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Each individual has a different method of tracking what he/she does trading.
Some with large egos don't feel that it is necessary to track what they do and
others do things to excess. I simply set down a set of things that I have found
over the years has kept me out of trouble. I found that the clearing firms had
more trouble with futures then with stocks. When on the floor you had your
trading cards for a record and checked them against your sheets the following
morning to find any out trades. When I started trading upstairs and later at
home I found that such a trading sheet was necessary also. When I placed an
order I got a ticket number and I had a log sheet for that date upon which I
wrote down the time I placed the order, the ticket number, and the price. Then
when the order was filled I would write in the fill price and time. Market
orders were usually filled on the phone, but all information was noted on the
trading log. At the end of the day I would call the office back room and check
that all my trades cleared and that there were no miscellaneous trades in my
account that shouldn't be there. It is surprising how often there were errors
in what was entered to my account at the end of the day. With electronic
trading I keep the same log along with the confirm number that is given. When
my price is hit or traded through I check to see if I have been filled. If not,
I immediately call to find out why. It is up to me to take care of my money and
watchdog my trades. This is the log that I keep and then check it against the
hard copy I receive from the brokerage firm. They do make mistakes.
As for a journal, I never kept one in the sense of a written journal. At the
end of each day I would go over each trade that I made. Analyze the reason for
entry and exit and make sure that I followed the rules that I have set up to
trade by and check if I followed my system. It didn't matter if the trade was a
profitable one or not, I reviewed each trade. If I made a mistake or varied
from my trading rules I noted it. I guess that could be called my journal. I
would write down a set of rules to follow. I would add to it and delete items
from it as things progressed. After 40 years there are still lapses, still
mistakes and still the need to review every trade. The day one figures they
know everything is the day to stop trading because disaster is lurking just
around the corner. You never know more then the market and one should always
have their safeguards in place. The only way to do that is to keep track of
what you are doing and make sure that you don't make the same mistake twice in a
row. Track your profits and losses on a daily or weekly basis. It is the same
as any other chart. When it starts to have a downtrend. Stop trading until you
figure out what is causing it. It isn't bad luck, it is a change in your
trading style or a breakdown in your system. It is a sure sign that something
needs to be corrected. Have a good trading week. Ira.
Dan Harels wrote:
> Ric,
>
> I cannot forsee a case where I would be embarrassed by a simple answer to an
> honest question. Neither can I forsee a case where I would invest so much
> ego in a question that I would feel embarrassed by my lack of knowledge. I
> have asked many simple, and, in hind-sight, simplistic questions of the
> Realtraders list. I have always been treated with kindness and respect.
> Everybody starts somewhere and the list has always been very helpful and
> accepting of where I am at the time of my question.
>
> I wanted to spark a discussion of trading logs/journals and hoped to benefit
> from the collective wisdom of the list. Thanks for sending me your web
> address again. If others would like to discuss trading logs or journals on
> Realtraders, I would be glad to hear their thoughts.
>
> Calmly,
>
> Dan
>
> >From: ric ingram <ringram@xxxxxxxxxxxxx>
> >To: "Dan Harels" <harelsdb@xxxxxxxxxxx>
> >Subject: Log/Journal
> >Date: Sat, 09 Mar 2002 18:08:43 +0000
> >
> >Dan,
> >
> >A private email to avoid embarrassment for you.
> >
> >I have explained the difference in the text you copied - put in other words
> >it is in the mind-set of the trader - who owns what or what owns who.
> >
> >If what you mean is what are the contents of each, then look at
> >www.traderscalm.com/tlog.html for an example of a traders log. As I do
> >not recommend a journal you must look elsewhere for that.
> >
> >May your potential be realised, Ric.
> >www.traderscalm.com
> >
> > >Ric wrote:
> > >Another classic is spending an inordinate amount of time or investing a
> > >high value in a trading journal.
> > >
> > >A 'traders log' as the name suggests is owned by the trader, often a
> > >'trading journal' is where the trader is owned by the journal. A traders
> > >log helps you get out of any hole, a trading journal can be used to dig
> >the
> > >hole deeper, often using emotions.
> > >
> >Ric, please explain the difference between a "log" and a "Journal" and
> >their
> >appropriate application. Thoughts by others on Journals or Logs will also
> >be appreciated.
>
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