You are also able to figure out risk management scenarios while using it. The trade worksheet helps to narrow down your focus and gives you a level of comfort on what can and might happen regardless of the outcome. You design hedge scenarios along with speculation scenarios together to make it work to the best of your account's ability.
Maintaining this information lets you know what you are thinking and feeling when you enter and exit trades and lets you know if your trading tools are working properly. It also shows you if you are exiting too quickly or if you are going against your trading plan.
Transitioning from your everyday investor to a true speculator can be a difficult road. There is no magic word that instantly transforms you. It is a task fraught with its own dangers and perils. To be successful at it, you need the right set of tools and the proper mind-set with a healthy dose of desire to make it work.
The trade worksheet helps put you in control of your trading. Calculating your profits and losses ahead of time lets you know if the risk you are taking is a risk worth taking. This is how you gain control of your trading. You become prescient on whether the opportunity you are taking is a good one or not. This puts you ahead of the majority of traders who simply fly by the seat of their pants.