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Keep a detailed trading journal to track your performance and learn from past trades from "summary" of How I Made BIG Money Trading Stock Options by Carl Schoner
One crucial aspect of successful trading is keeping a detailed journal of your trades. This journal serves as a record of your performance and allows you to analyze past trades for valuable insights. By documenting the specifics of each trade, including entry and exit points, reasons for entering the trade, and outcome, you can identify patterns and trends in your trading behavior. This information can help you understand what works and what doesn't, enabling you to make adjustments and improve your trading strategy over time. Furthermore, a trading journal also serves as a tool for accountability. By holding yourself accountable for each trade through written documentation, you can track your progress and stay disciplined in your approach to trading. This level of self-awareness is essential for growth and development as a trader. In addition to tracking your performance, a trading journal can also help you manage risk more effectively. By reviewing past trades, you can identify areas where you may have taken on too much risk or missed opportunities to minimize losses. This awareness can help you make more informed decisions in future trades and ultimately protect your capital.- A trading journal is a powerful tool for self-improvement and success in the market. By taking the time to record and analyze your trades, you can gain valuable insights into your trading behavior, learn from your mistakes, and refine your strategy for greater profitability. So, make it a habit to keep a detailed trading journal and watch your performance improve over time.
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