The Forum is an important feature of The Disciplined Trader Training & Support Program. It is the place where our students can share training experiences with others and ask questions to our Expert Advisers. By limiting discussions to “all things trading discipline”, we can help our students stay focused on getting results.

In this section of the newsletter we’ll pull one student’s pertinent question from the forum and give you our expert’s response, so YOU can benefit from what our students are learning.

We are proud to announce that this week’s Expert is Al Abaroa, an expert on “Journaling: Tips and Techniques.”

Al Abaroa brings over fifteen years trading experience. He is the author of Options Pro Essentials (Futures Press 2008), The Commodity Wire – A Market Weekly and Senior Strategist at OptionsPro, Corp.

He has appeared on TV with analysis of the futures markets and equity market directional forecasts. He has been quoted in Barron’s, the Wall Street Journal, Reuters and Trader-Source magazine. He served as sector editor for  Mega Trends, the all markets monthly publication distributed by Dow Jones News.

He lives inPlantation, Fl with his wife and their three children.

Although his credentials speak to the options arena, Al is well versed in all modalities of trading and is passionate about the importance of Journaling…

Now learn from our student, as she asks Al her pressing question…

The Forum Question:

Dear Al……I have just gone back and read my journal from the past few months. I journal on an Excel spreadsheet with time, entry, exit, profit or loss and then a line or two about the trade. At end of each day I write a line or two about the days trading and what I usually did wrong. So many days and trades say “I was not focused”, “I need laser focus”….I did not follow my plan”, “I went in too soon/too late”………Everyday I say to myself this is the last time I will enter a trade without all my indicators being in line…and every day I seem to make the same or similar mistakes…….I have made lists of mistakes I have made for a month at a time and they are the same ones over and over. I am an intelligent, aware and committed to trading woman!!! I so need to learn to put the whip down…….and stop beating myself up….(I cannot believe I just said that!)…

I am finding that there is an illumination happening with Tisha’s affirmations…I am following the program exactly and definitely am getting better…I awaken in the morning with the affirmations in the front of my mind…It is great……I am totally sure that I am at the right place…and the answers are coming every day….

I am just taking a leap of faith and writing these very personal and often painful thoughts……I am willing and able to do whatever it takes to become the consistent and disciplined trader that is inside..

Thank you for your thoughts and suggestions about my journaling.

Tigerlady

The Response:

TL-

I have a simple question for you. You wrote the following: At end of each day I write a line or two about the days trading and what I usually did wrong. So many days and trades say “I was not focused”, “I need laser focus”….I did not follow my plan”, “I went in too soon/too late”………Everyday I say to myself this is the last time I will enter a trade without all my indicators being in line…and every day I seem to make the same or similar mistakes…….I have made lists of mistakes I have made for a month at a time and they are the same ones over and over.

If you went back over the last month and looked at all those trades what would have the net result been? Would you have been profitable?

I ask the question for a variety of reasons. First, if your trading plan is working, but you are getting in your own way…move over. Yes, it is easier said than done. That’s why you journal. A successful journal will help you spot the flaws of your day. The most difficult to overcome is the mental side. Emotions run high when you place money on the line. The “laser focus” is essential.

I so need to learn to put the whip down…….and stop beating myself up….(I cannot believe I just said that!)… I’m not sure what you mean by this. I think self evaluation…better said, honest self evaluation is extremely productive. Only you will know how truthful your are being with your evaluation. Use your intelligence, your awareness and your commitment to succeed.

Perhaps you should place a post-it on your screen of the non-disciplined P/L, along with the disciplined P/L. It might serve as an excellent reminder.

Good Luck!
AA

Did Al’s response help you with your journaling?  Let us know, comment below!

Today We announce the Winner… in this Case Winners!

What a great effort!  Thank you to all who participated in this contest!  We had so many great entries it was difficult to pick just one… so we didn’t!  We’ve selected 2 winners! 

CONGRATULATIONS to Suzanne and Dave P!  You’re now the proud owners of a quality leather bound The Disciplined Trader Leather Journal!

Suzanne great job at breaking through a TRUE Writer’s block…and Dave P for admitting men don’t like to be told what to do.

Also we’d like to give honorable mention (and our stylish The Disciplined Trader baseball cap) to Nigel Harvey for uploading his hand written journal and opening up to all!

Again THANK YOU to all who commented!  This gives our community a great resources to look back on and learn from.

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The Contest Has Been Extended!

UPDATE: We’ve been collecting some GREAT responses over the past 2 weeks!  Since journaling is such an IMPORTANT topic we’re going to keep this contest rolling another 2 weeks to make sure we give everyone an opportunity to answer the questions below… So if you haven’t posted your response, now is your chance!  Don’t pass up the opportunity to win our quality leather bound TDT Journal (read all the details below).

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It’s contest time!  Lately we’ve been talking about keeping a journal of your trades and I’ve been sharing with you my techniques for trade journaling.  (If you missed those techniques be sure to watch weeks 13 & 14 of the 4-Minute Drills for Traders.  You can find both videos right here on the blog.)

NOW is your opportunity to give us some feedback and post your opinion for all to see! AND of course we’ll reward you for it!

REMEMBER this not only helps us deliver the best and most appropriate information to you, it also gives you an opportunity to help others by writing about your experience.

Please answer one OR BOTH questions below:

1. What do you think is the most important part of your journaling routine? (i.e. Is journaling before and after your trading session most important?  Is making sure you’re in a quiet room with no distractions most important?  Do you find that making a positive statement at the end of your journaling is most important to you?  There is no right or wrong answer here, we just want to get your perspective and hope that others will learn from it.)

2. What have you learned from journaling or if you’re not journaling what do you hope to learn when you start to journal?

By answering one or both of the questions in the Comment Section below, you’ll automatically be entered into a drawing. We will collect the suggestions over the next few weeks. The drawing will be held July 27th and we’ll post the winner (or winners – sometimes it’s hard to pick just one) right here on the blog.

The PRIZE?…

a high quality, leather bound, engraved “The Disciplined Trader” Journal!

The Disciplined Trader Journal

The Disciplined Trader Journal

Don’t be shy!  By answering the question(s), not only will you have a chance to win the journal, but you’ll have an opportunity to help others by sharing your thoughts…

Just hit the comment link below.

The Forum is an important feature of The Disciplined Trader Training & Support Program. It is the place where our students can share training experiences with others and ask questions to our Expert Advisers. By limiting discussions to “all things trading discipline”, we can help our students stay focused on getting results.

In this section of the newsletter we’ll pull one student’s pertinent question from the forum and give you our expert’s response, so YOU can benefit from what our students are learning.

We are proud to announce that this week’s Expert is Al Abaroa, an expert on “Journaling: Tips and Techniques.”

Al Abaroa brings over fifteen years trading experience. He is the author of Options Pro Essentials (Futures Press 2008), The Commodity Wire – A Market Weekly and Senior Strategist at OptionsPro, Corp.

He has appeared on TV with analysis of the futures markets and equity market directional forecasts. He has been quoted in Barron’s, the Wall Street Journal, Reuters and Trader-Source magazine. He served as sector editor for  Mega Trends, the all markets monthly publication distributed by Dow Jones News.

He lives in Plantation, Fl with his wife and their three children.

Although his credentials speak to the options arena, Al is well versed in all modalities of trading and is passionate about the importance of Journaling…

Now learn from our student, RJ as he ask Al his pressing question…

The Forum Question:

“Is there such a thing as a trading journal template?  I would like to know what is necessary to include, nothing more. Is this possible, or does every traders problems need a custom template to address these issues?  Norm, last time you gave a brief synopsis of your journaling. Could you go further?  I remember you started the new day with a quick review of yesterdays trading, ie, focus items.  I have done that, and it does help. So much of trading is trial and error. I am just trying to hang on until the ol’ light bulb goes on.”
Thanks,
RJ

Al’s Response:
RJ-

There is no such thing as “ONE SPECIFIC” trading journal template. I think you are correct in that a custom template is the correct answer. That template will change over time as well. What is important to day will be different next year. It’s important that you do journal something and more important that you review it.

I am a creature of habit. So for me the discipline of logging comes natural. I am however, extremely busy throughout the day. So for efficiency reasons, I use a coding system for the data I want to analysis later. I rate myself in the following categories when executing:

1. Emotional State of Mind?
2. Did I have laser focus?
3. Trading Plan Parameter Met?
4. Risk Management Discipline

I am looking for consistency in my discipline. If it is not there, the data can serve as an emotional stop and take me out of the state of mind. The numbers don’t lie. This is more of a quick reference tool to keep me in check. I prep this out on an excel file so I can just fill in the blanks.

The above is from the post you captioned. I make myself assign a ranking for “Emotional State.” I make the ranking simple. I use letters to grade A-F.  Also, use numbers if that’s easier.

At time of execution I write my immediate thoughts. I’m not as much of a short-term trader anymore so I “update” my hand written notes whenever I am thinking about a trade adjustment. In those notes, I may toss in a letter grade from my emotional state.

When the trade is complete, I go back and assess, from start to finish. I first look at the obvious (P/L). I then look at my emotional ranking. If I lost, I scrutinize the hand written notes more carefully. You know yourself best here. If you find yourself rambling on and on, it may take longer to do this. I try and stay with the relevant. BTW, “relevant” is subject to personal interpretation.  That could mean a lot or a little. If “a lot” prevents you from writing at all, shorten your entries ASAP. Without that critical data, you can’t go back and review. Imagine a top athlete not being able to watch game film highlights because he couldn’t fast-forward through the timeouts.

Good Luck,

AA

Did Al’s response help you with your journaling?  We’d love to hear what you think of this post, comment below!