January 15th 2020 | 4 minute read
For the love of trading, journal your trades. Learn from your trades. Keep it simple. I like AL HILL's article How to Measure Your Trading Performance. He discusses the big 5 metrics in measuring your trading performance. 1. How many winning trades 2. How many losing trades 3. Net Profit 4. Largest Winner 5. Largest Loser. The reports found at Trade Insights fits the requirements, and then some. What I really liked about Al's post was to only look at your numbers. Don't compare yourself with other traders. Quote "So, instead of running someone else's race and worrying about their returns, compete with yourself. Stop asking how much money you should be making or what is a realistic return, start defining that based on your abilities."
We keep journals to help us improve. Look back on your performance and see if you are improving. I found Trade Insights on the Internet and started to upload my data from my broker Interactive Brokers. The process was relatively easy. They provide videos on how to upload your data. They have an impressive list of brokers, 41 last count, that they accept their data files to import. Looks like you can contact Trade Isights if you don't see your broker to have them add your broker to their list.
Al mentioned R for a measurement and you will find that in Green Red Days report, Avg PnL Ratio. There is also how many winning and losing trades. Let's not forget Largest win and loss also found on this page. The final important measurement is net profit. We satisfied Al's requirements. If you are hungry for more stats then Trade Isights delivers.
I like the quick calendar snapshot. . For more detail about an individual trade they have a trade list that you can drill down to see a chart. A share link is available at the top of the page. I encourage you to visit the site to find more ways to review your performance.
After you become profitable I would say you can venture out and see how other traders are doing. . The leader board tracks the top traders. You have to opt in to share your results. You also have to actually comment in your journal so others can see your comments.
I really like what they offer for free. I highly recommend Trade Insights and suggest you make a Donation. I read a comment on their site that said the owner created the site two years back and they have no plans on taking it down. Given that, nothing last forever. Another mention is a very sophisticated spread sheet can be found here. Every trade I make has a visual image on my site. Originally I was looking for a spread sheet to start entering my data but luckily found Trade Insights. The speed of uploading the data and seeing the results is impressive.
Track, review, focus on one item to improve and finally, rinse and repeat.