| Hello Loyal Reader, One of the most important aspects of trading is Trade Planning.
It’s an essential part of trading that successful investors like Andrew Keene and myself have perfected.
This is just a brief preview of something I’ve been covering in depth in the Live Trade Room this week…
So, to really grasp the full understanding of elite trading tools like this, you’ll need to join me in the Trade Room.
A good trade plan has three major components: Trade Goals, Trade Journaling, and Trade Results Reporting. Trade Goals Each day when I sit down in front of my computer I consider it essential to have a defined purpose to my trading day.
Having a goal for my bottom line is much better than simply saying, “I want to make more money today.”
You need a more concrete, graspable objective.
In my case, I go with a simple one: "Increase my account balance by 1 percent each day.”
I want to stress here that MY goal doesn't have to be EVERYONE's goal, but having a goal is essential.
Whatever goal fits your trading personality.
Regardless, a goal should fit the following criteria: - Goals Must Be Challenging in Order to Be Motivating
- Goals Must Be Focused and Not Overwhelming
- Goals Must Be Objective and Measurable
- Goals Must Be Updated and Kept Relevant Throughout the Year
As you can see, the last two criteria lead directly into the last two components of Trade Planning: Trade Journaling and Trade Results Reporting. Trade Journaling Whether you’re an organized person if life or not, each trade should be logged in some manner.
You can do this in a number of ways; from the simplest Excel spreadsheet to complicated software packages to old school pen and paper
What's important here is that each trade, the results from each trade, and the strategy or particular Shadow Scanner we used be logged.
This allows for a daily review of results, and eventually patterns of performance will show themselves.
I am a strong believer that trader psychology is the most important factor in trading success, and a good trade journal allows you to see which of the almost countless strategies we offer fits you the best. Trade Results Reporting The final part of Trade Planning involves summarizing each day's results.
The image below shows a great sample method for doing this: Equity Curve Generation.
The graph tracks my daily profitability across each of the 8 trades I took that day…
Green dots show the winners, and no dot indicates a loser.  (Click here to view larger image.) These can be tracked in a separate tab in an excel spreadsheet from your individual trade logs.
I prefer keeping the individual trade logs separate from the summary trade logs.
Once I have a significant amount of performance data on general trading results, let's say a month's worth, I can find patterns where I perform the best.
Even more significant, continuing to log and review these results allows me to ensure maximum profitability.
To ensure you maximum profitability, I’d encourage you to check out what Andrew Keene is doing in Trade Kings. Regards,
Bryan Klindworth
Senior Analyst, Kings Corner
Like what you’re reading? Have some feedback for us? Send your thoughts to KingsCorner@BanyanHill.com.
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