IQ Option Explain Why You Need a Trading Journal

IQ Option Explain Why You Need a Trading Journal

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Keeping track of your trading is a necessity. However, is a trading journal the best way to go about it? Well, according to the CFD trading platform, IQ Option, for most people it is.

In fact, the platform describes trading journals as a “must” for a “successful goal-oriented trader”. Indeed, it is clear to see why and there are many clear benefits for using one – all of which revolve around the need to make sure you are in control of what you are doing and also the behaviour of the market.

75% of retail investor account lose money when trading CFDs with this provider.

Naturally, the world of trading is all about stats and statistics and unless you have similar memory skills to that of Rainman, then you are going to struggle with doing that. A trading journal can make this a lot easier for you and remove anything you do in your trading behaviour that is unproductive towards the ultimate goal of making money.

The concept of a trading journal is one that is very simple. Essentially, it just keeps track of the trades you make and any other related information. It can be as detailed as you see fit and it should be fit for purpose in regard to your trading techniques – some of which IQ Option have been outlining in recent weeks.

This means that if you are following a certain trading technique, the information you record should be tailored towards that, this includes considering any trading time frames that you are working alongside. It will also reflect the specific assets you are trading and can even include your emotional state when you were trading.

With this considered, no two trading journals will be the same – unless of course, your trading behaviours are exactly the same. However, there are some recurring features that most can and should include. IQ Option have drawn attention to four elements that will need to be noted within your journal if it is going to be an effective tool to help you trade, these are:

  1. Market conditions 
  2. What went well.
  3. New ideas.
  4. Mistakes made

As you will notice and as inherent of the concept of a journal, most of these comments are about you personally as opposed to the market specifically. This can relate to trading goals that IQ Option helped readers understand a few weeks ago.

This is because, in a similar way to your goals, because you can’t change or alter the market you have to consider your own behaviours and make a change in regard to these if you want to improve your earnings. Only by keeping track of these via your trading journal will you be able to ensure that any things you do wrong are not repeated while also making sure the things you do right are.  

All in all, it is all about personal improvement and making sure you know what you have and haven’t done and why this is being reflected in your earnings. If you want to learn more, go to IQ Option to read the full guide.

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