Date: 2/13/2023
Author: Chris Hood
All professional traders make adjustments based on past results.
And I’m no different.
At the end of each, week, month, and year I review my performance and look at key metrics to help me improve as I move forward.
Trading is like any other skill – if you don’t actively troubleshoot then you’ll never get better.
Those of you who lift weights at the gym most likely keep a journal to track progress.
You can look back over your sketchbook if you’re an aspiring artist.
The fact is improvement in any field requires that you keep performance data…and trading is no different.
Without logging your trades, calculating your win rates and profit factors, and identifying trading errors, YOU WILL NEVER ACHIEVE success in the market.
Fixing problems requires identifying them.
Here are some quick hacks to improve your profit consistency.
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First, you must keep a trade journal.
This is non-negotiable. Without understanding why you placed a trade, and how you managed it, you have no information to work with.
You can use whatever format you’d like.
If you’re an old-school pen-and-paper person, then write it down. Include the trade, the date you entered and exited, and all of the criteria that led you to send the order.
I recommend creating a spreadsheet.
Nothing beats this for ease of data analysis which is why I include a sample sheet in the member section of Trade Command.
For those who are visual learners, make a folder on your computer and screenshot your charts when you place a trade.
It will give you a clear picture of what your indicators were telling you.
Second, review this data on a regular basis.
Depending on how many trades you make this might be at the end of every day, every week, or every month.
Look for patterns in your losing trades. What went wrong?
Accept the fact that every loss is your fault. The market doesn’t “move against you” or “take you out.” Not all losses are avoidable, but they can be minimized.
You make the decisions on when and what to trade – when to go in and when to get out.
I’ve found over the years that when I get hit with a major loss there was something glaringly obvious I could have done better.
Even on unpreventable losers, ask yourself if there’s something you could have done to lose less money.
After 20 years of this, I still analyze each one.
Finally, make adjustments based on your data.
There’s no use keeping information if you don’t use it so make it worth your time.
If you lose 75% of the time trading a particular set-up on TSLA for instance, then stop using that set-up. Or stop trading TSLA altogether.
At the end of last year, I noticed that about 60% of my profits came from SPX trades.
So this year I trade that index the majority of the time and I’m already much more profitable than this time a year ago.
If you aren’t consistently profitable this method will help get you there.
And even if you’re making money, you could always make more.
The only way to do it is to troubleshoot and adjust.
Cheers,
Chris Hood
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