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Keeping a journal
Posted: Mon Oct 13, 2003 3:17 pm
In my readings of various trading and investment literature, not to mention "self-help" type books, A common thread I see is a strong recommendation to keep a journal. Keeping a journal seems to help us work through our psychological conflicts, plus gives a great record of our decisions, unbiased by hindsight.
How many of you out there keep some type of journal, and has it helped?
Posted: Mon Oct 13, 2003 6:55 pm
For system trading I have used a trading occasionally mainly to note how I felt about something and to note any intuitions I have so that I can check them against later history. For discretionary trading I make and entry every trade so that I understand what is working and what is not. I also like a quote I saw somewhere:
"Let your stops do their job. Don't override your plan. Let the market prove your fears by hitting your stop. When you feel compelled to take the early exit - step away from the mouse - pick up a pen and start writing down how you feel."
The same should apply to anyone considering overriding a system entry. I find writing neatly in my diary to be very calming if bars are going against me and I am holding my discipline with difficulty.