«Use the Tackle Trading Journal!»

Traders,

Congratulations are in order for those who attended last night’s YouTube webinar on the 7-Step Guide to Trading. If you missed it live, you can catch the replay here. To round out our exploration of the topic, you’re getting a twofer for today’s message.

Steps 6 and 7 are Manage the Trade and Journal the Trade respectively.

Remember step 4: Plan the Trade? Well, step 6 is simply where you implement the plan. You’ve already mapped out what to do if the stock rises or falls. You have stop-loss rules and profit target techniques. Step 6 is where you make sure you keep tabs on your position and see it through to the end.

The final step is crucial. You must journal your trades. The advantages are myriad, especially if you use our Tackle Trading Journal. It helps you keep tabs on your performance by tracking a handful of key metrics.

How can you improve if you don’t know whether you’re making mistakes? And how can you spot errors if you’re not tracking your decision-making and their outcomes? 

You can’t.

Journaling doesn’t have to be time-consuming. For many traders, it only takes a few minutes a day. When you don’t make it a part of your routine and have to go back over months and months of data to play catch-up, it becomes a slog.

Video of the Day: The 7-Step Guide to Trading Webinar Replay

Learning to trade properly requires a process. This Free Trading Course will help you develop that process so you can make good decisions at each step. Join Matt Justice in this webinar to get an understanding of the 7 steps taught in this course 👉 https://bit.ly/7stepstotrade

① Start at the Top of the Market
② Choose a Trading Strategy
③ Find & Analyze Potential Candidates
④ Plan the Trade
⑤ Execute the Trade Plan
⑥ Manage the Trade
⑦ Journal Each Trade

Chart of the Day: S&P 500 ($SPY)

Stocks stuck the landing Monday as buyers swarmed to defend the obvious support zone. At the same time, the VIX spike sputtered, signaling a beautiful Fade the Fear opportunity. Would some upside followthrough be too much to ask?

Today’s line up

Tales of a Technician: Fade the Fear, Safe or Risky?

Here’s how to make the Fade the Fear Trade safer and, potentially, more risky.

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Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

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Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only Matt and Tim can deliver.

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