Question
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is record keeping mandatory for every trade?
10 Answers
<p id="isPasted">This is a very important part of trading - record keeping.</p><p>This is more so true for day traders than for any other form of trading.</p><p>I suggest you do this -</p><ol style="list-style-type: decimal;margin-left:26px;"><li>Keep a daily record of entry, exit, and SL for your trades. Nearly to that, make sure you also compute the post-tax profits as well.</li><li>Write down what went right and what went wrong in a trade. Also, make a note of how else you could have improved the trade. If there was a loss, what was the loss due to? Unforeseen errors, greediness, emotional decontrol? Were you …</li></ol>
<p>Not only the record of trades but details like entry price and time, also the exit price and time. The trend of a stock. These details will refine traders, expertise by avoiding old mistakes. Reduce losses and increase profits.</p>
<p id="isPasted">In most countries, record keeping is mandatory for businesses, including for trades. This is often required for tax purposes, to track expenses and revenue, and to provide a clear record of financial transactions. However, the specific requirements for record-keeping vary from country to country, and it's best to check with a local accounting professional or government agency for more information.</p>
<p id="isPasted">Maintaining a trading journal is of utmost importance. Trading is all about working with a plan and recording your trades makes you better with planning. True, that might be a complex or time-consuming task in the beginning, but once you get along with it, you will notice how it is benefiting you.</p><p>Recording your trades brings more consistency and discipline to your trading, which has a direct effect on your profits. When you have noted, you can analyze how well your past strategies have worked and improvise on them if needed. With time, you will be able to recognize the …</p>
<p id="isPasted">Yes, record keeping is mandatory for every trade. This is required by law in most jurisdictions, and it is also essential for good business practice.</p><p>There are a number of reasons why record keeping is so important. First, it allows you to track your progress and identify areas where you can improve. Second, it provides evidence of your trading activity, which can be useful in the event of a dispute or audit. Third, it can help you to comply with tax laws and regulations.</p><p>The specific requirements for record keeping will vary depending on the type of trading you are …</p>
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