A lot of traders want to take the easy route when it comes to building a spreadsheet…
They want someone to give them a template so they can fill it in and take the easy way out.
But the truth is, everyone's spreadsheet should look a little different. Because you should be tracking the information that's most important to YOU.
And they can be as simple or as complex as you like.
Here are some basics to include in your spreadsheet:
But the most important factor to track on your spreadsheet is strategy.
Were you trading a dip and rip, afternoon VWAP-hold high-of-day break, or a red-to-green move?
Maybe you have your own strategies — that's great.
Just have a specific name for each of your patterns so you can see which ones work best for you.
Once you know the strategy that works best, you can narrow down your best trades based on all the other criteria.
SteadyTrade Team members can watch my in-depth spreadsheet and data tracking webinar here. I show you how you can use formulas to do the calculations for you. And how to use conditional formatting to highlight wins and losses in red and green.
Another way to track your trading data is to write your trading plan down first. Then, once you take a trade you can input the information into your spreadsheet and compare your plan vs. your results.
The information can tell you whether you:
- Sell too soon
- Hold too long
- Chase stocks above your entry
- Don't stick to your stops
Now you can use that information to improve your performance…
Once you know what you're doing right and wrong, you can tweak it to become the best trader you can be.
But all the information in your spreadsheet doesn't do you any good if you don't review it…
Review your data daily, weekly, or monthly. Whatever it takes for you to have an idea of what's working for you at any given time.
Because what works in the market can change. And that means the patterns and strategies that work for you will change.
Post a Comment
Post a Comment