The Road to Successful Trading

When to make Journal entries 
 
Of course, after you enter each trade and receive confirmation, enter the trade into your journal.
Write down any observations you might have which may make the trade anything but normal.
Once the trade is closed out, this is the time to roll up your sleeves and pull out the microscope. Be 
honest with yourself and be as objective as you can. As a matter of fact, be hard on yourself and 
don’t conjure up any excuses. Indeed, as a trader, you must learn to be your own harshest critic.
Let as little time as possible pass between the trade closing and your journal entry and analysis.
Notice I said two things: journal entry AND analysis. Just writing things down is not enough. If you 
are going to take the time to fill in the journal, it only makes sense to analyze the information. 
Remember, your journal is your coach and the final step in closing out a trade. So, until you have 
completed your review of the trade, you have not completed the implementation of your system. 
 
In Summary, keeping a trading journal is part of being a successful trader. Some traders don’t want 
to know the truth but what do you think their chances of being successful are? The journal not only 
tells the story in black and white but also serves as a roadmap to success. Not to incorporate the 
zealous use of the trading journal is the mark of a lazy and unprofessional attitude. Take the time, 
fight the smart fight and constantly learn from each trade by journaling and analyzing all trades. No 
exceptions. After all, by trading, you are paying for the opportunity to learn. Not taking advantage 
of the opportunity is, in the words of, Forrest Gump, “just plain stupid”. 
How to Design and Construct An Effective Trading Plan 
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Take pride in creating the chronicles of your trading activities. If done with a sense of pride and a 
testament for your quest for discovery and success, your journal can become one of your most 

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treasured possessions. Remember that a journal has no hard and fast rules and can be set up in any 
manner that will best help you analyze and learn. The journal can also reveal what was going on in 
your mind and around you that may have influence on your trading. As every trader brings their 
own ingredients to the party, your journal will be like no other. For successful traders, a well kept 
journal can become the proverbial map to buried treasure worthy of a hand down to the next 
generation in your family.