Day traders' weekend lounge March 19 - 21, page-257

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Totofo

100 Posts.

22/03/21

21:24

Post #: 51958189
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Originally posted by Veritas2000: ↑

Congratulations on some profits, but more so on recognising some issues to address.That is so crucial to your development and these take time and patience to develop.

It may help if you keep a Trading Journal as in my opinion it is a crucial element in trading (particularly day trading as events change minute by minute).

It is totally up to you what goes into your Trading Plan but here are some possibilities to consider, in no particular order) and is only 1 page.
Date
Stock Code (and name if you wish).
Entry Price (buy price)
Number of Shares Purchased
Reasons for Trade (for instance based on 5 minute momentum indicators trending up and confirmed by volume increase)
Exit Point (based on how much you are willing to sacrifice if this trade goes down - be it a $ value or a capital percentage)

I know some people may also print out a chart as that further so they can see graphically the logic behind their trade.

Another critical process is going back over trades and carrying out a review - what went wrong,did it go to plan, perhaps what could i tweak with my approach and improve upon.

All this will assist in your development.

V

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thank you for this V!
I'm not a technical person, so normally my reasons for trade are: there has been an announcement, price jumped and the volume is there (ie a lot more BUYS than SELLS)
nevertheless I will start a trading journal now and jot down some thoughts per stock purchase as I go along. perhaps then there is some record and I can review this when I have time on the weekend.
I have access to commsec IRESS but honestly I have no idea how to make use of it.
right now, my trading is done on my commsec app (which I find faster than on the commsec webpage) but it means I can only do one stock at one time.

exit point is so relevant to me: sometimes after holding a stock for a long time, my exit point is simply just to break even.

thank you for taking your time to pen down this for me. appreciate it.

totofo
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