What Performance Metrics do you like to Track?

[tiddlywinks]

look at it from the angle of "how you handled that last trade, win or lose, can tell you a whole lot". Like, did you ignore your stop and continue to let it go against you...or get out when you were supposed to? Are you trading following your gut and is it working out? are you trading with confidence and discipline?

"how you handled that last trade, win or lose...

Are we talking about the trade, or are we about talking personal traits and trade mechanics?
It's only a question.

Regarding trading, the laundry list of what (controllable things) can go wrong boils down to discipline. If that causes discomfort, than the knowing-doing gap is applicable... which leads back to discipline. If you just don't know, that's controllable. Learn. If you don't know that you don't know, well, in trading, that's a problem.

 

[GoldDigger]

If you are day trading then the position should move in your direction soon. If not then don’t average losers.

Trading is slow.

And most people lack the patience to wait for their
stock to do its thing.

If you are buying low and selling high, your stock
might go up in the near future, and it might not.

We all want our stock to hurry up and go up so
that we can flip it again, but that doesn't happen
very often, at least not in my experience.

Most stock has a pattern, for example it might
open high, tank after the opening, and blow up
in the afternoon or the after hours, so you need
to be patient and wait for that, and setup your
t/p in advance.

Patience is a major part of day trading, and it's
probably the reason for the failure rate, most
people have the patience of a flea.

 

[deaddog]

"how you handled that last trade, win or lose...

A losing trade is not necessarily a "bad" trade.
It could be a good trade with a bad outcome.

 

[rb7]

WRONG.

Your last trade does not define your overall success or failure as a trader, nor does it define the success or failure of your methods, nor does it define who you are as a person.

FWIW, on the trading pit where I used to work, the motto was, You're as good as your last quarter'. And there were all pro traders.

 

[murray t turtle]

FWIW, on the trading pit where I used to work, the motto was, You're as good as your last quarter'. And there were all pro traders.

%%
OK by me/ sounds like they meant 3 months measure+ not $ 00.25 lotto players.
If some ones ''last trade'' breaks that person\ they simply proved the truth\ a lotto is a stupid tax on people that cant do math. Monthly ,quarter, yearly are common pro measures.
Thanks.

 

[Specterx]

only 1 matters and that's profit factor.

This. PF wraps up winrate/payoff ratio into a single metric, and also gives you a good measure of system robustness.

 

[Sprout]

FWIW, on the trading pit where I used to work, the motto was, You're as good as your last quarter'. And there were all pro traders.

How many of them were successful making the transition to trading on ECN's?

 

[MarkBrown]

This. PF wraps up winrate/payoff ratio into a single metric, and also gives you a good measure of system robustness.

why people won't accept this lol - because people want to be in control more than they want to make money.

they will discard a profitable method because it does not fit their ego rather let the statistics dictate their method. over and over again nothing changes thank goodness.

 

[Last]

why people won't accept this lol - because people want to be in control more than they want to make money.

they will discard a profitable method because it does not fit their ego rather let the statistics dictate their method. over and over again nothing changes thank goodness.

Whats a good number to shoot for? Last week mine was 2.80 over 40 contracts traded, just trying to frame how good that is.

 

[SunTrader]

W/L is very, very secondary

Average W/L size is the key.