You can't improve what you can't measure
-Peter Drucker
(Father of management thinking)
Trading is all about numbers. Every single trade needs to be tracked, analyzed in order for you to stay on top of the changing markets and keep improving your trading edge.
But how can you do this? Logging trades is troublesome. Excel sheets are too much work. Creating useful insights/visualizations requires match/programming knowledge. What do you do with all your trading data?
Journal it.
Journaling helps you analyze your trades and find what your weaknesses and strengths are.
The only way you get a real education in the market is to invest cash, track your trade, and study your mistakes…. The examination of a losing trade is tortuous but necessary to ensure that it will not happen again.
-Jesse Livermore
(Legendary trader)
We have put together a short guide on how you can effectively use TradesViz as a trading journal - where all you need to do is log in and spend 10 mins per day. We show you the most important sections, and the insights you can get from quickly changing a few settings can be very useful for your day-to-day trading strategies.
You can read more about it here:
Here's a short excerpt from the article:
When you are exploring each trade – take a moment to look at each metric – MFE, MAE, duration of the trade, and also the auto-generated charts.
This will help you recall WHY you executed it and make you think about HOW you could have made it better.
Another very important tab is the Trades chart tab under the trades table section. Say, you are focusing on a specific symbol. How are you going to look at all your trades in one single chart? Or rather, why would that even help?
Whether you are a swing trader or intra-day trader, looking at your positions from a bird’s eye view on a higher timeframe chart is going to help you with generating new ideas on how to find better exits and entries.
We hope this article serves as a useful stepping stone in your journey to success and consistency in your trading.
If you have any questions about how you can use the methods and tools available in TradesViz to augment your own trading, you can contact us at [email protected].