Keep a trading journal to track your performance from "summary" of How to Day Trade for a Living by Andrew Aziz
One of the most important tools for a day trader is keeping a trading journal to track their performance. This journal can provide valuable insights into the trader's strengths and weaknesses, helping them to improve their skills over time. By recording details about each trade, including entry and exit points, position size, and reasons for making the trade, traders can analyze their decisions and learn from both successful and unsuccessful trades. Tracking performance is essential for day traders because it allows them to identify patterns and trends in their trading behavior. This information can help traders to refine their strategies, avoid making the same mistakes repeatedly, and ultimately become more consistent and profitable in their trading. Without a trading journal, it can be difficult for traders to objectively assess their performance and make data-driven decisions about how to improve. In addition to tracking trade details, a trading journal can also help traders to manage their emotions and maintain discipline. By recording thoughts and feelings before, during, and after each trade, traders can gain a better understanding of their psychological tendencies and how these may be influencing their trading decisions. This self-awareness can be invaluable in helping traders to stay focused, avoid impulsive decisions, and stick to their trading plan. Furthermore, a trading journal can also serve as a record of progress and growth for the trader. By looking back at past trades and reviewing their performance over time, traders can see how far they have come and celebrate their successes. This can be motivating and inspiring, helping traders to stay committed to their trading goals and continue striving for improvement.- Keeping a trading journal is a crucial practice for day traders who want to succeed in the market. By tracking their performance, managing their emotions, and reflecting on their progress, traders can gain valuable insights that will help them to become more disciplined, consistent, and profitable in their trading.
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