By Barry Taylor Barry Taylor Level: PLUS basic
Barry Taylor for a living trades and specializes in stock-index futures E-mini S & P500. The Emini-watch.com Web site keeps track of leading indicators of market and is a free ...
If you are already using a transaction log file, now it's time to start. Apply a transaction log can help you find and correct trade errors regularly. The seven mistakes are most often trade are listed below and the reasons for you to maintain a transaction log file.
Trying to pick tops and bottoms, I feel like a break-out (professionals enjoy faded breakouts), without confirmation from my volume indicators (wait for things to line up is hard); hesitating on entry, revocation of a request (the biggest mistake of all); Moving target profit, andLetting a profitable transactions transform into a loser (rare).Maintaining a commercial recording and mapping your mistakes to spend valuable time by avoiding these mistakes and improve profitability. The information you put in a transaction log file is a personal decision. Very little information provides no real benefit, but too much information can be unpleasant and often not reviewed.
Keeping it simple. Record daily totals of trades and in line with the distribution of swing. Each day evaluates each trade during these seven mistakes. Over time, you will need to make fewer mistakes. It is the best way to keep this information in a spreadsheet. It can be in the form chosen, but pre-labeled spreadsheets are available online.
The best spreadsheet will include some of the following headings:
Starting conditions: these include date, price point Emini, Commission, beginning balance objective, target margin per contract, targeting daily points and values; import prices Attentive: every trading day the day-to-day operation: entry points, number of trades and the number of contracts traded; Seven mistakes: next evaluates each trade during the seven errors or other errors that usually make. Add the number of errors of the day under each type of mistake. Performance against Target: as soon as they are all the information it receives, you can compare your performance against targets and or chart or graph the results. It is generally better to have a modest goal achieved often instead of one big goal that rarely achieved.The transaction log can be valuable for the trader who wishes to improve over time. A spreadsheet can be adapted to the needs of each dealer or a Emini any market. The more quickly your career start transaction maintains a log file, the more quickly you can identify any errors and to modify commercial behaviour to improve performance.
This article has been viewed 15 (s).Article submitted on: December 21, 2010
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