Why does a trader need a diary?
Today we are going to tell you about an important instrument of a trader — their diary. Self-discipline is a very significant part of successful work in any field. Traders become effective as they build up experience in analyzing graphics and start recording their trades. It’s a boring work but analyzing your mistakes is required to gain experience. Furthermore, recording your actions will help you avoid the psychological fallacies such as excessive excitement or fears and so on.
What should it look like? One can find a variety of templates, but they certainly must have essential elements like:
Assets. Counting your most profitable assets will help you concentrate on earning money.
Call or Put and a value of your option. This will let you manage your risks wisely.
Option time. Note the time of your trade and expiration time.
Entry conditions. Every trading strategy is a set of rules and circumstances and you ought to notice all of them. Some traders apply screenshots to every entry in their journals.
By the way, Pocket Option provides a very user-friendly trading profile with statistics and trading data. It’s certainly a good idea to use this data in your journal.
A journal helps traders to remember all entry conditions so they can analyze trading signals for a long-term period. It’s pretty hard to recall opened trades after a month or even a year with no assistance of your records. Doesn’t matter whether you use a spreadsheet or pen and paper, the key is your convenience.
