Keeping a Day Trading Journal

Keeping a day trading journal of paper trading sessions is a crucial step for any new day trader who wants to be consistently profitable. Not only beginners but also experienced novices will increase their odds of making money through day trading by keeping a journal. Too many inexperienced day traders start trading with real money before establishing a history of practice trading success. 

It’s important to maintain a high percentage of successful trades. The greater percentage of trades that are successful, the greater the chances of consistent profits. By keeping a journal of daily practice trading sessions, any day trader can see if the percentage of their successful trades is increasing over time. This will also reveal to the trader if their trading technique is working.

A high percentage of successful trades should result in consistent profits. If the percentage of winning trades is high but there are losses instead of profits, that indicates that the trader is cutting their profits short and letting their losses run. Nevertheless, a trading journal will reveal this, so the trader can work on that in future trading sessions.

In general, you want your percentage of successful trades to be around 70%. With that degree of success, it’s likely that consistent profits will be the result.

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