You set aside time on the weekend to update your trading journal.
You brew a cup of coffee and clean up your desk.
Then you log into MyFxBook and you find that your stats haven't been updated for 3 days.
The time you set aside for journaling isn't going to be as effective as you expected because your stats won't be complete.
If you have trouble with MyFxBook not updating, you're not alone.
This issue has been around forever and they don't seem to have a solution to it. In all fairness, it may not out of their control.
But it's really frustrating when you want to do your trading analysis and MyFxBook still hasn't updated.
In this post, I'll give you a solution that's much better than MyFxBook…and any other automated trading journal out there.
Manual Data Entry is Always On
Even though we have a trading journal solution, we understand that our journal may not be for everyone. However, if you only have a few trades per week, we recommend that you keep a manual trading journal.
It doesn't matter what you use, just use something manual.
You can start with something as simple as Google Sheets. It's free and you can access it from any computer.
Granted, a solution like MyFxBook seems easier to use.
But you have to ask yourself if you are just being lazy, or if you would really benefit from using a manual trading journal.
A manual trading journal is always available and you will see your stats updated as soon as you enter the data.
Using a manual trading journal also means that you can capture 5 key pieces of data that can help you become a more profitable trader.
What Automated Trading Journals Miss
If you really want to understand how well you are trading, then manual data entry will give you much more useful data than an automated trading journal alone.
Here's why a manual trading journal solution has the advantage:
1. Mental State
When you update your trading journal soon after taking a trade, your mental state will be fresh in your mind. Record your mental state.
Do you feel agitated, rested or calm?
If you have a device that measures your heart rate or brain activity, record those readings also.
When you can correlate your mental and physical state to your trading results, you get a much clearer picture of how to improve your trading performance.
2. Opening Screenshots
Your chart can look significantly different before and after you take a trade. For example, you might enter the market on a strong candle…that hasn't closed yet.
This is a common mistake among new traders who use price action confirmation entries.
When you look back on the chart, there obviously wasn't a good entry signal because the candle ended up retracing.
But at the time you entered, it looked like a good trade because that candle was huge!
Capturing a screenshot at the time that you took the trade can help you figure out where you went wrong and how to fix it next time.
3. Unwritten Reasons for Taking the Trade
Sure, you are taking the trade because you are following one of your trading strategies.
But did you rationalize the trade with other reasons that are not in your trading plan?
If those reasons aren't helping you, then you know that you should avoid them next time.
On the flip side, those reasons could be helping you and should be added to your trading plan.
4. Data Snapshots
If you use metrics that change frequently, you are missing out on the opportunity to capture that information.
For example, if you use a sentiment indicator to show you the net positions of retail traders, that value can change by the minute.
This sentiment indicator may have been your primary reason for entering the trade. So without that information, your trading journal is incomplete.
Over time, you want to see if this indicator is giving you an edge, or if it's just a distraction.
The same thing goes for economic reports like NFP or global news events.
5. Outside Influences
Where there any outside influences that you used to make your trading decision?
- Did you look at the news?
- Did your friend talk you out of the trade?
- Did work suck that day?
- Did you fight with your partner just before you started trading?
- Were you drunk (no, seriously)?
Understanding these everyday life influences can help you avoid them before trading or help you avoid trading if you are in a negative mental state.
So that's why a manual trading journal can be better than an automated journal.
If you are wondering why your trading performance isn't as good as you feel it could be, start tracking what's going on when you take the trade.
You just might find one simple tweak that can take your trading to the next level.
Sign up for RazorJournal and start capturing the data you are missing. Take the tour here.