Thursday, 9 April 2009

A Journal for Losers?

I've just been reading Stan Weinstein's 'Secrets for Profiting in Bull and Bear Markets'

It is mainly geared towards long term trading and investing in stocks and although the book is quite old (1988), I did pick up on a twist to the usual 'journal' concept.

Instead of keeping a journal of all your trades, how about a journal for just the losers? - When entering the details of a losing trade, be honest with yourself as to why it did not work out.

As far as I am concerned, the most important money management you can do in trading is to minimise your losses, so I do like this concept of learning from your losers whilst the winners look after themselves.

Happy trading!

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