Treating your trading like a business is imperative to your success, it allows for you to remove emotion as much as possible and document what works and what does not.
A Business Plan should be a longer form written content outlining your strengths, weaknesses, and personality traits. Using personality tests can help you identify potential weaknesses outlined in your trading. Additionally, one should create a mission statement and trading goals that are bigger than yourself. Creating a trading journal can help you track your trades and identify what is working not just in trading methods but analyzing risk/return performance.
We at Eagle Infinity have created a useful template for a trading journal for options trading and other assets. This journal is not specific for every trader but does outline some of the key statistics and trackers one should always be aware of such as Batting Average Per Ticker, Batting Average for each R:R level and more.
To use the journal, Make a copy of the file below, and fill in the details for every trade. Document each and every trade, learn something from each trade and analyze performance of each method after 20-30 trades.