I don't wish to take anything away from the excellent "Essentials Of 'Trading Journals" that heads the posts on the Trading Journals forum but I would wish to humbly add something.
We all know its a good idea to track why we entered a trade so we can review our performance later and learn from the experience. (Not that we all always do this, but we do know we should).
However, what about a journal for the trades you didn't take?
I've just started reviewing the trades last week and last month that I wasn't in and trying to understand why I didn't enter them. The best trades of the month stand off the chart after a couple of weeks and I can score off the ones I took using a conventional Trading Journal approach. But I'm hoping to learn something less obvious from a No Trading Journal - why didn't I get in this or that trade on this or that day? -
Did I not see the signal?
Was the trend ambiguous?
Did I incorrectly identify the price action?
Was I swayed by newsflow?
Was I already fully committed through other instruments?
Did I wait too long to enter?
Did I let previous gains or losses affect my new trade decisions?
etc. etc.
Actually, its early days so I don't even have all the right questions let alone the right answers but I'm hoping for some nuggets to come out of this.
Clearly, its easier if your trading focuses on a limited 'universe' of targets; I trade from 15 forex pairs using dailies. It also does mean you have to have a very clear picture in mind of what would be your trade set-ups (and this alone can be a useful exercise in discipline).
Hoping to post some conclusions in near future but meantime, has anyone already explored this approach and has some feedback to share?
We all know its a good idea to track why we entered a trade so we can review our performance later and learn from the experience. (Not that we all always do this, but we do know we should).
However, what about a journal for the trades you didn't take?
I've just started reviewing the trades last week and last month that I wasn't in and trying to understand why I didn't enter them. The best trades of the month stand off the chart after a couple of weeks and I can score off the ones I took using a conventional Trading Journal approach. But I'm hoping to learn something less obvious from a No Trading Journal - why didn't I get in this or that trade on this or that day? -
Did I not see the signal?
Was the trend ambiguous?
Did I incorrectly identify the price action?
Was I swayed by newsflow?
Was I already fully committed through other instruments?
Did I wait too long to enter?
Did I let previous gains or losses affect my new trade decisions?
etc. etc.
Actually, its early days so I don't even have all the right questions let alone the right answers but I'm hoping for some nuggets to come out of this.
Clearly, its easier if your trading focuses on a limited 'universe' of targets; I trade from 15 forex pairs using dailies. It also does mean you have to have a very clear picture in mind of what would be your trade set-ups (and this alone can be a useful exercise in discipline).
Hoping to post some conclusions in near future but meantime, has anyone already explored this approach and has some feedback to share?
Trading Journals and No Trading Journals
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