Reviewing my trades

[TheDawn]

My review is fairly simple. Did I follow my plan? If not what caused me to deviate from it?

For the most part, if I'm honest with myself, it's because I didn't want to take a loss or was afraid the price would increase without me.

Even if the trade is profitable in the end, I grade it as a fail if I ignored my plan. Sooner or later ignoring the plan will bite me in the ass. There is very little I can control and if I can't control myself I shouldn't be trading. I have to be responsible for my actions or lack of them.

I wholeheartedly agree. And if you deviate your plan all the time and still make a profit then that means perhaps the plan needs to be revised or improved but you still have to stick with the plan. If you don't have the discipline to adhere to your plan, sooner or later you will be in trouble.

 

[speedo]

I review all my signals for the week, either daily or on the weekend whether taken or not. I track entry price, short or long, time of day, type of signal, MFE, MAE, Initial Risk, Initial target (based on IR) and size of profit or loss for the trade. I have done this religiously for years and while it's no longer necessary, it's still a good practice to stay grounded.

 

[spooz]

I am reading the Jesse Livermore book written by Livermore (vs. those written by others) called "How to trade in Stocks" In one of the first chapters is the story of how he got the bank Manager at Chase Bank to lock him in the vault on the last Friday of December and not let him out till Monday morning. The vault was stocked with food, table, chair,,, and a whole lot of Cash money. Jesse would cash out all holdings and have his Money there in cash, up to $2,000,000. He felt he needed to see the actual $$. He would then analyze every trade he made for the year from his handwritten journal.

I do this weekly and monthly,,, but not in solitude. I usually do it at a Starbucks. This year for Dec 31 I will lock myself in a hotel room to do a Jesse style review..

I have seen his trading book. It's pages of hand written prices. As price went up so did his column of numbers and when prides when down so did the next column of numbers. There were a few notations, such as "normal retracement" I can't swear those were the exact words but that's what he meant. I suspect his method was to look for the ends of pullbacks.

 

[Rams Fan]

You may wanna read the book till the end before you cast such grand judgment. He was perhaps the greatest gambler but a lousy trader who went broke multiple times and killed himself to end his painful mental misery. Not recommended for imitation.

Livermore killed himself cause his wife was a bitch.

 

[M.W.]

Even less a person worthy of imitation. Though that's not true.

Livermore killed himself cause his wife was a bitch.

 

[ironchef]

Don't let them talk you out of your plan. Do what will make you better.

Pro football players watch tapes after every game, you should review every trade after every market session.

At the end of every day I reviewed every trade I made that day.

 

[schizo]

To what end? What are you gaining by reviewing the trades weekly and monthly?
How many trades will you be reviewing at year end?

That’s simple. To learn from my mistakes and to reinforce what I did good.

Not that what you're doing is not important, but learning from oneself isn't as important as learning from other people's mistakes. Deep down, we're all really hypocrites.

BTW don't get so hung up on the Livermore's character (or whether he blew up 3 times or he killed himself) but learn his trading method, eg. reading the order flow.

 

[ironchef]

At the end of every day I reviewed every trade I made that day.

The others don't do it because they are already profitable expert traders.

As an unproven day trader, it is important for me to keep refining my technique.

 

[padutrader]

I am reading the Jesse Livermore book written by Livermore (vs. those written by others) called "How to trade in Stocks" In one of the first chapters is the story of how he got the bank Manager at Chase Bank to lock him in the vault on the last Friday of December and not let him out till Monday morning. The vault was stocked with food, table, chair,,, and a whole lot of Cash money. Jesse would cash out all holdings and have his Money there in cash, up to $2,000,000. He felt he needed to see the actual $$. He would then analyze every trade he made for the year from his handwritten journal.

I do this weekly and monthly,,, but not in solitude. I usually do it at a Starbucks. This year for Dec 31 I will lock myself in a hotel room to do a Jesse style review..

tell me which Hotel room. easiest way to get 2,000,000.

 

[padutrader]

it is important for me to keep refining my technique.

i am still trying to find my technique