mdolan...
If you're thinking of doing any trades - ANY - you need to think about record keeping.
Some call this a diary or journal. It can be done in a notebook or electronically.
Even if you’re only position trading, this can become your learning tool.
Start by keeping a watch list of the stocks, ETFs or other instruments
you’re following and interested in trading.
When a chart looks promising, print it out and place it in this journal.
Making notes that will remind you why it looks promising. Was it a chart pattern?
A bit of fundamental news like earnings? A seasonal or economic event? Etc.
When you enter a position, print out the weekly and daily chart. Make notations
as to why you bought… what you saw and/or read/heard that lead to your decision.
The more notes, the better.
Of course, you’ll want to record all of the necessary info - stock name, symbol,
date, number of shares, commission, and your profit taking and exit plan.
When you exit a trade, do the same thing.
Then write down how you did, what you learned and what you would have done differently. |
