BarroMetrics Views: A Tool for Success 2
Although I have been speaking about journalling as if it were one, there are actually two aspects to it:
The stats side require the details of the trade. For example, date of trade, instrument, long or short, entry, exit, initial stop, size, setup and trigger. The minimum stats required would the Expectancy Details – either or:
The two stats are slightly different. The first produces a dollar result, whereas the second produces a percentage result. The first says, given my results, each trade will generate $X; where the second says ‘for every $1.00 risked, I can expect, on average X% in the S’.
But other stats are useful, e.g
The psych aspect seeks to record the conditions, internal and external, under which we trade best and under which we trade poorly. For example: under what conditions are we likely to breach our rules? Following a sequence of consecutive wins? Following a sequence of consecutive losses?
Before Edgewonk the answers were often difficult to find and certainly time-consuming. The software makes life a lot easier.