How to Create a Trading Journal for Your Olymp Trade Account.

Visit Website.
New to Olymp Trade?
Important!
Review
REGISTER
1 Best Brokers in 2019
  • Register on the platform
  • Complete the interactive tutorial
  • Choose one of the strategies
  • Practice using a demo account
  • Make a deposit and become an expert
Earn real money with your phone.

What is a Trading Journal?

A trading journal is a record of your trades for future reference.

It is a powerful tool that most traders use to measure and improve their performance in trading.

A trading journal can help any trader track their progress in trading.

It can also help them to spot mistakes they make in trades and correct them accordingly for better results.

You can tell serious and potential consistently profitable traders by finding out if they keep a trading journal or not.

Visit Website.
New to Olymp Trade?
Important!
Review
REGISTER
1 Best Brokers in 2019
  • Register on the platform
  • Complete the interactive tutorial
  • Choose one of the strategies
  • Practice using a demo account
  • Make a deposit and become an expert
Earn real money with your phone.

Traders who wish to consistently make profits in Olymp Trade create and keep a trading journal.

But for those who are new to this concept, how do you create a trading journal for your Olymp Trade account?

In this post, I will show you the easiest way to do it!

Trading journal

Tools Used in Creating a Trading Journal.

Here are the tools you will need to create your own trading journal.

  1. Microsoft Word or Google Docs.

These are free word processing software you can use to write down your thoughts, observations, and analysis of the markets.

Visit Website.
New to Olymp Trade?
Important!
Review
REGISTER
1 Best Brokers in 2019
  • Register on the platform
  • Complete the interactive tutorial
  • Choose one of the strategies
  • Practice using a demo account
  • Make a deposit and become an expert
Earn real money with your phone.
  1. Microsoft Excel or Google Sheets.

These are spreadsheet software you can use to record the relevant parameters of your trading.

  1. Screen Capture tool.

If your device can capture the screen displaying the charts then use that feature.

If it can’t, you can use other screen capture tools like Snagit and the likes.

Visit Website.
New to Olymp Trade?
Important!
Review
REGISTER
1 Best Brokers in 2019
  • Register on the platform
  • Complete the interactive tutorial
  • Choose one of the strategies
  • Practice using a demo account
  • Make a deposit and become an expert
Earn real money with your phone.
  1. Microsoft Paint.

This is a free image editing tool that you can use to edit captured charts and add annotations to them.

Creating a Trading Journal for Your Olymp Trade Account.

With the above tools, creating a trading journal is very easy.

You only need to use each tool for its purpose and then you will be good to go.

Ensure that if you record information on different softwares, they are concurrent and can easily be followed.

Visit Website.
New to Olymp Trade?
Important!
Review
REGISTER
1 Best Brokers in 2019
  • Register on the platform
  • Complete the interactive tutorial
  • Choose one of the strategies
  • Practice using a demo account
  • Make a deposit and become an expert
Earn real money with your phone.

Everything else you do from here is just recording.

You record your trading journey in relevant software and according to your needs as you continue to trade.

In matters recording, the information you record is divided into two:

  • Before the Trade.
  • During and After the Trade.

A. Before the Trade.

Before you take the trade, there are specific things that need to go into your trading journal.

These are basically things to do with your analysis of the market and the set up you are looking for in order to trade.

The reason you must capture your thoughts and analysis is to increase the chances of spotting such setups you are looking for.

If you don’t capture that information in your trading journal, you may miss most of such setups and end up making fewer profits.

You can see that the trading journal also helps you make more profits.

Your market analysis and the setups you are looking for must be in line with your trading plan.

You cannot take trades that sharply contrast with your trading plan.

Analyze the markets and establish which trade setups you are looking for.

After that, you can choose to record on Word software or a spreadsheet.

Make sure to include the following in your recording:

Also Read: – How to Back Test Your Strategy Before You Use it on a Live Account.

  • The time frame – for example, the 4 hour time frame.
  • The Asset – for example, GBP/USD.
  • Your Market analysis – for example, the market is in a strong downtrend and has bounced off MA 50 the last three times.
  • Trade Set-Ups You are Looking For – for example, if there is a retracement upwards to MA 50, I will look for a bearish candlestick pattern then sell.
  • Your Stop Loss level – for example, 2 pips above the swing high.
  • Your Take Profit Level – for example, at the swing low 1.1825.

B. During and After the Trade.

During and after the trade, there are specific things that need to go to your trading journal as well.

These are things to do with relevant parameters of the trade and then charts of the trades you took.

Here are relevant parameters of the trade which must be captured:

  • The date you entered the trade.
  • A time frame of the chart when you entered the trade.
  • The trade set up which triggered you enter the trade.
  • The market or asset you are trading.
  • Whether you are on Buy or Sell trade.
  • Price you entered the trade at.
  • The price you exited the trade at.
  • The Lot size of your trade.
  • Your Stop Loss and Take Profit levels.
  • The profit or loss the trade yielded.
  • The risk to reward ratio you applied to the trade.

Here is relevant chart information which needs to go into your trading journal:

  • A screenshot of the higher timeframe chart – this shows the broader market picture and helps identify major support and resistance zones.
  • Screenshot of the chart timeframe at entry – this shows your trade set up, entry-level, and stop loss. You can mark those levels accordingly.
  • A screenshot of the chart when the trade is over – this shows the end result of the trade.

It shows the take profit level, the amount of loss or the amount of profit the trade yielded.

Wrapping Up on Creating a Trading Journal for Your Olymp Trade Account.

So why are we doing all these?

Why are we recording everything and even taking screenshots and annotating them?

It is for a good course.

You only need to continue doing the recording and updating of the trading journal for every trade that you take.

Do so for some time then review the trading journal you have created.

Here is what to have in mind as you review your trading journal:

  • Try to establish which trading patterns, setups, and market conditions result in losses.
  • Try to find out which trading patterns, setups, and market conditions result in profits.

After establishing the above two, you can then adjust your trading strategies in order to:

  • Minimize your losses.
  • Maximize your profits.

All said and done, you will realize that a trading journal has helped transform you into a better trader.

This takes us back to the beginning of this post; a consistently profitable trader is the trader who keeps a trading journal, or is he?

Let’s continue with the conversation in the comment section.

Recent Posts


Olymp Trade trendline drawing tool

7 Best Forex Indicators for Serious Traders.

Are you a serious Forex Trader? Then you must have tried looking for the best Forex indicators to use in your trading for the best returns. In this post, I will show you 7 best ....

Trading contests in Olymp Trade

How to Hack And Win Olymp Trade Trading Contests.

What are Olymp Trade Trading Contests? Olymp Trade trading contests are competitions among traders to find out who attains the highest returns over a given period of time. These competitions are organized by the broker, ....

Forex Trading

Top 10 Forex Trading Tips That Work.

Forex trading is one risky activity which when done wrongly, can result in serious losses. Some newbies suffer so significant losses that they vow to never again venture into trading.  Do you also have to ....

Trading view platform

How to Start Trading Forex on TradingView.

What is TradingView? TradingView is a web-based charting platform used to track the prices of different assets. You can track and analyze the prices of currency pairs, stocks, indices, commodities, crypto, and many other assets. ....

Momentum trading

The Basic Guide to Momentum Trading.

What is Momentum Trading? Momentum trading is the buying and selling of assets with respect to the prior strength of the trend. The rationale behind it is that having a strong force behind it, the ....

How to Register Olymp Trade in Nigeria.

How to Register Olymp Trade in Nigeria.

What is Olymp Trade? Olymp Trade is a globally recognized Fixed Time and Forex broker. The broker offers a wide range of assets including currency pairs, indices, ETFs, stocks, commodities, metals and crypto currencies. Amazingly, ....

How to fund Olymp Trade with Bitcoin in Kenya

How to Use Bitcoin to Fund Olymp Trade in Nigeria.

Are you an Olymp Trade Nigerian trader? Do you have a Bitcoin Wallet? Have you been wondering how you can just fund your Olymp Trade trading account directly from your Bitcoin wallet? Well, you do ....

How to Make Money in Olymp Trade India.

Olymp Trade India is a Forex and Fixed Time Trading broker. It  has a wide global coverage and is well regulated for International trading. The broker offers a user-friendly platform which enables you to profit ....

Candlestick patterns

How to Make Money Trading with Candlestick Charts.

Price charts are of different types. There are Area charts, Japanese candlestick charts, Bars charts, and the Heiken Ashi chart. The Japanese candlestick chart is the best understood and commonly used for the analysis of ....

When is the Best Time to Trade Olymp Trade in Nigeria?

When is the Best Time to Trade Olymp Trade in Nigeria?

Olymp Trade Nigeria offers so many tradable assets including currency pairs, crypto, indices, stocks, commodities, ETFs, and metals. While crypto, indices, stocks, commodities, ETFs, and metals can be traded at any time, it is not ....

Intraday trading

How to Make Money Intraday Trading in India.

What is Intraday Trading? Intraday trading is buying and selling assets on the same day before the market closes. It is also referred to as Day Trading because all open trades are closed before the ....

How to trade stocks in Kenya

How to Trade Stocks Online in Kenya.

Stocks are collections of shares of a company. And shares are units of the capital of a company. A company divides its capital into many equal units and sells them to individuals who wish to ....

how to trade ethereum to bitcoin

How to Trade Ethereum in Olymp Trade.

What is Ethereum? Ethereum is a cryptocurrency. And a cryptocurrency is a digital asset designed to work as a medium of exchange where individual coin ownership records are stored in a ledger existing in a form ....

How to Make Money Trading Litecoin in India.

What is Litecoin? Litecoin a cryptocurrency that has gained so much popularity in the recent past. Cryptocurrencies are virtual coins based on the blockchain technology. They have exchange values in terms of the traditional fiat ....

Olymp Trade Indonesia

Olymp Trade Indonesia – How to Get Started.

What is Olymp Trade? Olymp Trade is a Fixed Time and Forex Trading platform operating globally, including within Indonesia. The platform is easy to use, easily downloadable on Windows, iOS, and Android. Still, wondering you ....

Position trading strategies

7 Best Position Trading Strategies to try in 2020.

Are you considering position trading? Position trading is a technique of trading that involves holding trades for such long duration as months or even years. The goal of Position trading is to profit from the ....

Fixed time trade tips (stock trading)

Top Fixed Time Trade Tips for Beginners.

Fixed Time Trading involves placing a trade which is bound to expire after a fixed set duration, hence the name. For example, if a trade duration of 1 minute has been chosen, then you take ....

Breakout trading strategy

How to Make Money Trading Breakouts on Rectangle Patterns

What are Rectangle Patterns? Rectangle Patterns are the consolidation of price movements happening horizontally to form a rectangular shape. Here, prices move up until a certain level is reached, then bounces back downwards to another ....

MACD indicator

How to Trade the Wedge Pattern in Olymp Trade.

What is a Wedge Pattern? A Wedge pattern is a pause in the prevailing trend which appears as the price movement shift from being wide to narrow forming a wedge-like shape. This pattern can appear ....

Best trading hours in Olymp Trade

How to Choose the Best Trading Hours in Olymp Trade

If you’ve been trading FTTs for some time now then, you already know that timing is everything. Be it setting the trade expiry period, or choosing the best trading hours; everything matters. There is no ....

How to Use The ZigZag Indicator on Olymp Trade.

What is the ZigZag Indicator? The ZigZag Indicator is a technical indicator used to analyze the movement of an asset’s price. It shows the SWING HIGHS and SWING LOWS of a market. The ZigZag Indicator ....

The design of the Alligator is based on an assumption that the financial market is non-trending most of the time (80%) and only spends the rest (20%) trending.

How to Trade with the Alligator Indicator on Olymp Trade

What is the Alligator Indicator? The Alligator indicator is a technical analysis tool developed by celebrated trader and chartist Bill Williams. He designed this indicator to improve trader success. The design of the Alligator is ....

Beginners Guide For Trading Profitably in Olymp Trade

Beginners Guide For Trading FTTs in Olymp Trade

Do you want to start making money in Olymp Trade? I’ll help you with the tips for starting out on this post. Just follow the steps outlined below to begin. Register an Olymp Trade account ....

Olymp Trade Neteller deposit

How to Use Neteller to Deposit in Olymp Trade

Last updated on 3/18/2019 – Personally I use the KCB (Quick serve) VISA Card to make Olymp Trade deposits. If you have the card make sure it is enabled for SMS such that when you ....

Olymp Trade Option

Olymp Trade | Tips For Winning on Fixed Time Trades

Here’s the truth: Most Olymp Trade Fixed Time Trades – investors don’t get to earn immediate returns on their short trade investments. Most people lose and end up quitting. In fact, a recent study has shown that only ....

Read More
 
Visit Website.
New to Olymp Trade?
Important!
Review
REGISTER
1 Best Brokers in 2019
  • Register on the platform
  • Complete the interactive tutorial
  • Choose one of the strategies
  • Practice using a demo account
  • Make a deposit and become an expert
Earn real money with your phone.
If you participated in the Joon Online February Contest and your Olymp Trade Trading ID is-

1. 65088443 (from the United Arab Emirates) you are the winner of our brand new PS5

2. 71239571 (from Mexico) - you are the first runners up and you win $500
3. 42372579 (from India) - you win $100
4. 70050992 (from Benin) - you win $100
5. 66245309 (from the United Arab Emirates) - you win $100
6. 65522959 (from India) - you win $100
7. 71249170 (from Colombia) - you win $100

contact us via email - info@joon.co.ke to collect your prizes


Don't have an Olymp Trade Account? Register Here.


Tagged With :

Comment on this post