Category Archives: Trading Journal

What’s the top online trading journals out there?

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There are many online trading journals available, and the top ones may depend on an individual’s specific needs and preferences. Here are five popular online trading journals that may be worth considering:

  1. Trademetria – https://trademetria.com/
  2. Edgewonk – https://www.edgewonk.com/
  3. TradeBench – https://www.tradebench.com/
  4. Tradervue – https://www.tradervue.com/
  5. TradeLog – https://www.tradelogsoftware.com/

These trading journals offer various features and tools to help traders track and analyze their trades, including customizable templates, performance analysis, risk management tools, and integration with brokerage accounts. Some of these trading journals may have a subscription fee, while others may offer a free basic version with the option to upgrade to a paid version for additional features. It is important to research and compare the different options to find the one that best fits a trader’s needs.

What’s a trading journal?

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A trading journal is a record of a trader’s trades and the reasoning behind them. It can be a useful tool for traders to review their performance and identify areas for improvement in their trading strategy.

A trading journal should include details such as the trade setup, entry and exit points, stop loss and take profit levels, and any relevant market analysis or news that influenced the trade. It is also helpful to record emotions and thoughts at the time of the trade, as these can impact decision-making and should be examined as part of the review process.

Using a trading journal can help traders to:

  • Stay disciplined and follow a trading plan
  • Identify and correct mistakes or bad habits
  • Refine and improve their trading strategy
  • Set and track progress towards trading goals

It is important to regularly review and analyze the entries in a trading journal in order to get the most benefit from it. This can be done by looking for patterns or trends in the data, such as an over-reliance on a particular type of trade or an inability to stick to a stop loss. By identifying these issues and making adjustments, traders can improve their overall performance and increase the chances of success in the market.

In summary, a trading journal is a valuable tool for traders to track and analyze their trades, and to continually improve their trading strategy. It takes discipline and commitment to maintain a trading journal, but the benefits can be significant in helping traders to become more successful in the market.

How to keep a trading journal?

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I traded professionally for 4 years and used a trading journal since day one. Back then, I used word and excel to log data such as:

  1. trade activity
  2. pnl performance
  3. mistakes
  4. goals
  5. volume
  6. fees
  7. best performing stocks
  8. best performing strategies
  9. profit ratio
  10. win rate
  11. etc.

A journal is the most efffective mechanism to look under the hood of your trading system and find out what is wrong. Without it, you don’t know what to do to improve and why you are losing.

I believe so much in journaling that I ended up creating my own online trading journal system.

What is a day in the life of a prop trader like?

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Where I worked, we had a pretty hectic schedule at the start when we were in the internship phase commonly doing 12 hour days. This was generally the time where the weaker or struggling people got weeded out of the program. Once passed & live, our day looked some what different as we could come and go as we pleased once we hit targets. But generally speaking, our day looked like this for the first 6 months of trading live money. ( All times London time) We focused on futures markets usually.

7–9am : Arrive in to trade the European Open, usually the Dax, Eurostoxx, Cac, Ftse or a spread trade of merging 2 markets together.

9–10:30: We could trade the bond market like the bund if there was any early news announcements out that day.

10:30–13:00: Hit the gym, catch up on sleep, whatever tickles your fancy really as the markets were usually quiet for us during this time.

13:10–14:30 : We traded the pit open of oil or if there was any news out or geopolitical events, we’d go where the volatility took us.

14:30–16:30: We traded the US open, mainly indexes. This was our “important zone” that would usually determine if the risk desk would let us trade bigger size on the day depending on how much money we made up to that point. If we were down near our allowable daily loss, risk would usually cut our size or force us to stop trading at 16:30 to avoid compounding the problem.

16:30–18:00 : Do as you please, get food, relax, whatever you needed to do to get refocused & like I said if you were near your daily loss limit, your day might end at 16:30.

18:00–19:00 : we’d get ready and trade sugar settlement which usually brought volatility into that market. We may also have trade Cotton or Cocoa futures too depending on where the action was. We always needed volatility for what we were doing. ( Cotton was always so illiquid so you can imagine how stressful that could be sometimes )

19:30- 21:00: Trade the US close if there was volatility. This was discretionary as it could be super quiet or if you had a good day, you might not want to push it.

This is how my day looked like around 2010–2012. On Fridays, you could also add in on our free time at 10:30 – 13:00, we’d have performance reviews where 6 of us would go into a room and present our performance to the head traders and talk them through our thought process. This was usually just for the first 6 months though of trading live money. After that, the time table changed and we had more freedom to trade as we wished as long as we were obviously making money.

I remember some traders literally only trading 2 hours and making plenty of money but to get to that level, we had to experience all the different markets in the above timetable for the first 6 months. Keep in mind that this timetable was applicable to us around 2010 & times of opens/ settlements may have changed since then. Hope that helps