I was wondering if you keep detailed records about your trading performance? Some people say: "I just look at my equity curve". If it's up I'm doing well, if it's down I'm not doing well. Well, that is maybe a oversimplified statement but I know traders who use only that to "measure" their performance. Personally I keep very detailed records on ALL my trades. And I rate them all . How? I use the daily ATR. Taking (or losing) .20 on TASR is a very average trade. The ATR yesterday was 1.93. So , taking half out of the average channel, let's say 0.9 is a good trade. Taking 1$ or more is an excellent trade. Taking 0.9 out of microsoft is an EXCELLENT trade. (ATR MSFT=0.08) So I measure the piece I take compared with the ATR, multiply by 10 and round (up/down). Example: I take 0.95 on TASR. 0.95/1.90 = 0.5. Grade 5. When I get over 10 it's an enormous trade, (and -10 and lower a big loser). So do you grade your trades? How? And also do you do it on a per trade basis, weekly, monthly, all? besides this measurement, I keep others like number of subsequent winning/losing streaks etc. but that's for another time.... All this , based ofcourse on pure daytrading (no open positions overnight). All this, because I think that keeping very detailed history and analysis about your trades will finally help to improve your trading . TFD (The Flying Dutchman)
I do a 5 star rating system and such is not based on how many points I get or don't get... It's based on my ability to stay discipline and follow my in-depth trading plan for each trade. Thus, when I'm profitable for the day but failed to follow my trading plan...I give myself a low number on the 5 star system. Just the same, when I'm at a lost for the day but followed my trading plan to near perfection...I give myself a high number (not a 5) on the 5 star system. Simply, no complicated math nor measurements...just judgement (5 star rating system) about my discipline and ability to stick with the plan... I do this daily, weekly and monthly. NihabaAshi
about the same. results are a function of the plan, the rating of myself is only on my ability to keep from sticking my fingers into the spokes and letting the plan do its thing. bloody hard, sometimes. i keep a daily log. not hugely detailed, just briefly documenting what i did, what i saw. plus writing things down forces a level of self-honesty in the personal critique department.
P/L is how I keep track of my trades. I document the great and bad ones along with pertinent market information, entry/exit reasons, etc. Once you have learned to follow a system and have discipline, its just a matter of studying mistakes and victories rigourously, working hard and always learning. Trading doesn't end when the bell rings. The real players are busy studying the day's tape and news and devising future plans. I document my trades by P/L along with reasons why I was in the trade. I used to rate my ability to follow my plan and quickly realized that losing days were caused by failure to obey my discipline and on winning days, I followed the system. Follow your rules and only take more risk when you can afford to or when the market is very volatile. But how much you made/lost on a trade never lies......this game is all about ROI.
The more I get cussed out and dissed by losers on ET the higher I rate myself as a trader. Best regards, gsr
Do my own details of my trading as I'm wholly target orientated. I also keep an account of accumulated net points (DOW which I trade) per day per week. Its important to keep on track with your weekly points target and points accumulation separate from both bet size and net gains.
I rate myself based on how well I follow my trading system, and how many good new ideas I learn about the market.