Athletes don’t just show up on game day and expect to outperform their opponent…
They put in the work by preparing. Every. Single. Day.
Practices, drills, reviewing videos of past games … All to refine their edge on the field or court…
It’s the same in trading.
If you want to be at the top of your game, you have to put in the work — even when the market’s closed.
Today I’ll share how you can track your trades to find out the strategies that are working the best for you…
So when the market opens up tomorrow, you’ll know where to focus and which setups deserve your hard-earned money.
The only way to know that is to have data…
After all, Mark Croock wouldn’t have known his shadow trade strategy was repeatable if he didn’t track the data. But now, after more than 10 years of testing…
He’s able to trade his strategy for six-figure gains in a single day!
He’ll share how he’s able to do it in his special event on June 2 — RSVP now!
If you’re ready to separate yourself from the losing traders, do what others aren’t willing to do. Today’s the perfect day to buckle down — build, update, improve, and review your spreadsheet.
Here’s how to do it and why it’s important…
Get my trade idea notes including entries, exits, and stops here.
How to Build a Spreadsheet and Track Trades
A lot of traders want to take the easy route when it comes to building a spreadsheet.
They want someone to give them a template so they can fill it in and take the easy way out.
But the truth is, everyone’s spreadsheet should look a little different. Because you should be tracking the information that’s most important to YOU.
And they can be as simple or as complex as you like.
Here are some basics to include in your spreadsheet:
- Date
- Ticker
- Sector
- Position size
- Bias — long or short
- Catalyst
- Entry
- Stop
- Exit
- Total profit or loss
But the most important factor to track on your spreadsheet is strategy.
Were you trading a dip and rip, afternoon VWAP-hold high-of-day break, or a red-to-green move?
Maybe you have your own strategies — that’s great.
Just have a specific name for each of your patterns so you can see which ones work best for you.
Once you know the strategy that works best, you can narrow down your best trades based on all the other criteria.
SteadyTrade Team members can watch my in-depth spreadsheet and data tracking webinar here. I show you how you can use formulas to do the calculations for you. And how to use conditional formatting to highlight wins and losses in red and green.
Another way to track your trading data is to write your trading plan down first. Then, once you take a trade you can input the information into your spreadsheet and compare your plan vs. your results.
The information can tell you whether you:
- Sell too soon
- Hold too long
- Chase stocks above your entry
- Don’t stick to your stops
Now you can use that information to improve your performance…
Once you know what you’re doing right and wrong, you can tweak it to become the best trader you can be.
But all the information in your spreadsheet doesn’t do you any good if you don’t review it…
Review your data daily, weekly, or monthly. Whatever it takes for you to have an idea of what’s working for you at any given time.
Because what works in the market can change. And that means the patterns and strategies that work for you will change.
Don’t Like Spreadsheets?
If you don’t like spreadsheets, you can also journal your trades on a site like Profit.ly.
Once you input your trade details, it provides you with detailed stats. Check out Tim Sykes’ trades on Profit.ly here. And see his stats below…
You can also use free online resources like Evernote as a trading journal to track your trade ideas. I use it every morning in the SteadyTrade Team…
Members can get a trading journal template and other resources here.
Not a StocksToTrade or SteadyTrade Team member?
Watch this video to learn more about tracking your wins, losses, and trade plans.
And don’t forget to RSVP to Mark Croock’s event — he has limited spots available! So sign up here to secure your spot!
Have a great day everyone. Let’s get back at it tomorrow.
Tim Bohen
Lead Trainer, StocksToTrade