Tackle Today: Start Journaling Now!
May 31, 2022
«Journaling trades = Tracking your data.»
Traders,
Coach Tyler, here. I hope you all enjoyed your holiday weekend.
The markets are slipping Tuesday morning, but some giveback was likely after the robust rally last week. Now we wait to see if a higher low develops to build on the recently completed double bottom pattern.
For today’s message, let’s discuss the indispensable Tackle Trading Journal. I’ve been using it to track every practice trade in my Team Phoenix Trading Lab, and I’ve been reminded time and again why it’s so darn helpful:
1. Equity Curve
I can plot an equity curve to SEE how the value of my account fluctuates over time. This helps track if a system generates profits over time and the typical drawdowns along the way. Seeing the growth builds confidence and a willingness to suffer through losing streaks with confidence that recovery is on the horizon.
2. Track Trading System Performance
I can more easily track each trading system and its performance.
3. Analyze Critical Metrics
I can analyze critical metrics for my overall trading and individual trading strategies, including the win/loss ratio, average winning trade, average losing trade, average days in trade, and total net profit. If you’re not already taking advantage of this tool, you’re living beneath your privileges.
🟢 Do you want a piece of the action? 👉 Download it here.
Video of the Day: Trade Journal Series Part 1: How to use the Trade Journal
In this video tutorial, Coach Tim Justice will teach you how to use a powerful trading tool: the trade journal.
Chart of the Day: Emerging Markets Jump ($EEM)
Chinese stocks are moving this morning, delivering an impressive up gap in EEM while U.S. markets slump.
Today’s line up
Tales of a Technician: My Daily Routine in Action
Today’s video walks through my daily routine to analyze the markets, manage existing trades, and find new ideas. Enjoy!
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Show 8:30 PM EST
This is our weekly MasterMind group. Join the coaches tonight, 8:30 PM EST to discuss the markets and help you prepare for the week.
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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