A trader said:
" a break through was when I realized how many small gains I needed to take"
This got me thinking about how to book profits. What if you used a bingo like card where each cell was in a category.
If the card had 20 cells (trades) with Categories such as
Target
Stop
Trail Stop
Early Exit
Then as your trades completes you put in the P/L in the correct cell category.
An example card might be
8 Targets
5 Stops
5 Trail Stops
2 Early Exits
This allows you to measure the expected outcome probabilities to the actual results while accommodating the realities of live trades.
Comments?
" a break through was when I realized how many small gains I needed to take"
This got me thinking about how to book profits. What if you used a bingo like card where each cell was in a category.
If the card had 20 cells (trades) with Categories such as
Target
Stop
Trail Stop
Early Exit
Then as your trades completes you put in the P/L in the correct cell category.
An example card might be
8 Targets
5 Stops
5 Trail Stops
2 Early Exits
This allows you to measure the expected outcome probabilities to the actual results while accommodating the realities of live trades.
Comments?