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Here are the top 3 stocks we are watching for swing trades going into the…
Carson DavisMarch 17, 2024
Using the free trading journal (free download below):
In the video above, I explain how I use the template and exactly what my trading journal looks like. This is where I do all my visual documentation including stock charts, entries, exits, reflection of my trading mentality when in the trade, and where I store information for future use.
It is highly recommended to use a trading journal to reflect on your trading performance.
Why do you need a trading journal?
A trading journal is essential for tracking entries and exits, recording your profit and loss, and understanding your trading psychology throughout the trade. I am of the belief that you learn more about trading by reviewing than you would by learning new concepts. This free trading journal is designed to allow you to understand your trading performance better.
Who can use this journal?
This trading journal is meant for all types of traders. Some common uses include:
- Stock trading journal
- Day trading journal
- Swing trading journal (what I use it for)
- Option trading journal
Is it the best trading journal?
Well, that is a subjective answer. But in my book, anything that is free and delivers value is awesome. This journal is guarenteed to help you understand your trading better. Which, in turn, should develop you into the rockstar trader you are destined to become.
Find the Trading Journal Spreadsheet Below👇:
Check out my free weekly trading digest:
Excel Trading Journal (Watch the video before downloading):
What do I use this spreadsheet for?
This excel trading spreadhseet is where I keep all of my numerical trading data. I use the OneNote template for visual data in the form of charts.
What does this trading journal spreadsheet log?
This trading journal spreadsheet includes entries, exits, trade type, option strategy, and much more. Additionally, it logs the equity curve to track how you are performing as a trader.
Why pay for a trading journal software when you can download the best free trading journal below? Watch the video to see the full features of the excel trading journal.
The importance of a trading journal:
In the fast-paced world of financial markets, where split-second decisions can make or break fortunes, the significance of maintaining a trading journal cannot be overstated. A trading journal serves as a comprehensive record of a trader’s activities, offering invaluable insights, facilitating informed decision-making, and ultimately contributing to long-term success in the highly competitive trading arena.
I use two sets of trading journals. The first is on OneNote, I use the visual data aspect which includes charts, graphs, entry charts, and exit charts. I like to think of this as my stock trading journal. The Excel spreadsheet is used for tracking numerical figures. This is the trading journal spreadsheet I use to get important financial figures for my trading. It is essentially a trading log spreadsheet on Excel.
The trading journal provides traders with a meticulous account of their trades, including entry and exit points, trade duration, position sizes, and profit or loss incurred. This detailed documentation serves as a reference point for analyzing past performance, identifying patterns, and evaluating the effectiveness of trading strategies. By meticulously recording every trade, traders gain a deeper understanding of their strengths and weaknesses, allowing them to refine their approach, capitalize on successful strategies, and mitigate potential pitfalls.
A trading journal acts as a powerful tool for self-assessment and continuous improvement. Through regular review and technical analysis of past trades, traders can identify areas for enhancement, such as risk management practices, trade execution techniques, and psychological factors impacting decision-making. By pinpointing weaknesses and implementing corrective measures, traders can cultivate discipline, resilience, and adaptability—the cornerstones of success in the dynamic and unpredictable world of trading. This is especially true when analyzing the trading journal spreadsheet.
Moreover, a trading journal plays a pivotal role in risk management—a fundamental aspect of trading. By meticulously documenting trade parameters, including risk-to-reward ratios, position sizes, and portfolio diversification, traders gain a comprehensive overview of their risk exposure. Armed with this information, traders can make informed decisions, adjust position sizes according to risk tolerance, and implement robust risk management strategies to safeguard capital and preserve long-term profitability.
In addition to facilitating self-assessment and risk management, a trading journal serves as a repository of valuable insights and lessons learned. By recording observations, market analysis, and trade rationales, traders create a treasure trove of knowledge that can inform future decision-making and enhance trading acumen. Whether documenting successful trades, missed opportunities, or costly mistakes, each entry in the trade journal contributes to a wealth of experience—an invaluable asset for traders seeking to navigate the complexities of financial markets with confidence and proficiency.
Furthermore, a trade journal fosters accountability and discipline—the cornerstones of professional trading. By committing to regular journaling and review, traders hold themselves accountable for their actions, decisions, and performance. This disciplined approach instills a sense of responsibility, encourages adherence to trading plans, and cultivates a mindset focused on continuous improvement and long-term success.
In conclusion, the importance of a trade journal for traders cannot be overstated. From providing a meticulous record of trades to facilitating self-assessment, risk management, and continuous improvement, a trade journal serves as an indispensable tool for navigating the challenges of financial markets with confidence and proficiency. By embracing the discipline of journaling, traders lay the foundation for success, empowering themselves with knowledge, insights, and skills essential for thriving in the competitive world of trading.
