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Chapter 32, Part II. Tracking Your Performance - Continued...

Discussion in 'Complete Trading Education- Forex Military School' started by Administrator, Apr 12, 2012.

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  1. Administrator

    Administrator Just Administrator :-)

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    Tracking Your Performance - Continued...
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    Commander in Pips: In the previous lesson we’ve set up a general framework for performance tracking. Let’s make some more clarifications in this part.

    Pipruit: Yes, the previous part was very informative. I’ve learned a lot of new things. Previously I thought that all these paper routines were needless, but know I have a feeling that it is 50% of success.


    [​IMG]


    Commander in Pips: I’m glad that this was useful for you and you’re right. So let’s continue a bit further, although the most important things we’ve already specified.


    Charts saving and pre-analysis

    Keeping charts in your journal is a very good idea, since after some time you can misunderstand something with just writings. Looking at a particular chart will help you clearly understand the reasons for your trade. Depending on your trading system you may save as many charts as you need, but often there should be one chart before the trade was triggered and another one when profit/loss has been hit. Since you make trades based on your trading system and a predefined trading plan – usually you wait until reaching of some area, appearing some pattern or some indicator’s signal. Any system is based on the assumption that using these events will give you a risk/reward ratio greater than 1 and significantly increase the probability of price moving in your favor. That’s why the first chart will contain price action right near your triggering point.


    Later, you can accumulate experience, since you will trade the same patterns or signals again and again. Some will fail but some will lead to success. Based on price action after some time you will be able understand traps, failure moves, take into account all nuances and make more precise analysis based on this. Your experience will start to work for you.
     
    #1 Administrator, Apr 12, 2012
    Lasted edited by : Oct 9, 2016
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