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Journaling by Dan Cheung

I. The Goal of Trade Journaling​

Journaling helps a trader tip the scale of profitability by identifying and eliminating unprofitable habits and reinforcing successful ones.

  • Unprofitable Habits: These might include over-trading, trading on specific days (like Wednesdays), or trading certain instruments (like GBPUSD) that do not statistically favour the trader.
  • The Process: By eliminating these bad habits one by one, the "profitability scale" eventualy overtakes the unprofitable habits.

II. Simple Journaling Methods​

The presenter stresses that journaling doesn't require complex software; consistency is the hard part.

  • Digital Document: The speaker uses a simple document (like a Google Doc) to write down findings, mistakes, and successes every single year.
  • Playbook: He uses a "trading playbook" checklist for every trade, which includes the strategy, flow chart, to-do list, and finding reports.
  • Pen and Paper: This is mentioned as a completely free alternative for those not yet ready to commit to paid software.

III. Using TradeZella for Data Analysis (Reports)​

The speaker uses TradeZella mainly for its reporting features, which reveal hidden statistical truths about trading performance.

Key Reports to Review:​

  1. Dashboard: Provides a quick monthly/weekly outlook and an equity curve to visualise consistency and growth.
  2. Instruments (What to Trade): Reviewing instruments shows which assets are making or losing money. For example, the speaker realized GBPUSD was costing him money and was subsequently removed from his trading plan.
  3. Trading Days (When to Trade): Statistical data can contradict personal feelings.
    • The speaker thought Wednesday was his best day and Monday was his worst.
    • Data showed: Monday was actually his highest grossing day ($48,000), and Friday was one of his best days ($169,000).
    • Actionable Insight: The realisation that Friday is a strong day encourages him to trade more on Fridays.

IV. Other TradeZella Features​

  • Broker Sync: The platform can automatically sync with trading accounts (like prop firm accounts) to instantly pull in trade data (entry, exit, PnL).
  • Trade Notes: Traders can add daily journal notes, trade execution details, and even replay trade entries and exits directly within the platform.

V. Final Message​

Journaling is not exclusive to trading; it's essential for all aspects of growth, including health, mental well-being, and finances. The speaker concludes with the motivational scripture-based advice: "Write it down and make it plain" to make goals attainable.