Every successful trader understands the importance of maintaining a trading journal. It is a vital tool for tracking, monitoring, evaluating, recording, and measuring your trading performance. However, you and I both know that psychology also plays a crucial role to your trading success.

In this article we’re going to help you enhance your trading results. Let’s explore these 3 Trading Tips…

Trading Tips #1: Emotions – Here’s how to rule them out!

Trading is an emotional rollercoaster. New traders feel defeat and fear during losing streaks. But undefeatable during the winning streaks. Successful traders however, are not governed by these emotions. So, what is it they do to rule them out?

It’s simple! Document it…

Just like you document the trade, document how you feel at the moment when you place it, and how it felt when your trade struck an entry, stop loss or take profit level.

This way you can gain valuable insights into your emotional state at each step of the decision-making process in a trade.

For example, if you notice you tend to make impulsive trades when feeling anxious or stressed, write them down in your journal.

Over time, you’ll find with this emotional awareness, you’ll be able to take control of your psychology better and begin ruling out emotion in your trading.

Tip #2: Document your mistakes

Mistakes are inevitable when you start trading. As a new trader, you are bound to make mistakes. But the best way to learn from them is to write them down!

• Maybe one day you risk more than you should.
• Maybe you go against your strategy.
• Maybe you take a trade when it hasn’t lined up fully.
• Maybe you bank a premature loss or premature profit.

By actively reflecting on and learning from mistakes, you will improve your trading and minimize your losses guaranteed.

Trading Tip #3: Never stop learning – write the lesson down

To achieve any level of mastery in any thing you do, the learning never stops. But the best way to reinforce a good skill, practice or lesson is to write it down.

Dedicate a section called “Lesson of the Day” to capture the specific trading lessons and strategies you have learned.

This will not only reinforce your memory but will also allow you to review and apply these insights to improve your own trading skills, decision-making, and overall knowledge.