Every trader should have a trading plan and a trading journal.
A trading plan guides your market approach. A trading journal records all the trades you take so you may refer to them for learning purposes.
You may include any information you might need for learning, but try to keep it simple. Consider adding the following in your journal:
- date and time of trade entry
- entry price, stop loss and take profit levels
- trade result (win/loss)
- chart snapshot when you entered and exited the trade
- explanation on why you took the trade (fundamentally/technically)
- how you felt after you entered and exited the trade
To know what to include in a trading plan, you may refer to my answer to “Question from Baichen: As a new trader, how do I craft a trading plan and start my first trade?” dated 18 October 2012.
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