Once this top-level analysis of your core values has been completed, the next step is to conduct a lower-level analysis of the emotions which occur on a moment-by-moment or trade-by-trade basis. The best and most efficient way in which to do this is to keep a record of the feelings you experience throughout the trading day and especially during the lifetime of a trade. This could be as simple as assigning each trade a score from 0-10 based on how you feel about the trade, or as complex as writing a detailed summary of the range of emotions you went through almost on a tick-by-tick basis.

However this is done, some of the most important questions you can ask yourself are:

What did I feel as I was waiting for my trade to be executed?
What did I feel when I executed the trade?
What did I feel as I managed my trade?
What did I feel when I exited the trade?
What did I feel after I exited the trade?

By making this a routine, you will discover that instead of experiencing a wide range of emotions during your trading day there will only be a few feelings that predominate. Therefore, you will gain a unique insight into your own psychological makeup, and therefore know exactly which emotional issues you’re required to work on to become a better trader.

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