Two Types of Trade JournalingOctober 6th, 2020
“A journal is our way of talking to our ourselves. A journal is our way of coaching ourselves.”
According to Dr. Brett Steenbarger, when we journal an idea, we give that idea objective form and it takes on a greater reality for us. Dr. Steenbarger emphasizes that there are 2 main functions of a trading journal: journaling market opportunities and journaling trading performance.
Journaling market opportunities can help traders to learn market trends and patterns and can even lead to traders recognizing patterns in real-time. It can also help with better timing of trade entries & exits.
Journaling trading performance helps traders recognize mistakes including improper position sizing, mismanagement of risk, and falling into an emotional state where overtrading can occur.
Ultimately, how you journal is how you coach yourself. Learn more in this 2-minute excerpt from the webinar What Leads to Great Trading Ideas Through Journaling? with Anthony Drager of Verbal Journal:
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