My trading is automated so there is no need to keep a journal with all trades. I do keep a journal though. It contains notes about changes I made to the software, or tweaks I did to the trading system. Also, if the system acts in an unexpected way I will write the analysis as to why it acted that way in the journal. The journal does not really review whether trades are profitable or not. In the beginning I had a lot to write about. But now that the system is running a longer time, and has become more stable, are the number of journal entries less. The journal which I keep here at ET is only updated at the end of each month, looking back to the past month. As the number of entries is smaller does it give me a longer term view of how things are developing. This journal focuses more on the development of the account size, and thus whether trading is profitable or not.
I don't keep a journal(as I'm just learning to write!) but I do maintain a giant file that contains screenshots of each day's intraday chart in the TF I trade. I use those charts for manual back testing when I get an idea or learn something new. And yes, even after 40+ years of trading there is still something new to learn! No, I'm not a slow learner! I used to copy the charts with the day's significant points marked on the chart. But I stopped the markings as I found that a fresh observation allows for unbiased analysis that uncovers new points of interest.
So how do you improve your trading if you don't know statistically what is working/not working? “Trading without a diary is like shaving without a mirror.” Dr. Alexander Elder, Author of Trading for a Living.
I understand the metaphor, but it is not quite applicable. Any man who has shaved for years knows how to shave without a mirror. I do not keep a diary, and I am getting better at trading, slowly, over time. Just like shaving without a mirror will make you a better shaver without said mirror, because the nicks and cuts you suffer while shaving will teach you lessons about how to shave better, with less nicks and cuts. Same with trading. Take the nicks and cuts while trading without a diary, and you will slowly get better. Not as fast as one might WITH a mirror (diary), but it can be done.
Beautifully written Overnight. Here are some more quotes to convince you otherwise https://www.trademetria.com/blog/what-top-traders-think-about-a-trading-journal/
I journal the trades I intend to take the next day, if I actually did take them or passed if the market did trade in those areas, if it didn't why I took the trades I did (if any). {P/L, MAE, MFE} for each.
How do people log individual trades? I have trouble keeping track specifically of multi-leg options. I have one hell of a time tracking my trades on diagonals in particular. It's not uncommon after rolling and letting these things develop for 3 months that the total position is north of 12 or 15 legs. So, the positions opening and closing go over months, and keeping them on a linear spread sheet is a monstrous undertaking. I've considered a couple different ideas: 1. using different sheets for each symbol 2. using a single sheet and reserving enough rows for each individual leg 3. using a single sheet and reserving enough columns to keep each position 4. using a word document with tables and a less formal style--one symbol per page / column Any ideas? I have about 50 symbols on my radar, and probably two dozen in my "stable" that get traded on a quarterly basis...interspersed with good opportunities for symbols not on my list. 120 trades a quarter is not uncommon.
Many "trading coaches and authors" listed there. What worked for them worked for them. I mean obviously...That is why they are writing many books. They obviously have so much time on their hands to write books and coach, rather than trade. P.T. Barnum
I don't trade options so Im not sure if this is applicable, but in my case, the platform I use has very good trade reporting and statistics built in. I use SierraChart. When putting on a trade, I scribble (with a pen and paper) 3 additional pieces of info, which were mentioned in my previous post in this thread. It's an extremely quick process. At eod (preferably), I export (actually copy paste) the trade report directly to XL, and I append my scribbles to each. I do this separately for each symbol I trade. I average 36 trades per day. It takes me 10-15 mins to do the append in XL. XL of course, allows splice, dice and combine data any way I like. And SierraChart has many sort, filter, and stats available for each type report on screen, real-time, exportable. Trade On!