumulation of data through your trading results you can start to see a clear picture of how your trading system is performing.

Data driven analysis is critical in life. You do not want to make decisions based on feelings, hopes or whims. You want to make decisions about what to do based on data and information.

A trader who changes strategies without knowing why, or without a reason through the data will wander aimlessly through the markets. A trader who builds their rules, systems and trades based on historical data will improve and be more successful over time.

If you are not journaling your trades, there will be a learning curve at first to start doing so. But it is not acceptable practice to not journal your trades. It is a mandatory exercise to help you learn.

If you don’t have a trading journal, you can download one here: https://tackletrading.com/trade-center/journals/

It is recommended that you keep a copy for your paper trades separate from your live trades. It can also be helpful to journal all your similar trades together when studying the performance of a specific strategy. For example, some traders journal all their cash flow trades in one journal and all of their directional trades in another.

Make journaling a priority, and if it is something you stopped doing, get back to it. It is a part of the daily or weekly routine a trader needs to go through to be process oriented.


Chart of the Day

Trade Journal Example Entries

In the image above, you see a journal filled out with paper trades. As you can see, by journaling your trades over time you can start to gather more detailed information of your trading system’s overall performance. It’s important to journal your trades so that you can make decisions about what to keep, change or discard in terms of your trading strategies through analyzing data over time.

Video of the day

Tackle Trading Trade Journal

Learn how to use the Tackle Trading Trade Journal in this tutorial from Coach Tim.

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Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.

All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.

Originally published at https://tackletrading.com on July 22, 2020.




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