Any serious options trader must have an options trading journal to track their trades.

Best Trading Journal: The 5 Top Solutions Reviewed

Trading journals allow you to gather data about your trades which could then be mined to provide you with great insight that you will not be able to have otherwise. Tracking this eight data points will get you enough insight into your trades for you to start understanding your performance. Still, we recommend you go beyond this eight data points and track the following:. Tracking these points together with the basic data points will give you enough data for you to start charting your performance and run correlation among your data to find out what you are doing right and wrong.

How To Keep An Effective Trading Journal For Binary Trades

These are very simple points to track. However, they go along way when trying to identify your options trading edge. StockTickr — A third option for documenting your trades is with the online platform StockTickr. They have a lot of useful tools as well as different level package options to choose from. Like I said, I use a combination of handwritten notebooks for my emotional and daily market notes, and Microsoft Excel for the analytics and trade analysis.

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All my excel templates discussed below can be found here. Feel free to tweak them and make changes as you like. If you have questions go ahead and leave them in the comments section below as often times many readers share the same questions. I will respond to all questions. I use this spreadsheet for recording and tracking the effectiveness of my individual setups.

I break out the setup and win percentage to see which markets and setups are working the best. Things I Learned: After a few weeks of inputting trades it was really clear that some of the smaller time frames I was trading were not as profitable as the min time frame.

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In some cases, these smaller time frames were my only losing trades for the week. The result, I went back and tweaked my entry for these setups and reduced the number of contracts I was trading for the smaller time frames which minimized my losses and increased profits. I also track my progress over the month in chart form. One particular discovery was that my biggest days were sometimes the days with the fewest number of trades.

It also made it clear that a typical month is made up of a few big winning days, a number of average winning days, and only a couple small down days if any. On days when the market is providing quality setup after quality setup I continue to trade. Days where the market is slow and I have a couple scratch trades with no follow through I usually lock in gains that I may have and stop trading by noon CST.

This is my go to spreadsheet that I use every day. It began as a handwritten piece, but after drawing the same boxes and grids day after day I moved it into excel. In the beginning I would record the market internals every mins, I have since added a code in my Thinkorswim platform that tracks this for me. Things I Learned: This spreadsheet acts as a checklist. I fill it out each night for the following day.

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During the trading day I record my individual trades on this sheet as well, then input them into the Trading Log at night. I record all my market data here. It may be a little overwhelming at first, but after years of recording this data each night it becomes pretty easy to spot patterns and trend changes. Things I Learned: I look to the market internals each day to really gauge the strength or weakness of the market. This spreadsheet has helped me uncover very interesting patterns and occurrences.

Best Trading Journals for 2021

These indicators are also talked about in the book Mastering the Trade by John Cater. Review the setups for the day and congratulate yourself if you followed your rules, took all the valid setups, and held to your targets.

If you operate in this way, the money will follow as I can personally attest to. Since incorporating these journals into my routine back in I have been able to increase the efficiency of my strategy and continue to become more profitable each year. See also: AntSignals — A fourth option to log your trades if Microsoft Excel feels a little bit too complicated.

AntSignals is an online trading journal where you can easily import your trades and have all the information displayed as charts or reports. Analysis Economic Calendar Charts Tools.