🔴 Subscribe for more free Stock Trading tips: What does discipline mean to you? What does that actually look like in your day-to-day trading and studying? Discipline is super important to me. I think it’s key to being a smart, self-sufficient trader. And THIS tool is absolutely fundamental.
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FULL DESCRIPTION
We're all a little different. What works best for me might not be what works best for you. So find what works best for you — strategies, techniques, patterns — whatever it is. That’s exactly why keeping a trading journal is so imperative.
Think of yourself like a stock scientist. Scientists experiment. They keep detailed notes. They compare their research and create theses. They can be extremely meticulous in their research.
Sadly, most people aren’t meticulous when it comes to trading. Too many new traders don’t have enough discipline. The stock market is an inexact science — it’s always changing. But If you follow my rules and watch my lessons it can help you learn to stay disciplined and focused.
So what should be in your trading journal? It’s not just about profit and loss — it’s also about your thesis ... What do you expect a stock to do? Why are you buying it?
Always go into a trade with a plan. Every single trade.
What’s your risk? A lot of newbies take these big risks without having a plan. You gotta look at the entire picture — upside potential, the reward, and the risk.
How much money are you actually putting into the trade? Are you prepared to lose it all if the trade doesn’t go as planned?
If you've seen my Trader Checklist guide, you know I have seven key indicators. In your trading journal, you can put all of these things together and see how the trade plays out.
Your profits and losses matter, but you also need to focus on how you can improve. What could you have done better on these trades? What do you want to improve on in future trades?
Start a trading journal, and you’ll see how insightful it can be. Don’t just write down your profits and losses. Write down everything — your plan, how your plan worked, your risk. I’d even include your mood or your mindset during the trade (yep, it really can matter).
How do you stay disciplined? Leave a comment below and tell me if you keep a trading journal and how you track your trades.
#TimothySykes #Pennystocks #Investing
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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*
----------------------------------------------------------------------------------------------------------------* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here:
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