How often should I keep track of my Trading Performance Statistics? after every trade, once week, month, year?
& what’s the best or easiest way to calculate it myself
How often should I keep track of my Trading Performance Statistics? after every trade, once week, month, year?
& what’s the best or easiest way to calculate it myself
My preference would be to review after each trade or group of trades because my risk management plan may require me to reduce or increase my trade size. I like to use MyFXBook as a tool for analysis.
I think if you can review it every end of trading day, that would be best. Since the trade is still fresh in your mind, you’d be able to easily remember and identify what went wrong or what went right with each trade.
Every night or next morning if I’m trading overnight, and a weekly review every Saturday, which should set you up fro the following week.
I would like and prefer to check the performance after my every trade and it is the only way i can check where i was wrong and where i was right and I can avoid those mistakes to repeat un my next trade.
This looks more like a trading journal at the moment.
You should include before and after screen shots of the chart as well as the reasons for entering and exiting the trade.
For trade stats, you should track your winning percentage. The Average win and average loss in terms of ticks and monetary amount. Maximum win and maximum loss.
There is more.
Check myfxbook for inspiration.
It depends on the frequency of your trades. Basically, the algorithm is the following: trade sufficient number of trades (i.e. get sample of returns of your trading strategy) => evaluate how targeted parameters behave (average drawdown, average return, etc.) => if they deteriorate => make necessary adjustments to your trading strategy => trade again enough to get sample of returns …
When targeted parameters start to behave in a desired way they you simply trade and make money.
Looks good, you look like that you have information recorded which will help you manage your account.
Hello, I updated my trading journal & automatized it. Could you guys give a feedback, & say if i need to add something.
also wanna say a thank you to everyone who commented on this topic it means a lot to me as a new trading.
I love babypips education & its community.
Nice now it is time to learn how you would analyse the report when you get enough sample.
Again it looks alright, you’ll probably find not a lot of people will not comment, as every bodies log will differ depending how much information they want to record and how.
For instance I use a traffic light system red, amber, green, depending on the trade, I don’t put much in my comments apart from with trend/against trend, but then I use an strategy which gives me the option to enter a trade and the reasons to or not are very basic, but form part of my plan.
Maintain a trading diary, it gives you information to systematically assess your trading. Write down why you are making a particular trade when you make it. (If you wait until later, you’ll forget, and you’ll change your logic to suit your needs.)Some traders create a form and make copies of it so they can easily fill them out during the day. They even create predetermined indicators that match their strategies and that they can check off or circle.
To be able to self assess one’s trade practice and performance, I think it’s better to review statistics after every trade. This way you’ll know where you’re going wrong, and what seems to be working for you. Keeping a trade journal is an excellent way of measuring your performance.
I totally agree with u
Here is a cocktail for u
Hi Qaram,
What do you mean by you “automated” it. Also a newbie here and trying to create a simple but effective trading journal and I love what you have done.