One of the most valuable actions a trader can perform is to keep a personalized journal of trading errors. Our failures in life, as well as in the market, serve as stepping stones to higher heights of mastery. And keeping a detailed journal of your market mistakes will help you know who you are, what you are, and where you are going. This simple task can help to raise your trading mastery. Purchase a notebook for yourself and then, using your trade confirmations and your favorite charting program, write down all of the gritty details. The date of the trade, stock symbol, entry price, exit price, total commissions, the reason for the trade – of every single losing decision. You may find that many of the same mistakes are being repeated time and time again. You can then group the errors into separate classes such as: “entered too late”, “sold too soon”, “held too long”, “got too greedy”, “got too nervous”, “ignored stop loss”, etc. This may give you a better picture of yourself as a trader. You can then take the group with the greatest number of entries and work on eradicating it from your life. Once that specific error is dead, you can then move on to the next one. A successful trader is more defined by the way that he loses then by the way he wins. Journal your way to success.
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