Keeping a journal demonstrates a commitment to improving one’s own performance as well as building self-discipline. This is a self-fulfilling prophecy because as you commit to filling in a daily journal, you start to build a routine which improves your discipline as a learning skill. The routine of journaling is what builds this discipline. It is easy to journal whilst motivated, but when you are struggling or are not in the right frame of mind this becomes incredibly hard. However, the routine that you have built helps to manifest discipline, so you form a habit to journal. This circle of routine, discipline and habit builds your overall confidence and the journaling process can become a form of comfort and help in darker times.
Self-discipline is one of the fundamental keys to success. As discussed above, it's a bedrock skill to learn. If the routine of journaling can develop and instil discipline, then you will feel more confident and it will filter into all the decisions you make and actions you take. You will develop confidence as you journal, allowing you to effectively evaluate and review, enhancing your confidence in what you do and improve your overall mindset.
You will see progression as you journal as well as gaining a greater sense of self-discipline. You can achieve your goals and define actions. This mindset shall then filter into other parts of your trading or life in general. You may see improvements in sticking to your trading plan and strategy rules.
The sense of achievement through your hard work will make you feel more in control.
Discipline is a character trait but also a habit, both of which can be developed. Everyone has days of not wanting to do something, but it is interesting how its linked to necessity.
There are certain things that you sometimes do not want to do but always end up having to do. Therefore, forming a habit through a routine leads to becoming more self-disciplined. By making journaling one of those activities you will see the benefits in trading.
If you are disciplined, it takes care of your mind and body as well as creating more freedom. It may sound strange, but it creates more opportunities, improves your health, and can generate more income.
“But the only way to get to a place of freedom is through discipline. If you want financial freedom, you have to have financial discipline. If you want more free time, you have to follow a more disciplined time management system. You also have to have the discipline to say “No” to things that eat up your time with no payback—things like random YouTube videos, click-bait on the internet, and even events that you agree to attend when you know you won’t want to be there.” Jocko Willink
You will develop mental toughness allowing you to get through difficult times quickly and without much resistance. The journaling process allows you to record your daily thoughts and feelings. It also helps you to understand how you dealt with your problems and as well as situations. This will experience will help you to improve how you do things next time. Mental toughness gives you the ability to overcome failures, setbacks, and doubt.
“Mentally tough people handle themselves better than others.”
Discipline is one of the most difficult character traits to develop. If discipline were easy then everyone would be a successful trader. Therefore, journaling is a great tool to develop this trait and stick with it. Journaling shows progressive benefits so when you are down or feeling somewhat lack-lustre you can turn to the journal to observe, record, and reflect.
Discipline is not easy, but it makes life easier!
Each time you act in a disciplined manner you train your mind and body to be that way.