Keeping records (for new traders)

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MysticalTrader

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One of the things I just didnt do when starting out last year (indeed, I have only recently started at all), is keep records. Yet keeping good records, as I have come to understand, is essential, even if you are spread betting like me and dont need to account for tax.

I have had quite a lot of help from this people in this forum, both wittingly when I have asked for help, and unwittingly when I have just read other peoples posts or the resources on the site. So this is by way of putting something back in:

I created a spreadsheet for my own use, and attach it here in case it might be useful to people just starting out as traders. If you are an experienced trader you will already have something better.

Completing it is largely self-evident: enter the date, market, opening price, stake, unit of price movement and closing price. The rest is pretty much automatic. At present you will need to enter daily totals of points and profit by manual summing, perhaps when I get better with Excel I will be able to make this more elegant.

It is not perfect and the formulae can be improved I am sure. I make no warranty or guarantee of any kind, the spreadsheet is supplied as is; use it or dont use it entirely at your own risk, but I use it every day. If you improve on it, please send me a copy...

For the dedicated paranoid (like me), it hasnt got any malicious scripts, worms or virii that I know of, but satisfy yourself about this. Practice safe sex and safe computing.

MT

Oh yes, two last things. Firstly, I have allowed for 2000 trades, it will be easy to figure out how to increase this if you need more. I have hidden lines 36 to 1999. Secondly, lines 16 to 29 are my own real trades since I started with forex; I have left them there so you can see how the thing works with real data. Dont give me a hard time for being a lousy trader... I am still learning dammit!
 
not sure if the attachment made it... closed the wimndow too quickly I imagine...

MT
 

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  • Trading.zip
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Hello mate, it is meant to be good to keep records so that you can reference past trades as part of your learning process. Might be worth attaching images of before and after charts with notes as to why you entered and why you exited each trade. You can therefore review every trade and learn from the mistakes of the losing ones, and understand what you did right in the profitable ones.

I think Im going to nab your excel sheet as my template. I've been meaning to sort out an excel sheet for it but Im not very skilled at excel!
 
Hi PK

Good idea but I am just a beginner too and I think to post charts would be a little presumptious.

I have watched the threads about making 10 points per day (I assume pips if trading forex?). Many seem gloomy about this so I may be misunderstanding, but 10 a day seems very modest, except if trading indices. I am not sure if this has been clear from the thread.

Hope you find the SS useful, let me know.

MT



pkfryer said:
Hello mate, it is meant to be good to keep records so that you can reference past trades as part of your learning process. Might be worth attaching images of before and after charts with notes as to why you entered and why you exited each trade. You can therefore review every trade and learn from the mistakes of the losing ones, and understand what you did right in the profitable ones.

I think Im going to nab your excel sheet as my template. I've been meaning to sort out an excel sheet for it but Im not very skilled at excel!
Click to expand...
 
If you want a charting program (and now improving on fundamental data too) and also the ability to keep trade records/have several portfolios etc., have a look at Sharescope end of day (or real time if you prefer)
 
Mystic.. I reckon any consistent profit is good in my books just as long as its more than your losses (and costs) in general :) When I was busy destroying my account trying to hit home runs each time, I would have been laughing if I had consistently made 10pips per trade on average.
 
This will certainly be useful to a Newbie like myself.

This site is fast becoming one of my best finds in recent times. Thanks Mystical Trader. Will let you know if i improve on the xls.:)
 
MysticalTrader said:
I have watched the threads about making 10 points per day (I assume pips if trading forex?). Many seem gloomy about this so I may be misunderstanding, but 10 a day seems very modest, except if trading indices. I am not sure if this has been clear from the thread.
Click to expand...

Making 10 clear points, day in, day out is great. If you can do that consistently on a 1-lot then you can up it to 10-lots or 100-lots, thats 100 to 1000 ticks a day........ You have to concentrate on being right before you can concentrate on making big money. I learned to trade using this method and it wasn't until about 6 months in that I paid any heed to it, once I did my P/L started to move in the right direction.
Money management is key!
 
From my experience , a 10 pnt a day type strategy sounds great and in the 1st couple of months can look really good . The problems start to pile up , when you inevitablely run into that 1st big loser , which can wipe out all your gains and more.

this is what happened at the last shop I punted on behalf of.

And yes , keeping records is a must , at least in the beggining.
 
wisestguy said:
From my experience , a 10 pnt a day type strategy sounds great and in the 1st couple of months can look really good . The problems start to pile up , when you inevitablely run into that 1st big loser , which can wipe out all your gains and more.

this is what happened at the last shop I punted on behalf of.

And yes , keeping records is a must , at least in the beggining.
Click to expand...

You have to use stops to prevent a huge loser, if you're trying to average 10 points then obviously you dont allow 200 point stops....
 
Hi there
Am a new member to this site and am looking to pick someones brains. I have been daytrading as a hobby for close to 2 years now and am considering going full time. I have accounts up and running ok both here in the UK and in the US. However, I cant seem to locate any information on accounting/ taxation/bookkeeping for daytraders here in the UK. I want to set up as a sole day trader business. Any info would be greatly received!!
 
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