Keys to Successful Day Trading
By Toni Hansen and Brandon Fredrickson
By Toni Hansen and Brandon Fredrickson
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3. Keep a Journal
So many times I will call a person that tells me they have been having a hard time and one of the first questions I ask them is" What have you been trading?" If they can't tell me that, it's hard to move forward. It's hard for me and it's hard for them. Keep a journal of all the trades you take. Include the time you got in, out, the prices, why you took the trade, what was going on in the market, how did the stock act, what did you do well, what could you have done better, etc... It seems like a lot but once you get into it, it's really very easy and just becomes second nature. Read this a few times a month and just look at what you are doing and have been doing. It will really key you in on your weak areas. It let's you know what you need to work on and, just as importantly, it will let you know what you are good at. So, keep a journal.
So many times I will call a person that tells me they have been having a hard time and one of the first questions I ask them is" What have you been trading?" If they can't tell me that, it's hard to move forward. It's hard for me and it's hard for them. Keep a journal of all the trades you take. Include the time you got in, out, the prices, why you took the trade, what was going on in the market, how did the stock act, what did you do well, what could you have done better, etc... It seems like a lot but once you get into it, it's really very easy and just becomes second nature. Read this a few times a month and just look at what you are doing and have been doing. It will really key you in on your weak areas. It let's you know what you need to work on and, just as importantly, it will let you know what you are good at. So, keep a journal.
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