Traders Laboratory - View Single Post - Best stats for tracking progress?
View Single Post
  #3 (permalink)  
Old 12-14-2006, 01:12 AM
torero's Avatar
torero torero is offline
torero has no status.

Trader Specs
 
Join Date: Oct 2006
Location: SPAIN
Posts: 1,329
Thanks: 43
Thanked 42 Times in 28 Posts
Re: Best stats for tracking progress?

kiwi, that's a very effective way of keeping tracking of your trades! I like very much. I might just use that, simple but great way to rate execution and discinpline.

deefman, I usually write my notes of the trade on my chart then after the trades are done, i note elsewhere, that way I do it without taking my eyes off my charts. I usually write my plans/setups before the day started so I'm already prepared with notes. Doing this after a while, the note-taking goes very quickly without missing setups.

Since you don't have a particular strategy or setup just yet, might want to number them like kiwi says, each strategy with a numbering system so you can quickly note them without losing too much focus on trading.

kiwi is absolutely right about dollar counting, I have removed all P/Ls columns from my platform. Measuring this will affect your performance tremendously, especially when you increase size. I don't even look at it until the end of the day sometimes. Only when I do weekly reviews I open them up. Using points is more effective. I used to use Rs, which is similar to setting targets but realized the market doesn't know where your Rs are. I usually measure my stop loss and target and quickly calcuate the R:R (Reward:Risk) if it's high enough to take the trade. Then it's really up to the market to take me to my target. If you can calcuate R:R before every trade, your stats usually stay constant since you'll eventually know how much you'll use and how much you're expecting to gain, if it goes your way. Doing this percentage will reveal your performance fairly quickly.

__________________
"It's against human nature to succeed in the markets"-- Newbie Trader Lounge

Last edited by torero; 12-14-2006 at 01:21 AM.
Reply With Quote