Question
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is record keeping mandatory for every trade?
10 Answers
<p>An important tool of almost every successful trader because he needs to record or log reasons and logic behind every trade, it is a notebook in which a trader maintains details of his trades and trading decisions. He makes a record of all that went into those trading decisions. It is actually needed to:</p><ol style="list-style-type: lower-roman;margin-left:80px;"><li><p>Gather valuable information on your trading discipline.</p></li><li><p>You can review those trades later.</p></li><li><p>A tool for improving your trading discipline, strategy and probably the setups.</p></li></ol>
12 Views
<p>If you ask any trader who is successful, he will definitely vouch that a trading journal is a must for a trader’s success. In the trading journal, one has to record his physical activity related to trading, both as he planned prior to taking the trade and according to his prewritten trade plan. One also has to note down the emotions before making the trade, during the trade and after exiting it. This integration between physical action and emotional balance is the stepping stone of inculcating the discipline in your journey as a trader.</p>
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<p><br>We tend to deviate from our trading plan. The rate of deviation will be high in the beginning. A periodic review of the trading journal is essential to realizing our mistakes and avoiding them in the future. The basic idea of the trading journal review is to reduce this gap between the trading plan and deviation as much as possible. Hence, it is always important to maintain a trading journal.</p>
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<p><br>Writing, reviewing and updating your trading journal can be a boring activity. However, it’s always advisable to keep up the habit. Remember, the thrill of quick profits should not be the evil that kills your trading capital!</p>
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<p id="isPasted">Stock records are required by every brokerage. This is a master list of all transactions made on behalf of its clients and is updated daily. It is essential to keep accurate records in an era when paper certificates are no longer issued. </p><p>Trading records are accounts, purchase and sale records, lists of orders, and other records of the vendor (other than the Statutory Books) used for carrying on a business.</p>
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