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Keep a trading journal to track your progress from "summary" of Secrets You Never Knew About Stock Market Investing and Trading by Swaminathan Annamalai
One important habit that every successful trader follows is maintaining a trading journal. This journal serves as a record of all your trades, including the entry and exit points, the reasons behind each trade, the emotions you felt during the trade, and the final outcome. By recording this information, you can track your progress over time and identify patterns in your trading behavior. Keeping a trading journal allows you to reflect on your trades and learn from both your successes and failures. By analyzing your past trades, you can identify what strategies are working well for you and which ones are not. This self-reflection is crucial for improving your trading skills and becoming a more disciplined and profitable trader. In addition to tracking your progress, a trading journal can also help you stay accountable to your trading plan. By writing down your trading goals and objectives, you can keep yourself focused and motivated to stick to your plan. Furthermore, by reviewing your journal regularly, you can ensure that you are following your rules consistently and not making impulsive decisions. Moreover, a trading journal can help you identify areas where you need to improve. For example, if you notice that you are consistently making the same mistakes in your trades, you can take steps to address these issues and avoid repeating them in the future. By being aware of your weaknesses, you can work on improving them and becoming a more successful trader.- Maintaining a trading journal is an essential practice for any trader who wants to succeed in the stock market. It not only helps you track your progress and learn from your mistakes but also keeps you accountable to your trading plan and helps you identify areas for improvement. By making a habit of recording your trades and analyzing your performance, you can become a more disciplined and profitable trader in the long run.
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