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Do you find the ET P&L thread useful? In what way? Its one of the few extremely well moderated ones at least. Maybe I am being dense but I cant see how posting a blotter is going to make you more accountable. Maybe I'm missing something. Today brown made 5 trades and 8 points, next day he made 7 trades and 4 points (was he over trading? hell I dunno) next day 2 trades and 10 points (was he missing entries or was that a great day...I dunno). Thursday he took the day off is that cool? Friday 4 trades all hit a -2 stop perhaps that was the best day as he stuck to the plan flawlessly?
Don't get me wrong I think its a really splendid concept honestly I do. IMVHO although a blog or a trade diary synopsis thread is a bit more work its going to pay far far greater dividends in fact I'd go as far as saying infinitely greater dividends but thats only because I think posting a blotter is pretty worthless.
Anyway keeping the thread going even if Im being somewhat contrary  |
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I know what you mean BF.
Yes, I think posting a daily blotter does add some degree of accountability, even if just a small one. If you are expected to post, then you should hopefully post - good or bad.
The P&L thread is a basic accountability thread in the truest sense. There's very little to be done by all parties, but it is something rather than nothing...
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Blowfish, I completely agree that a simple thread saying how many trades we took and points we get is a waste of time. That's why I'm leaning more towards the template idea that we can fill out. This way we can visually see trends in our trading, and what gaps need to be filled. I also believe that setting goals will help, and then by using a template that grades our trades we can see our inefficiencies and possibly what aspect of our trading is helping is get our goal or push us away.
Here is currently what I have laid out, it's still a work in progress but input is appreciated. What I have here is the ability to grade each trade, then track the P&L and grade on a daily basis. From there you can use graphs, or whatever works best to track your progress. There is also a section for emotional trades, and those receive an automatic 0. If it's a trade you take on a repeated basis but is not in your plan, add it then it won't be an emotional trade.
p.s - all that input I added was random. Not my trading or P&L
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James,
Very nice what you have here.
While we disagree on a P&L thread being a waste of time, unless Soul can program a template type thing that we can use, it will be hard to form a template on our own. We could probably come up with some skeleton format, but it's back to are you just posting your P&L?
Anyways, good ideas here but maybe we need to hear from Soul about any other ideas.