[EDU]How to Evaluate your 2023 Trade Journal and performance?
Hello fellow traders , my regular and new friends!
Welcome and thanks for dropping by my post.
To be a profitable, consistent and successful trader, I have yet seen anyone of them without a trading journal. This shows how important a trading journal is to a trader and the values it can bring to them.
So, without further ado, let's see what we should look at and take note of when we do our year end trading journal review (although this review,in a shorter format, be done on a weekly and monthly or quarterly basis)
Before you start we should look at what goals have you setup yourself for. It can be 1 -3 big goals you have for the year 2023. E.g. Hit specific $ for your PNL or improve on your win rate % etc.
Are there also minor goals that you have that you added along the way?
Then we can move on to our journal.
1. 1st we can have a bird's eye view of things:
Overall performance, some metrics that you should focus and look at,they are:
2. Looking deeper into things:
a. Look through all the trades you have done, do you come by noticeable pattern such on the wins and the losses. E.g. it can be you took more number of losses on Monday Morning, or you tend to close off positions without a valid reason to exit etc.
b. Filter through your trades to see what time or day you trade best, if any.
c. Look at your top 5 to 10 most profitable and most losses trades. Evaluate them in terms of:
> Why they end up as a loser/winner
> Are they align with your assumptions such as best winners come from your A+ setups etc.
> What are the things you did right for your best trades and what you did wrong for those losing trades. What you can improve on them or what you can continue doing things that went well.
3. Psychological resilience:
This is important part of the journal as well where you reflect on your psychology throughout the year. You should have it documented somewhere and you can evaluate how well you have managed emotions such as stress, and maintained discipline during periods of drawdown or winning steaks. What you have and have not done and what can be done better. But of course, you should have done it over the course of the year and summarize out some findings along the way.
4. Learning and development:
- Look back at the strategies you have on hands, which are your bread and butter setups and what new strategies or setups you have incorporated.
- Are there any market insights you acquired over the year, this should come handy to improve your edge in trading.
- Also do identify where are your further learning and development area that you can focus to improve your trading proficiency.
Finally, here's what I would like to share in the next sharing. I will be sharing how you can proper set goals for yourself and track them then improve consistently as a trader!So, yup, stay tuned!
Do Like and Boost if you have learnt something and enjoyed the content, thank you!
-- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! --
*********************************************************************
Disclaimers:
The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes.
*********************************************************************
Welcome and thanks for dropping by my post.
To be a profitable, consistent and successful trader, I have yet seen anyone of them without a trading journal. This shows how important a trading journal is to a trader and the values it can bring to them.
So, without further ado, let's see what we should look at and take note of when we do our year end trading journal review (although this review,in a shorter format, be done on a weekly and monthly or quarterly basis)
Before you start we should look at what goals have you setup yourself for. It can be 1 -3 big goals you have for the year 2023. E.g. Hit specific $ for your PNL or improve on your win rate % etc.
Are there also minor goals that you have that you added along the way?
Then we can move on to our journal.
1. 1st we can have a bird's eye view of things:
Overall performance, some metrics that you should focus and look at,they are:
- P&L
- Win rate %
- Expectancy
- Profit factor
- Average R multiple
- Drawdown and max. drawdown
- Sharpe ratio
- Worst and Best trades
2. Looking deeper into things:
a. Look through all the trades you have done, do you come by noticeable pattern such on the wins and the losses. E.g. it can be you took more number of losses on Monday Morning, or you tend to close off positions without a valid reason to exit etc.
b. Filter through your trades to see what time or day you trade best, if any.
c. Look at your top 5 to 10 most profitable and most losses trades. Evaluate them in terms of:
> Why they end up as a loser/winner
> Are they align with your assumptions such as best winners come from your A+ setups etc.
> What are the things you did right for your best trades and what you did wrong for those losing trades. What you can improve on them or what you can continue doing things that went well.
3. Psychological resilience:
This is important part of the journal as well where you reflect on your psychology throughout the year. You should have it documented somewhere and you can evaluate how well you have managed emotions such as stress, and maintained discipline during periods of drawdown or winning steaks. What you have and have not done and what can be done better. But of course, you should have done it over the course of the year and summarize out some findings along the way.
4. Learning and development:
- Look back at the strategies you have on hands, which are your bread and butter setups and what new strategies or setups you have incorporated.
- Are there any market insights you acquired over the year, this should come handy to improve your edge in trading.
- Also do identify where are your further learning and development area that you can focus to improve your trading proficiency.
Finally, here's what I would like to share in the next sharing. I will be sharing how you can proper set goals for yourself and track them then improve consistently as a trader!So, yup, stay tuned!
Do Like and Boost if you have learnt something and enjoyed the content, thank you!
-- Get the right tools and an experienced Guide, you WILL navigate your way out of this "Dangerous Jungle"! --
*********************************************************************
Disclaimers:
The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes.
*********************************************************************
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