The Trading Consistently journal is very different then your average trade logging platform. There is good reason for this. Trading Consistently platform is based on trading psychology, NOT around trading statistics.
A Trading journal should be about improving your trading. Not about data entry.
Let’s face it – most trading platforms can easily track the most common statistics about your trading (ie. your win/loss ratio, your drawdown and equity graphs.) You do NOT need to keep on entering your Stop loss, Take profit and Entry levels into the platform (unless you would like to) to find this out. What IS important is what trade setups you have identified, your trading rules, your emotions, your thoughts and your logic for entering the trade. Understanding how you think and how the market behaves is most important to improving your trading. This is what the Trading Consistently platform is based on.
Trading journal should prevent you from making mistakes
Most trading journals are typically used AFTER a trade is entered. This is a big mistake and this does nothing to improve your trading results. From years of experience we’ve realised traders who use a good strategy and still lose money is mostly because of human trading errors (ie. not following trade plan, money management, exit plan etc) The Trading Consistently platform helps you evaluate a trade completely BEFORE you take it so you don’t accidentally miss any steps. For example, technical traders often still need to consider high impact news events before taking trades however they sometimes overlook this and realise once its too late. The Trading Consistently pre-trade checklist prevents this mistake as the user is reminded each time they enter a trade to review the upcoming news release.
Trading journal should be flexible enough to fit your trade plan, not force you to insert what you don’t need.
Most trading journals need to adapt to your trading plan. To help you enforce your strategy and your psychology. Most are limited in their customisation options. The Trading Consistently platform is built for full customisation. You can delete any aspect of the default trading template to suit your needs.
Trading journal should force you to think about all aspects of your trade plan.
This includes your daily goals, max drawdown before you halt trading, what securities/currencies your willing to trade and what time frame you will choose. Without specifying all of these upfront the trader often enters trades that are not in accordance to their plan, or worse – has not considered these enough to have a proper trading plan. The Trading Consistently platform forces the trader to consider all aspects of the trade plan by using a pre-defined template.
Trading journal should help you manage your psychology.
Trading reminders/affirmations is a powerful tool to abolish bad trading habits. No other trading journal to our knowledge contains this powerful feature. Research has shown that when viewing the reminders/affirmations continuously over minimum 21 days traders can improve their cognition, problem solving skills and eventually their behaviour even when under chronically stressed individuals. By using the Trading Consistently platform traders are continually exposed to their own self made affirmations helping challenge perceptions and through time modify their unconscious behaviour.
Managing risk is essential.
Risk management is essential. Some trading journals try and incorporate this into their platform. We do not recommend users rely on their trading journal for extracting how many lots or shares to trade based on their risk management. Most trade journal platforms base their risk calculators off inaccurate pricing data. They also mention this in their terms and conditions. We have chosen not to employ risk calculators in the Trading Consistently platform. Instead, users should have built in tools direct into their trading platform which semi automates this process. We provide free tools to help automate this process for Meta Trader 4 (coming soon).