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Day Trading Journal

I am thinking about starting and keeping a day trading journal. What are the advantages and disadvantages to keep my day trading journal online or private for myself?
It's a great tool. I've just spent the last 20 minutes playing with it and I like it very much.

I think that I have now found the "official" link to the software where the software owner would probably want you to go:
Yes some of this guys have mirror webs that share bandwidth soon I will have e link on my site from my freebe page that I'm re-building.
I think that the original link that I had up was an unrelated freeware distributor though.
Very neat little gadget - thanks inventor!
Originally posted by elite trader

Very neat little gadget - thanks inventor!

You are welcome!!!!
Originally posted by super trader

I am thinking about starting and keeping a day trading journal. What are the advantages and disadvantages to keep my day trading journal online or private for myself?

In the end the trading journal is YOUR insight to the markets, but there may be some things you want to share and discuss with others.
A trading journal is essential if you wish to progress as a trader. There are few good journals out there. Most traders utilize MS Outlook which is a very powerful program once you understand the nuts and bolts of its structure. You can get a good description of how to utilize outlook in a manner you have never imagined it can be used in the book The New Sell and Sell Short: How To Take Profits, Cut Losses, and Benefit From Price Declines (Wiley Trading) by Alexander Elder.

In the book he provides a detailed description and examples of how to setup a journal using MS Outlook and a nifty little program called Snagit. I have been trading for over 30 years and I would have blown out of the markets years ago if I didn't employ a journal on a daily basis.

Your journal becomes your trading database and source of all trades - not to mention a live calendar providing you with every open and closed trades for every market, and that is in addition to your research of market data and the like.

Good Luck
Its Time to Go LONG in GOLD for 7 to 10 days @ 1567 target 1610
Gold Aug 30min Chart from Barchart ... EOD snapshot Thursday 6-21-12.

Click image for original size
gold 30m chart eod 62112

(still no rationale or answers to questions posed ... other than a word-mash or cryptic response ... hoping for it here AND WHERE'S THE STOPLOSS??? ... beyond a "time" stoploss of exiting sometime between now and "7 to 10 days")

A basic view that I see is that it's short term oversold down near prior price support ... often gives at least a reaction bounce, especially in a trading range that can be seen during the past couple of months or so (currently non-trending on this time frame) fwiw.
Its code MM...the 7th letter of the alphabet is G for gold...7 to 10 days..ten minus seven is 3..three x ten is 30..the number of days in June...June is the 6th month of the year hence the six in 1610 the Tuscans fought the Turks, what were they after? You guessed it GOLD
Retaining accurate records is of such a high importance it cannot be stressed enough.

Exercising discipline is vital when implementing your trading system regardless of it being technical or fundamental, so too is the subject of Money Management which should include keeping a diary. Without following strict fiscal rules you are limiting your chances of survival long term. Disciplined sound money management rules should be written into your trading plan and clearly define what percentage of your account is available to risk per position and decide how many lots to buy, a diary should be able to assist with risk management.

Keeping an accurate account of your trading activities has a positive effect on your psychology. You can view your past history to evaluate where to fine tune or implement a new trading system as trading is a business and should be treated as such. Much like a shop retains sales and inventory records so should a trader.

A trading diary is a valuable tool to be used to aid the direction of your trading activities.

Capital preservation is paramount to your long term survival; ignore at your own peril.
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