When we trade the stock initially, we don’t know what to do and how to proceed. Going forward, we get to know trustworthy techniques, and when we use these techniques, we get to know what works and what doesn’t work. The best way is to go to the workbook or own format of the notebook that can track your stock work.
Make a Format
Make your workbook for tracking and managing the stock that you have been trading. So, the question is, what to be included in my trading journal. Initially, allocate one paper for one week for each month. In each week, make the rows for some working days, like Monday to Friday or Monday to Saturday. For each day and row, make the columns, like several trades, some wins, some losses, trades from scratch, gross, etc.
Physical or Digital?
It is suggested that you write physically on the paper, rather than entering the data digitally in the computers. It is because, when you write, you are more emotionally connected to the transactions, rather than just entering the data. So, establish a system of recording everyday operations in a sequence. In addition to this format, you can also prepare the charts for your transactions of how your profit of the stock trading is going on, whether it is growing or declining and what rate, etc.
Yes, many tools may not be available when we enter the data manually. So, you can take the help of the digital system, by downloading some Apps in your smartphone and by registering individual stock trading systems online. Remember, these digital aids must be considered in addition to the manual transaction entry done manually. There are many of the games for the stock market, Google them, you will get plenty of the sites that can provide many digital tools. These tools give you fake money, or you can consider some paper money to play the games and gain absolute experience.
It may take a few months to establish the recording system for your stock trading. It may sound and give you tedious experience, but as we discussed, these systems and methods can provide you with potential ways of analysing the overall transactions that you have been doing for years.
All the above procedure of recording, analysing, and testing of the systems and strategies are to be done twice in your stocking career. Initially, all kinds of transactions of the stock are to be done through stock gaming and some online stock trading tools. There are also certain paper trading instruments, through which you can gain specific experience. During the play and practice of these tools, you could establish a particular system to play with the trading of stocks. When you implement multiple systems, you are sure that you will understand which method is working for you, for your unique way of dealing with the transactions. Once you are confident about the systems, prepare a strategy of how to transact the trading of the stocks and start implementing with the real money.