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Day Traders: Here's How to Keep Track of Your Day Trading Gains & Losses
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- Опубликовано: 12 сен 2019
- Think you don’t need a trading journal? Think again. This tool is key to learning to trade smarter. Tim Bohen is talking all things trading journal - how to track gains, losses, ideas, and more. Wanna get better at finding those awesome setups and learn what works for you? A trading journal is critical...
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It’s SO important is to track your trades. Sometimes it’s hard to pinpoint what exactly went wrong in a trade - or what went right. So you track every single trade. But you also gotta make time to go back and review it all.
Do it for every trade. Don't get lazy!
There’s no one ‘right’ way to track your trades. Some traders use a spreadsheet. At minimum, you want to enter your ticker, entry, exit, PNL, and setup. And it helps to name your setups. For example, if a trade is an afternoon VWAP breakout, name it that.
It doesn’t have to be super basic, either. A lot of traders track their mindset and their emotions. It’s too easy to think that you’re immune to your emotions - but no one is. Especially when money’s involved.
Day traders might have 5-20 stocks in play at any time. Some may be afternoon or morning setups. Some have news pending or earnings coming up … It’s hard to track your plans, plus your thesis, the news, and more on so many trades.
But find a way to keep track, using technology or even a paper notebook.
Part-time trader can use trackers, too. If you're watching stocks in the morning, enter all your trade plans, entries, and exits. Then when you have time, you can review your notes, then edit and roll them over to the next day. That’s one way to stay a step ahead.
So keep track of all your trades ... but remember to go back and review them! That's how you trade smarter.
#StocksToTrade #StockMarket #TradingJournal
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*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
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Do you use a trade journal?
I downloaded the Excel Investment tracker template, customized it slightly. I track every trade, entry/exit, change in price x shares and then profit and loss. I actually print all my charts and save the screen grabs in my desktop-Bought/ Sold/Watching. On the print out I chart trend & Fib, then I compare that to the pre-lined chart to see if I am close in understanding and write all my notes on the back. Then I just save them all in a binder. That is my 07:30-09:00 ritual.
No. I'm considering it though now. I have an over-built spreadsheet that I created to track everything... and I've updated over the past few years. But it still seems I'm tracking a little I don't need to and not really tracking exactly what it should. Thus, I'm here to see if I can discover a better way. I might try a trade journal though...I don't like the idea of spending more time writing and reviewing it, but I do like the idea of it helping me get a jump start on the next day. Thanks!
Yes I do have a trading journal. It helps in the long run. It also allows you to diagnose your weaknesses and strengths by reviewing your trades.
With the last paper trade I made on my STT trial, i made some mistakes and took a loss, but i spent that night writing a whole page of information dissecting what i did wrong and why it happened. I got too scared and sold when the market went quiet before noon, then the stock spiked later in the day. Always take notes, always reread your nots, and keep them in an organized manner. And never get too pushy, you cant make the market work for you.
It's all about the process! Keep it up
4:42 is key , very important point and obviously you must journal great vid
GREAT ADVICE! I recently started a trade journal on a "lay flat" spiral notebook. Really helps. His advice is spot on!
Thanks! 🙌
It is indeed a great tip keeping a journal ... it is believed to strongly support the learning process. thx Tim.
Journal yes. But only: ticker, entry - exit, & PNL. Anything more I loose focus on the market... and loose money. And at the end of the day - I had forgotten al those "cool ideas" I had during the day.
I agree, pencil and papers a MUST. It has given me soo much prep for future trades and is a great reminder to acquire. Also we do learn so much better when we physically write things down. I do find that sometimes it could work against you once you've gathered enough evidence to jump ship on a specific stock only to see them run up the next day!
Alas, I must say Good day and never tempt fate, give thanks to the stock God's!
I got through nursing school because I wrote hand notes. i tried digital but the material never stuck in my head
It helps a lot! Trade journal is a must!
Thanks Tim! Still studying. Looking to open a small account and STT soon. Journaling will be a must
Was wanting o ask this question in Steady trade, what you use to track you trades. Thanks much appreciated
You bet!!
I installed Evernote this morning. I am watching your videos so I can set it up properly. I would have liked to see your screen shot of Evernote to see your setup of Notebooks, Notes and Tags. You did identify the data we need. Thank you for your help.
Tim thanks for this amazing video lesson! Is it possible to make short video about adding new positions in the same stock, when it’s go up! We all know that we should cut our losses quickly, but what if we need to add in our position! Is there some rules we should to know?
If you bought Apple share few month ago and the status is loss
. If now you buy more apple share to average down. Subsequently you sell part of the apple share due to rise in the price. So your status of profit or loss is base on the 2nd cost or average cost of the two purchases ???
Thank you so much!)
Excellent basic but very important video Tim.
This is something I definitely need to work on improving.
I agree with Evernote. I have been using it for my daily life but I am going to start using it for trading. I've been using a note pad but obviously not as efficient.
Could you post a couple of your notes to see a graphic example of how you structure them?
Thank You!
started a paper one but hadn't been keeping it up. I think I might use electric so I can do search. I like that idea. Thanks
Thanks,i will start using a jurnal starting tomorrow.
cant wait to get my fund right to start getting in the trenchs
I ve heard that you increase your success by keeping track of your trades. Maybe a trade journal. This video is essential.
Hi Tim, good info. Tim in your opinion what is the best way to protect a winning trade
your free weekly stack to trades are showing error after I put my email....
I make a watchlist everyday thanks tim
Has the STT journal gone live?
this might sound stupid but if im tracking my wins and losses on a certain pattern, how do i know where i am going wrong just on p n l ?
Guys tracking is littrealy ten minutes max even if you activatly trading and you traded in and out 6-7 times a day. Just do it !
Thank you Tim! I was looking for a note taking platform that was not cloud-based. I discovered that my personal storage system (NAS - Network Attached Storage) has an app named "Notes Station". It looks just like Evernote. It also comes with an Android app called QNotes to access the Notes Station data. I will use your suggested criteria to set it up. I think I may still have a spreadsheet, as I also like the "data" format, where I can quickly sort my PnL column, or my Position Size column, etc. It also may be more conducive to create graphs from the spreadsheet data.
Thanks for the videos. Perhaps adding a sound deadener cause you echo 😊
I use the stocks to trade one I got off the website it’s cool
No trading journal. Just wing it. But I will plan , thanks👍
Wheres that stockstotrade journal? I wanna buy it
We're in the process of revamping merch.stockstotrade.com we'll let you know when the trade journal is live!
Who put the table on a roomba and why?!?
😂
It’s you vs yourself actually.
Why is the sky keeps smacking his lips
♥️
Why is it you against another guy? Trading is you against yourself and staying disciplined
Lmao imagine keeping track of 50 tickers. Only novices do that. I daytrade 2 commodities gold and oil.