And so again we have come to that question – is there any reason for us to actually keep the trading journal?
Well, all I can say is that I will answer YES and YES until the day that you stop doubting it and start leading your own trading journal.
And the first reason of why you should have a trading journal. Is of course the fact that all of the pros have them. Think about it. All of the rich and powerful and know-it-all in the business of trading keep a journal. I feel like I am in the fourth grade again. Everyone had a journal.
And trust mw oh how these pros take advantage of their keeping the journal. How do you think they go to their status in the first place? They stuck with all the rules and now they are getting the fruit of it all.
Here are also several other reasons that you should consider when weighing pros and cons of having and leading a trading journal:
- Keeping track of yourself and your financial situation;
- Keeping progress of the goals you’ve set in your trading plan;
- Understanding your weaknesses and strengths as well as your ability to perform under pressure;
- Providing a way to self-train and improve.
What does that remind you of? That’s right! School and having a mentor! And that is exactly what it should remind you of – your trading journal is supposed to become a paper version of your mentor. The one that you come to for advice, lesson or solace.
If you want not only to keep track of your earning but also have a friend by your side, then you have finally grasped why you should have a trading journal.