Trading Journal - What is the Minimum Data You MUST Record?

http://www.YourTradingCoach.com - It never ceases to amaze me how few traders actually record their trade statistics in a journal. Recording your stats is essential to allow you to review your trading and improve. This video gives an introduction to what I believe is the absolute minimum you need to record and also shows you which journal I use. (NB. The trading spreadsheet website for those interested is http://www.tradingspreadsheets.com )

Comments

1. Hi Lance.
   Thanks for the videos. They are a big help.
   I'm a beginner trader using Ninja trader. Do you think its alright to use the "account performance summary" in Ninja trader, that automatically logs all this information as your trading spreadsheet? I will also use a trade journal/diary that logs my trades, but for statistical information do you think it's being lazy or practical to use the account summary information provided by Ninja trader?
   Regards,
   Scott.
2. Thank you
3. Those are good numbers Josh - I am doing about 6-10% monthly using 1% risk per trade. What is your ave loss size as a percentage of capital?
4. Hi mdueri, This can be a very long answer going in to money management which is a critical part of my/his strategy as you probably know. But to give you an idea on my previous 2 months: July 2013: 20.3% (Win%: 64% and Win/Loss size ratio: 1.75 : 1.) & August 2013: 36.26% (Win%: 69% and Win/Loss size ratio: 2.11 : 1.) It varies from one month to the next to be honest, but my goal is consistency first. Getting back to the spreadsheet, this helps you in many areas to achieve just that!
5. Hey Josh - I agree with you that his approach makes sense. I too am a trader and have (after many years of trading) started thinking very much like him before I even found the site. I am finally starting to be profitable and I was simply wondering what is a good average monthly percentage using this approach. What kind of profit are you doing on percentage?
6. Hi mdueri I have actually done his course (after numerous other courses) and I can tell you one thing - if he is not a successful trader, then I would like to know where he gets his training materials from?! I have spent MANY hours in front of the screen practicing his methods. Im now at a point where Im getting consistent results. This is the real deal but it still takes a lot of hard work and effort. Send me a message if you like! I'll send you some screenshots of my trading journal.
7. I would still like to know if he actually is successful trading... For some reason he doesn't want to answer that question... Anyone can read a few books and make a video, not everyone is actually successful at implementing it. Lance, maybe you can show us your equity curve, you can take out the numbers and use percentages if you are shy about it.
8. have you considered making a indicator with alerts for these reversal bars
9. very good, thx
10. @vibarco Hi Vince, No. Win loss size ratio is calculated for a sample of trades by: average win / average loss Regards, Lance
11. Hi, what exactly is win/loss size ratio? for instance trade 1 - Risk:Reward ratio = 1.5 trade 2 - Risk:Reward ratio = 1 trade 3 - Risk:Reward ratio = 2.3 W/L Size ratio would be (1.5+1+2.3) / 3 trades?? Regards, Vince.
12. @ZaphodUk1 Hi ZaphodUk1, Favourite time period for day trading? For forex, the UK session open. For emini's, the first hour, maybe extending till lunchtime US. Cheers, Lance.
13. Hi 3333Smoke3333, Thanks again for your great feedback. Much appreciated. All the best with your trading, Lance.
14. Hi Lence, again me :) It's realy great what you do. I'm glad that you give all these informations for free, to teach other Traders. There are a lot of cochers, who say a lot, baut say nothing in fact.... THX a lot. Greatings from Germany
15. Hi ndtv501, Thanks for your feedback. I'm glad you've enjoyed the video. I've been a bit slack getting new videos online for about the last 6 months. I'll try to fix that in the near future. All the best with your trading, Lance.
16. EXCELLENT I i alwyas look for your next video
17. Hi Gabrielgos, Thanks for your feedback. I'm glad you've found value in the video. All the best, Lance.
18. It´s fantastic information. Thanks
19. Thanks Kevin, Appreciate the feedback. Happy trading (and journaling), Lance.
20. I agree totally with you!