The Power of Journaling
“Write everything down, it will only make you better.” – ProTrader Mike
I remember hearing this vitally important advice during my first session of MOJO University. At the time, I was still fairly new to trading and had yet to fully develop my winning habits. However, even though I was still learning, I knew for a fact that this advice would carry a lot of meaning, both in my life and my trading.
From that moment forward, I vowed to take diligent notes on my trading, writing down when I bought a stock, what entry points, what goal I had in mind, what exit points, everything. Anything to do with the trade, I wrote down. I marked my winners and my losers and would review my journal at night before I went to bed and again in the morning before trading the next day. My record keeping on entries, exits - why iot worked - why it did not work - all recorded in the journal.
A trading journal is a vital tool in any day trader’s toolset. Without a journal, you are at a serious disadvantage. You will not pick up on the patterns that will one day become essential to your success. You will be left in the dust, while MOJO ProTrader’s, who have all kept diligent notes, will continue to profit.
Journaling is a skill that is not only important to your success as a trader, it is also something that can have a direct positive impact on other areas of your life. For instance, ProTrader Mike has kept diligent journals throughout all of his pursuits, both professional and out of the office. He has stacks of notebooks from when he was a professional poker player, which allowed him to find ways to exploit his opponents and pick up on plays that grew his profit margins. This had a direct impact on his massive success and just speaks to the importance of journaling, no matter what your profession.
One of the Best Day Trading Books Today is By Dr. Alexander Elder - here reiterates the importance of journaling and how the best traders of all time have had one thing in common - journaling.
This weekend, when the MOJO Team hit the golf course for an early Sunday Morning round, ProTrader Mike had his journal with him. He kept diligent notes on his round, so he could go back later and find areas to improve his already excellent game. How do you think he got to that level? He has kept endless journals on his golf game, so he now knows exactly what distance to expect from each shot, with each club. This dedication to success shows up in all aspects of his life.
Sunday's Round = 69
Monday Morning 7:00am Tee Time = What committment = 62 (4 Birdies) Watch out Rory!!
Take it upon yourself to keep a journal, so you can experience the same level of success as the other MOJO ProTraders.