Trade Evaluation

At first we thought we could become profitable without evaluating ourselves.

Nothing is less true. We need to keep track of our trades and analyse them as good as possible. You will find out things you didn't expected which will help you in avoiding losing trades.  

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1. Keep track of every trade

Trading software

Your trader workstation will keep track of all your trades. You can download this data into spreadsheets to conduct your analysis on afterwards. 

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Own insights

Besides the raw data of each trade, there's also information we need to add. On the one hand there's general market information, on the other hand, there is personal trade information.

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> General Market Information

Add General market information to your trades on a daily base such as the performance of the Dow Jones that day, the occurrence of economic events, the performance of the dollar, ...

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> Specific Stock Information

Add information to your trades about the stock you were trading. Add information such as the market cap, free float, relative volume that day, average relative volume, industry, presence of news, news type if applicable, ...

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> Personal Trade Information

Add personal information on a daily or trade specific basis. Information such as your state of mind, how undisturbed you can work, the extent to which you prepared a trade, 

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2. Analyse your trades regularly

Having this data is one thing. Extracting valuable information from it is another matter.
It is essential to evaluate this data at regular intervals. A starting day trader does this very often: from daily to weekly. An advanced day trader can limit this from weekly to monthly evaluations.
Don't make the mistake of ever stopping this. These analyzes remain always valuable. It is possible that over time new insights arise due to changed dynamics and external factors.

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