Trader Tools - Trading Journal - Tools

One of the first things a trader should have is a trading journal. You probably heard that one before, but when I started I had no idea what should I have in my trading journal. I searched around and could never find a precise answer of what a should be in this journal. The true answer is that you must find, based on your trading style, what is the information that helps YOU the most and create your journal based on this. The next series of articles I will explain what is the type of journals I have and how to use the information in it. Hopefully this will help you figure out how to create your own journal.

There may be some tools out there that could help you, but I try to keep things simple. As an Excel addict I have most of my journals in Excel´s sheet. Just because I find it easier to work with and to take information from it. The other tool I have is this blog, that helps me record the market information and trading ideas on a daily basis.

So here is how my journals are structure:

  • Trader Routine - Excel Sheet - it contains step-by-step what are the activities I must execute every day to be able to trade. It is just a check list.
  • Trader Journal - Excel Sheet - This is my psychology journal, the most important one for me and the one the consumes most of my time (you will see why)
  • Trading Account - Excel Sheet - This is to keep track of my Profits and Losses during the day. 
  • Trading Statistics - Excel Sheet - This is where I keep the record of all my trades. Entries, exits
  • Trading Review - Blog - this is where I review my best (or worst) trades. The idea here is learn from my mistakes, identify market changes and to think about trading. How can it be improved.
  • Market Conditions & Trading Ideas - Blog - This is where I evaluate the overall market conditions and record my trading preparation / trading ideas for the day.
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Trade Review - VCLK - May, 08

Stock Selection Information


UPDATE: Cantor Fitzgerald Downgrades ValueClick to Hold Following 1Q Results
Benzinga's Top Downgrades
Had it´s earnings released yesterday, not as the market expected, but it was trading at a long term support level, had pre-market volume and trading below after-hours range.




Watch List Reason - Earnings released yesterday and pre-market volume at a support level
Pre-Market Volume - 44%
Trading Plan - Go long if hold above 26.00

Management

Entry Setup used: First entry was based on a flag play that failed. Second entry was on a held bid @ 26.00.


Trading Comments

Tape reading helped to identify the held bid at the 26.00 level.
Also it was a good decision to take some risk off, as the flag play failed. Target for the trade was 27.00 but I got out before that for no reason (other than to take profits)

Evaluation

The entry was a good one, but I was not too happy about my exit. The plan was to hold for a target at 27.00, that would´ve been reached. Had to keep in mind to adjust stops instead of taking profits this fast.
Still it was a great trade. I had it under control and within my risk parameters for the day.
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Daily PM Prep - May, 08

** Preparation for Closing Session **

MARKET CONDITIONS



SPY - Not much has changed from the morning view, as the market is acting as expected, continuing the up move. Seems to be respecting a 5 minute channel up. This is our first reference point. The second most important reference for this up move is the longer trend up. As long as this line is respected, the bullish bias will continue.
Bias: Bullish
Accuracy: 100%

PM Stock Selection Sheet download - since I am a little late into my preparation, the list is posted without the analisys.
Updated at 13:00

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk. 2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The afternoon sheet will be updated between 13:00 and 14:00
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Daily AM Prep - May, 08


** Preparation for Morning Session**

MARKET CONDITIONS

World Markets News: Asian markets finished higher today with shares in Hong Kong leading the region. European markets are higher today with shares in France leading the region. Germany is also positive. Suggesting markets will open positive here too.

Economic Calendar



SPY - Consolidating above previous range and in trend mode. If the consolidation is a flag, market has to  break yesterday´s high and continue with a strong up move and is the most expected scenario. If we fail to break up, prices may go back and test the base of the consolidation or the previous range high, have to wait and see. As long we are above the longer trend line up, the bias is bullish overall.
Bias: Neutral to Bullish
Accuracy: 100%

AM Stock Selection Sheet download - a lot of names to choose from. Will be looking for momentum up first and for that pre-market volume is important.
Updated at 8:45

Want more information about the Stock Selection Sheet?
Legends - Click me
Read this before using the information provided in this page:
1.Educational purpose material only. Use this information at your own risk.2.Stocks may be added to the selection sheet at any time. They are used as a guide to select which stocks I will trade and set alerts . It does not mean that I follow all of them, that would be crazy.3.The Accuracy information is for my own use only. It is reviewed after I am done trading. This is just a way for me to measure how is my reading of the market and my confidence in it. I suggest you develop your own way to do this.4.The morning sheet will be updated between 8:00 and 9:00
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