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Showing results for tags 'trading diary'.
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Retaining accurate records is of such a high importance it cannot be stressed enough. Exercising discipline is vital when implementing your trading system regardless of it being technical or fundamental, so too is the subject of Money Management which should include keeping a diary. Without following strict fiscal rules you are limiting your chances of survival long term. Disciplined sound money management rules should be written into your trading plan and clearly define what percentage of your account is available to risk per position and decide how many lots to buy, a diary should be able to assist with risk management. Keeping an accurate account of your trading activities has a positive effect on your psychology. You can view your past history to evaluate where to fine tune or implement a new trading system as trading is a business and should be treated as such. Much like a shop retains sales and inventory records so should a trader. A trading diary is a valuable tool to be used to aid the direction of your trading activities. Capital preservation is paramount to your long term survival; ignore at your own peril.
