Keeping a Trading Journal may be the best decision you ever made!
If you have any of my Trading Products then you will have the spreadsheet that allows you to set goals for your trading.
It also allows you to record the profit from each trade.
So, why would you want to use it?
There are actually several good reasons for recording your daily trades in the free spreadsheet.
1. You get a record of your trades to look back on and to see if you are improving.
2. It tracks your progress and shows you if you are reaching your daily targets.
3. It can show you your average profit from your daily trading which can then help you set longer-term goals.
I think number 3 is probably the most important.
Let's say you are new to trading and want to try and increase your bank by 10% a day.
You enter your bank start amount and then tell the spreadsheet how many trades you are hoping to make this over.
It then splits your bank by that number and tells you how much you need to make per trade.
So if you had a start bank of £100 and you wanted to make 10% (£10)a day over 10 trades...
...It would assign £10 a trade and give you a target of £1.0 per trade.
You can then start entering the profit from your trades into the spreadsheet as you execute each one of them.
You will soon see after just a few days if 10% is possible or if you have to lower your expectations...
...Or you can increase your expectations!
You can enter winning and losing trades.
This then allows you to make adjustments to either the amount of trading you are doing, the stake sizes you are using or your target profit.
You may find your average profit per trade is only 6% so you may have to do more trades to make 10% a day.
You can then also map out how long it is going to take you to grow your bank until it meets your daily target profit.
You could also use the same spreadsheet for all your trading or set up a separate spreadsheet for different methods.
Click Here to see a video I recorded yesterday about the spreadsheet.
The Trade Journal (my new name for it) comes free with all my trading products...
...So if you haven't used it yet now is the time!
Evidently, Albert Einstein once said...
“Compound interest is the eighth wonder of the world".
It certainly is for the trader!
Compounding your winnings to increase your stakes allows you to make larger trades and hopefully make more money.
It means you can take small stakes and gradually grow them into large ones.
Let's take a scenario.
We have a £100 bank and we want to make just 2% on that original bank which is £2.0
(bare in mind that you would be lucky to get that a year with a bank!).
We are going to use £10 stakes and trade 10 times over the day.
Now here is the thing...
...If we selected trades where the price was around 4,5 or 6.0 then a 2 tick trade is worth roughly 2% of our stake.
So that means we just have to use methods that allow us to trade 2 tick at those prices.
Not exactly impossible to do...especially with all the different methods I give you!
So let's say we manage to do that...
...Our bank is now £102.
Tomorrow we split the bank by 10 again and that gives a little more to trade with and we can make a little more profit.
All we now have to do is keep doing it!
What does it mean long term?
This is the beauty of compounding.
After just 3 short months we could be making £12 a day instead of £2...
(I have seen posts in the groups where people have said that would be happy with this)
...And after 6 months around £27 a day.
By the end of the year, you could achieve just about any trading goal you desire...
...Just simply by trading 10, 2 tick trades a day.
If you don't believe me put it in the Growth spreadsheet I give free with all my products and check it out for yourself.
A year may sound along time...
...But how many years have you already been trying to make some money from trading?
Just try it today.
Fill in your spreadsheet daily and see where you are.
I know I keep going on about this...
...But I want you to succeed and this is how you do it!
Click Here to check out all my trading products.
The Relaxed Trading Method is perfect for this scenario
Until Next Time
The “Cash Out” guy.
(Making Trading Simple)
P.S. Pick up your free Tennis trading method either on your member's page or here.
P.P.S. Don't forget to pick up your free copy of my 92 Percent Football method.
Click here to get your copy.