Oil Trading Journal Book
Oil trading journal will track all your trades in a oil journal. By following this simple, easy to follow oil trading journal writing tip, you can easily improve your oil trading results. Here is how you do it:
Step 1 - Write down WHY you are making a oil trade BEFORE opening a trade transaction on your crude oil journal.
Before opening a oil trade position, write in a oil journal the reasons why you are making the trade transaction. It doesn't have be long; it doesn't even have to be in compete sentences. Just write in the trading journal a few key reasons why you are making this oil trade.
Be honest with this crude oil trading journal. If you are honest, it will prevent you from making the biggest mistakes in your oil trading. If you see that you are making the oil trade because of anything other than a sound oil trading strategy. DO NOT MAKE THE Oil TRADE TRANSACTION!
If you make a losing oil trade, do not open another oil trading transaction immediately so as to make profits to neutralize the losses you have made, this is known as revenge oil trading, do not revenge against the crude oil market. Shut down the computer, walk away from your PC computer Desktop PC Desktop PC, & take a cold shower to cool down & chill. Remember that you'll never any lose money which you don't put in. A winning oil trading strategy is not only about how much you win, but how much you don't lose.
Step 2 - Write down how you will exit the oil trade BEFORE making the oil trade transaction.
Do not get trapped with a great entry oil strategy without an exit strategy. Your oil strategy should have both great entry and exit strategies. One is useless without the other.
But you ask, Why bother? I know my oil trading exit strategy. Why do I have to write it down?
Well, the reason is this: humans are at best irrational, impulsive, & emotional creatures. If you have your oil trading exit strategy written down, you've a frame of reference when you exit a oil trade position. You'll refer to your oil trading journal BEFORE exiting a oil trade. If you are closing a position for any reason other than your original oil trading exit strategy, you must ask yourself why?
Your oil trading journal will save you more money than you can imagine. It will prevent you from making impulsive moves, which is usually why people lose money in crude oil trading.
Step 3 - Write down why you exited the oil trade position.
This should be same reason which you wrote in step 2. If it is not, it's upto you to interpret it. Most common reason why traders deviate from their trading strategy is lack of discipline. Your oil trading journal will be looking back at you with glaring evidence of exactly why you are not a winning Oil trader.
Step 4 - How to Analyze the oil trading results
You must learn from your mistakes in oil trading. This is the best way for anyone to improve their profits. Everybody makes mistakes, but great oil traders are able to learn from them and not repeat.
And the best way to learn from your mistakes is to document them in a crude oil trading journal. A few years down the road, you can still look back and realize that you are still making the same errors you were when you first began oil trading online.
This information cannot be found in any book or seminar. Your oil trading journal is personal and is uniquely you. Your personality will determine the type of oil trader you will become, and will also determine the type of mistakes you'll make.
Not only does your oil trading journal highlight your weaknesses, it will reveal the oil trading transactions that are the most profitable. After a little while you will see the type of oil trade setups that make you the most money, & a oil trading pattern will emerge. Do not let this information on your Crude Oil Trading journal go to waste.
You should do every effort to understand why those oil trade transactions went well & try to replicate it as often as possible. Profitable oil traders know their strengths and weaknesses. They play on their strengths & try to minimize their weakness.
Do not get lazy and forget to write in your oil trading journal. Documenting your thought process is the fastest and surest way to get better at oil trading. Do this consistently, & you will study more about your habits than you can imagine.
Your oil trading goal is to identify and break the bad habits as soon as possible. If you notice that you always hang onto a losing crude oil trade transactions too long, you should do everything in your power so that to prevent this from happening again.
Summary
Your oil trading journal is oil. It contains a wealth of data that will play a vital role in your success as a oil trader.
We urge you to use it for at-least one month. If it has not helped improve your oil trading profits in thirty days, then feel free to stop.
But be sure to try it before deciding not to. It might be just the oil trading tool needed to push your oil trading to the next level to becoming a successful trader.
