If you are able to minimise your losses in this way, the profits will look after themselves. That's the trick to running a long-term consistent trading portfolio! Journaling proves you're a good trader You're making a bit of money trading, things are going well The problem is, how do they know you're any good?
Your trading journal is the evidence that investors need before they give you a dime! Just making money alone isn't enough proof. What makes you a good trader is knowing the risk you've taken in order to achieve those results. For example, if you risked all of your money on "black" at the roulette table and doubled your money, All of a sudden this isn't a very attractive investment at all.
If it goes wrong once, you're bust As a trader, your aim is to make a lot more money in return than you put on the table in the first place. This is known as minimising your risk, so your trading is sustainable. This gives you a nice cushion to soften the fall each time you're wrong.
If you can prove to others that you're taking a small risk, and generating a steady return It compounds itself, whether or not you seek additional investment. And yes, the only way to do this is with a well-kept journal that tracks the right information. Example of a Bad Trading Journal Any trading journal that is just a log of your trades, and how you were 'feeling' at the time when entering is not going to do you any justice in the long-run.
Before writing this article I did a bit of research for myself what was out there already with regards, and I was not impressed. In fact, It's what actually drove me to create the content you're reading right now. I've broken this down into 3 red-flags Also, if it's measuring the wrong things it's also going to be useless. A lot of the journals I've seen out there encourage you to track the following USELESS features: The "time-frame" you're trading useless measurement When you enter a trade, the time-frame you looked at doesn't impact the trades performance in the slightest.
Time will always be time, you should be looking at the assets change in price over time. If you narrow yourself to only look at a few time-frames, your trading approach is heavily flawed. The "setup" with "screenshots of the trading chart" waste of time Your strategy shouldn't change trade-by-trade, so this doesn't need to be tracked if you know what you're doing.
In fact, if you're tracking this on a trade-by-trade basis, you're probably already losing money as you don't have a proven edge! Tracking this number doesn't really have any future value, as your stop-loss will change based upon volatility as time goes on. Tracking irrelevant details, like entry price and exit price, is of no use to you to determine where to improve. If you find yourself journaling in this way, let me show you what you really need to be doing if you're looking to scale your skills as a trader What does a good trading journal look like?
A good trading trading journal will have everything you need as a trader all in one place. This must include the following: A watchlist - to build up a wide selection of trades before you actually trade them Trade log - to log all of the returns on each trade you've actually entered to determine the Kelly criterion we'll discuss more later why this is important! Performance - a complete deconstruction of your portfolio performance, from alpha right the way to success rates But Marcus, how do I build all of these sheets?
The answer: Microsoft excel, or google sheets. I've already built the ideal trading journal , and I'll show you exactly how to use it step-by-step below Download the ultimate trading journal now You can download it right here. This spreadsheet is something I couldn't live without and is everything you will ever need to manage your trades and portfolio.
Let's break down the trading journal spreadsheet, step-by-step so you know exactly how it works. We'll start with the watchlist dashboard Spreadsheet 1: Forex Watchlist The very first spreadsheet in the trading journal excel file is the watchlist sheet. This is where you can store all of your trade ideas whilst they're cooking up ready for lift off!
What is a forex watchlist? A forex watchlist is a place where you list all of your trade ideas before you actually enter them. This list is something you're always adding to as market conditions change and new information comes available.
Generally this should updated at least once per week. Populating your watchlist is not as easy as "randomly" looking at currencies online, and picking the ones you think look cool The real way is to actually look at what's going on in the economy, and calculating which currencies actually have a sensible reason to trade. By sensible, I'm referring to the idea: is there any valid reason to think we should buy this particular currency based on real economic report data?!
Simply put, you need to work out whether currency is 'strong' or 'weak' based upon how well it's economy is performing. And guess what, you don't need to be an 'economist' or have a PHD in econometrics to get this done properly! How to use the forex watchlist correctly The watchlist spreadsheet is split into 2 main sections: Economics Analysis Watchlist Trading Economics Analysis: Explained Let's start of with understanding what to include in your Economic Analysis.
There are 5 key things you need to consider in this section to get a full understanding of what is driving currency value and price: Date - Input the date you add your economic analysis to the spreadsheet. This is important so you know exactly when your analysis is valid. Without a date we can't tell if that analysis has expired. This will help keep it nice and organised so its easy to find ideal currencies to trade quickly.
Macro Currency Strength - Input the macro currency score on each economy. You can either create these scores yourself by analysing each individual economic report, and combining them to determine if each currency is weak or strong This will tell you straight away which currency you want to buy, and which you want to sell based on fundamentals. This will tell you exactly what hedge funds are buying and selling and therefore if there is enough 'fuel' for the price of the currency to actually trend in the direction you want it to.
Examples may include trade wars, or even global pandemics! This will tell you if global politics supports your analysis. This translates as, we want to sell the Euro, and the interest rate reduction supports this idea. This allows you to get an accurate reading of the currency strength, based upon economic data Once you've updated this section, you know which currencies you want to 'combine' together and trade. As mentioned before we want to: Combine a strong currency with a weak currency to increase the amount of volatility we can capture translated as: money we can make on each trade!
For example, if you risk 1R on a trade, and you win a trade with a 2. R Lost is how many Rs you lost when you add up only losing trades. Average R Win is the average of how many R are won on the winning trades. This tells us how profitable our average win is relative to our average loss. Profit R is the daily profit expressed as R, not including fees. Potential R is our potential profit if we followed our trading plan and executed all the trades well.
Input this one manually, as it a rather subjective measure of whether you followed your plan or not. If you pay commissions, add them back in for this number. Fees are our commission costs. Add up the costs shown in the trading platform for the day. Net Profit. Actual R is our R profit when including commissions. If you took 1 trade of , one standard lot remember to double it, because you bought and sold it. Total traded is , in this case.
This number is to tell your friends and freak out your mom. Ending Balance is the actual balance in your account at the end of the trading day. I typically limit my forex day trading to 1. This is averaged at the bottom so you how many hours you traded each day, on average, throughout the month. Average Leverage is to track how excessively leverage is being used. Some are sums and others are averages, where applicable.
Some values need to be put in manually. The statistics automatically fill in as you start typing your wins and losses on the left. Add the date and new statistics for each day below the prior day. I added in sample data on each page of the excel file to give a sense of the metrics. This spreadsheet is tracking quite a bit. Some items seem redundant. Profit R is measuring profit to risk. If we cut our risk in half—R becomes 0. Both are important. Add in or take out metrics based on your needs.
But ideally, using all these metrics will provide insight into your trading and highlight where you need to improve. The EURUSD Day Trading Course covers an entire method of trading, including patterns to watch for that occur almost every day, multiple times per day, establishing your plan, getting in the zone and staying there, and loads of other insights on day trading forex. If the win rate is low, and profits are sluggish or negative, we can dig into that to find ways to improve our strategy: Is the price moving your direction but not hitting the target?
If yes, the target is too aggressive for that entry. Or possibly you are entering too late in a move, or too early.
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For this reason, we have built an easy-to-use yet strong Trading Journal Spreadsheet Template. The best part is, all in Excel! Moreover, we have developed this trade journal template with the help of Ayers Capital Pty. We also believe that learning market dynamics and getting the freshest news from the market is vital to traders.
Why not join them! How to use Trading Journal Template? We have prepared three different versions for easier raw data management the trading journal package contains special versions for IRESS Trader and Viewpoint. You will simply input your data into the white cells. You can control commission rates from the top section. In addition, if you want to define different rates per broker, you can do this in the Settings section of the trade journal template.
You can also write different commissions for each row manually. Some rows can be ignored if data is missing, there is an open position or date format is wrong. So check the Data Control Messages. Trade Log: This is where your raw data is calculated, filtered, and displayed per transaction. Because as we mentioned before, this section is being fed from Raw Data. So, if you need to edit something please work on the Raw Data section of the Trading Journal.
A good trading journal will also give you statistics like your win rate and your account growth rate so that you can make really good trading decisions. All of this can be done with our trading journal. You can get our trading journal by clicking the button below.
Also, make sure not to delete the first row, all the formulas are in the first row You can edit the values without deleting the cells with formulas. Features of our Trading Journal There are several features in our trading journal; Automatically calculates the Risk to Reward Ratio of your trade. Automatically calculates whether your trade is a winning or losing trade.
Automatically calculates the current balance after each trade. Currency pairs sheet where currency pairs that you can select are listed.
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