Keeping a record of your trades is key if you’re serious about developing your trading skills.
Trade journaling is a hard habit to maintain, however. I mean, who likes paperwork?!
But you can’t improve what you don’t measure, and you can’t measure what you don’t remember.
If you’re looking to improve your trade journaling game, consider keeping video recordings.
One obvious benefit is that it can help you keep a more accurate journal.
Videos can show how price behaved, your emotional reactions, what your thought processes were, and how you eventually managed your positions.
Keeping trading videos can also speed up your trading progress. Specifically, it can help you spot mistakes that you wouldn’t have noticed or remembered without a video.Was your currency analysis completely off? Did you have a problem with the execution? Were there any market elements or signals that you missed?
Once you see your trading from a third-person point of view, you can evaluate your trading more objectively and identify your strengths and weaknesses more effectively. You can then make conscious efforts to avoid your mistakes and practice more deliberately in your next trades.
Another lesser-known advantage of seeing yourself trade is that you’ll eventually end up trading like you have an audience (the FBI and NSA don’t count).
When you think you’re being watched and evaluated, you’ll be more thoughtful about your decisions and more disciplined with your execution.
Of course, recording videos won’t help much if you don’t take the time to review them.
Try setting aside an hour or two after market hours to review your videos, and make sure to incorporate the habit into your routine for maximum impact.
Recording your trading may not be the easiest way to boost your trading development, but it can be one of the most rewarding especially if you’re consistent with it.