If you are trader (whatever it is - stock/options/future/forex) and never had your trading journal started, this is my genuine advice - Start it now !!! And do not wait !!!
Trading journal is one of the upmost criteria for a successful trader, of course, it is equally important for all the beginer trader. But from the start, you will be definitely facing discipline issue as recording down every single trade is not an easy task for every one, especially for a person that is not very well organized for his stuff.
But once you started it, you will start to see more results, it is just a like a journal, to understand yourself better. A trading journal will let you understand yourself more about your trading style and behaviour.
Then why do we need to have trading journal? The reasons are simple:
1. First, it gave you more time to think before you enter your trade while you still entering data in your trading journal before entering the market. Many times, you realised that your trade is based on emotion more than analysis. Give yourself a valid reason why you enter the trade, and what is your exit strategy.
2. Second, it provide reference information when you trace back why did you enter the trade in the first place. Whether the result is making profit or loss, your record is important for you to know what you did right and what you did wrong.
3. Lastly, to calculate the profit/loss in a systematic way, as well as providing a performance chart for yourself to track your profit/loss, as well as your winning/lossing trade ratio, etc.
If you are excel expert, you can make a simple trading journal by using excel. If you are not, and would like to use what the expert promote - here is one for you.
My friend Grag has introduced a trading log sheet to me which I find it very useful and comprehensive.
You can find out more from here - http://tradingspreadsheets.com/
For all Stocks / ETF, E-mini Futures, and Forex (Fx) Currency Pair traders!
Plan it... Trade it... Track it !!!.
This trading spreadsheet is basically created with excel, with all the necessary information to guide you how to use it. Like all the software you use, first thing first is to familiar with product you are going to use.
You want the excel do the rest of the calculation after you key in the necessary data, this is one for you. It allows you to record your "entry note" and "exit note" in the comment column, because the reason you enter and exit the trade is upmost important, it let you understand your trading behaviour bettter.
It provides your performance chart based on your monthly profit/loss, and most importantly you can now track every single trade you entered.
I would say it is basically a comprehensive trading journal package whatever you need to analysis your trading performance.
To your successful ! Cheers ! Find out more about trading from http://www.traderwork.com/