By . Tracking Spreadsheet. At Wednesday, April 28th 2021, 02:33:04 AM.
As a full-time day trader now for nearly six years, I know what a roller-coaster life can be when first entering the market arena. I also know how much easier your trading life can be with the proper tools, tactics and mindset. While all three are extremely important to your overall success as a trader, this article delves into the often neglected record-keeping aspect of your trading business. Why? Again, because it is very often neglected, especially by newer traders who are unaware of the challenges that theyre up against in this business endeavor known as trading - an endeavor that is well known to have a 90% failure rate amongst retail traders. Personally, my early days were akin to navigating a jungle full of killer predators, without a local guide to keep me from harms way. An old trading partner of mine summed it up best when he said, "The Market will eat you up and spit you out and cuddle you back into her arms every day. And when you get fed up she will outsmart you, entice you and bring you back all over again." As a novice trader trying to take his pittance from the Wall Street jungle, I found that to be the truth!
You do not have to do it all in one shot. You just have to take action every day to move in the right direction. It does not matter how small the action may be, what does matter is that you took action at all. Momentum builds on itself and soon you will find yourself cruising towards your goals. Reward yourself for small medium and large successes The final key to creating your goals spreadsheet is to make sure you are rewarding yourself every step along the way. If you have a small goal of getting to $4001 in a month, then you better give yourself a reward the moment you make that 4001st dollar. You have to get into a habit of giving yourself rewards no matter how big or small the accomplishments. By celebrating the small goals you are preparing yourself for receiving the large goals. The rewards do not have to be huge, go buy that ice cream cone you want for getting that small goal. Treat yourself to dinner when you hit those medium goals. Treat yourself to a nice vacation when you hit the large goals. Always reward and always celebrate.
You may want to create a workbook with multiple sheets for various aspects of your budget. You can have one sheet that keeps track of savings and investments and another sheet that lists your monthly bills. You may also want to track your current spending on one sheet with columns for different categories. Some individuals will list the budgeted amount in one column and then list the actual amount spent in the column next to it. Spreadsheet applications are useful for home and small businesses. Some people keep a home inventory list on a spreadsheet and others use spreadsheets for a variety of applications. Creating your budget and maintaining it is easy when you use budgeting spreadsheets. These are also easy to print out if you desire.