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Welcome to stockmarketforbeginnersschool.com where we help you unleash your trading genius
My name is Thembi and this is SMQ Wednesday.
My name is Thembi and this is SMQ Wednesday.
Have you ever wondered why all the trading mentors tell you to have a trading journal?
Have you ever wondered why all the trading mentors tell you to have a trading journal?
Have you ever wondered why all the trading mentors tell you to have a trading journal?
Have you ever wondered why all the trading mentors tell you to have a trading journal?
Have you ever wondered why all the trading mentors tell you to have a trading journal?
Have you ever wondered why all the trading mentors tell you to have a trading journal?
What's up with this trading journal?
Today, I'm going to teach you the essentials
of a trading journal. Why you need a trading journal and what to put in your trading journal to be effective
of a trading journal. Why you need a trading journal and what to put in your trading journal to be effective
So you want to make sure that you stay tuned for this lesson.
Today's question is from
Jack. Jack wants to know about trading journals.
Dude, you are like light-years ahead of
a lot of traders. Trading journals are the secret to wealth. I promise you
your trading journal is the secret to wealth.
Jack's question is: What Are The Essentials Of A Trading Journal?
Jack's question is: What Are The Essentials Of A Trading Journal?
A trading journal is like a diary.
A trading journal is like a diary.
That's where we put our heart out and not be afraid to be honest.
I'm so silly, I used to
have that lock. I was 14 and I had that lock and I thought my mom couldn't
couldn't open the journal but she know everything that was going on
couldn't open the journal but she know everything that was going on
couldn't open the journal but she know everything that was going on
I realized that when I was 21. A trading journal is like
a diary. It's your internal chatter that you're
sometimes too ashamed to share with your trading coach.
I still keep a trading journal where I'm
completely open and honest. A trading journal is an
intimate account of your mental content.
A trading journal allows you to know thy self.
If you do not know that you're a revenge trader,
you're going to carry on revenge trading and you're going to carry on
losing money. You're going to have a frustrating trading journey.
If you do not know that you're an impulsive trader,
you're just going to carry on impulsively trading and not know what's going on.
The reason why trading journals are so encouraged in trading
is because it allows you to examine what's going on
So, with a trading journal, you can ask yourself why you got into a trade and know the reason why.
So, with a trading journal, you can ask yourself why you got into a trade and know the reason why.
Perhaps you were feeling antsy because you hadn't made money that day and you needed something to do.
Perhaps you were feeling antsy because you hadn't made money that day and you needed something to do.
You'll realize it was a gambling trade.
Writing in a trading journal is a way to open up and be completely honest.
Writing in a trading journal is a way to open up and be completely honest.
Sometimes men have a hard time completely opening up and be naked
as we call it in The Stock Market For Beginners camp.
Just open up and tell the true shame
I understand that sometimes men have a little bit of a difficulty with that.
But with a trading journal, that's where
everything is supposed to be brought up. That's where you
write your deepest darkest secrets about you as a trader.
It's very powerful because you can go back in your trading journal and identify trading patterns.
It's very powerful because you can go back in your trading journal and identify trading patterns.
It's very powerful because you can go back in your trading journal and identify trading patterns.
It's very powerful because you can go back in your trading journal and identify trading patterns.
When you're working with a coach, you can share some parts of your trading journal with him or her.
From there, they can deduct what's really going on with you as a trader.
From there, they can deduct what's really going on with you as a trader.
Why Is A Trading Journal Important?
Online trade when you have an edge. And how are you going to know what your edge is?
You're not going to know if you don't have a trading journal.
This is what I teach my students.
The only way you're going to know when you have or don't have an edge is
The only way you're going to know when you have or don't have an edge is
when you go back and read every
entry in your journal and see a pattern emerge.
I make money when this happens... I don't make money when I feel like this...
I don't make money when the market is like this...
The only know this trading edge is when you have a journal.
1. It allows you to take stock of your emotions.
which is very important to prevent you from revenge trading.
from spontaneous trading, trading without a plan
or without signal from the market. If you
you keep a trading journal,
you're going to see your emotions.
Were you angry because you lost money on a trade? Did that trigger the revenge trader in you?
Were you angry because you lost money on a trade? Did that trigger the revenge trader in you?
You'll see all of these in your trading journal because you're going to write after every single trade.
You'll see all of these in your trading journal because you're going to write after every single trade.
2. It allows you to know what works in your trading so you can repeat the process
2. It allows you to know what works in your trading so you can repeat the process
Look, trading is really easy,
although not so simple to implement.
Trading is easy but not so simple to implement.
But when you find a winning system, you can just repeat the process. That's how easy trading is.
But when you find a winning system, you can just repeat the process. That's how easy trading is.
But when you find a winning system, you can just repeat the process. That's how easy trading is.
But when you find a winning system, you can just repeat the process. That's how easy trading is.
But when you find a winning system, you can just repeat the process. That's how easy trading is.
But when you find a winning system, you can just repeat the process. That's how easy trading is.
As human beings, we can make trading difficult by experimenting all the time.
As human beings, we can make trading difficult by experimenting all the time.
If you find in your trading journal what you keep on doing right and you keep repeating that every single day,
Trading becomes boring.
I always tell my students that you'll know that you're already a
professional trader when trading has become boring.
When trading still gives you the hibbie jibbies,
then you're still a novice. Trading should be
really boring. You wake up, open up your platform
and you know what to do.
and you know what to do.
The only way you're going to know that is through your trading journal
3. It allows you to know what doesn't work so you can eliminate your mistakes
3. It allows you to know what doesn't work so you can eliminate your mistakes
If 2 days/week, you're not making money, you have to go and figure out
what's going on, then
eliminate those mistakes and only repeat the process that works.
What Are The 3 Essentials Of A Trading Journal?
What Are The 3 Essentials Of A Trading Journal?
1. Emotional State This is a big one.
because we don't really check our emotions.
because we don't really check our emotions.
Were you optimistic when you got into the trade?
Were you feeling positive? Were you happy? Were you fearful
when you got out of a trade? You need to keep a
heartbeat on how you feel when you get into a trade.
Were you wishing, hoping or praying when
you knew that the stock was a low probability trade?
You need to examine that. Were you stressed out before and after the trade?
You need to examine that. Were you stressed out before and after the trade?
because when you can keep a tab on how you feel
when you have positive and negative trades, then you're going to repeat
when you have positive and negative trades, then you're going to repeat
when you have positive and negative trades, then you're going to repeat
to be in a positive state in every single trade.
This is the magic of having a trading journal.
2. Goals
Did you follow your rules and what happened?
Did you follow your rules and what happened?
If your rule says that you should only buy at an area of support and all of a sudden you're buying
at an area of resistance and that doesn't work, well,
it's because you didn't follow your rules.
The manifestation of that is you got chopped up. You lost money. It's that simple.
The manifestation of that is you got chopped up. You lost money. It's that simple.
You're going to try and eliminate that.
3. What have you learned from that trade? A lot of beginner traders
are so eager to make money but they don't
reflect and find out what they've learned from their winning and losing trades.
You get valuable information from the winners
and especially from the losers if you have a trading journal.
What If You Forgo Having A Trading Journal? You miss out on valuable trading lessons.
What If You Forgo Having A Trading Journal? You miss out on valuable trading lessons.
You can pay a lot of money to take a trading course
but the real learning happens when you're trading. The real learning happens
after the market closes.
That's when you get to know yourself. That's when you get to
know your personality as a trader.
You get to know what works for you and what doesn't work. Every winner has a lesson
Every loser has a lesson Every journal
entry brings you that much closer to your stock market
millions. I don't know of a successful trader who
does not keep a trading journal.
Yes, it sounds a little woo woo, it sounds girly,
but my successful students
have a trading journal. I can ask them any day
about their trades
or their feelings about a particular trade
and they can tell me because they have a trading journal.
and they can tell me because they have a trading journal.
Journals are powerful. It's not a girly woo woo stuff
it's just the way successful traders maneuver
the market, their emotions and themselves and get to know themselves
the market, their emotions and themselves and get to know themselves
in the market. I hope this
answer has served you. and I hope that you've learned a lot
from this video lesson. I hope that you've enjoyed this lesson. Thank you
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Bye for now!