All language subtitles for 6. Importance Of Tracking Your Results

Successful traders track the results, tracking results is very important.

It's your scorecard tells whether you're winning or losing.

Otherwise, you're just doing lots of orders and all that.

That's fine.

But you really want to know, am I succeeding or not succeeding?

Right.

So tracking results is your scorecard winning more trades or losing more trades?

What's your win percentage?

What are your profitable trade percentage versus, let's say, the losses you have with your loss percentage

and looking at actual money amounts?

Because in the end, it's what we take home as far as our profits that really matters.

So we want to look at your actual money amounts.

And one thing, when you're tracking results, we're going to share some ideas around this is the give

enough time for the number of trades to be valid.

Think about statistical validity around that.

And there's no hard rule number about that.

You'll kind of get a feel after you do some trades.

As far as, OK, we've done what, our 30 trades like this and I've lost everyone.

Well, then you might want to change that.

That concept that you're using, for example, that's really extreme.

That wouldn't happen.

But you don't want to trade something twice and find out it didn't work and say, oh, I'm just going

to have to change my whole approach, you know, give it a of time that you feel comfortable that you've

given it a fair shot as far as a trading idea or strategy or the combination of indicators you're using

your primary and secondary on a third one.

And how are you using them?

Give enough time to show there's some validity around that.

And now what you want to do is you do want to track every trait, right?

That's what gives you data.

Right.

Some of the most successful companies where they're good at managing data, big data.

We've learned about big data, for example.

So you want to have small data, I guess, or big data to you as far as knowing your data, knowing

your results.

So you want to track every trait can be simply just on a spreadsheet or whatever.

So you want to track every trade.

You do want to you know, if you have an outlier trade, you know, something that's outside of your

normal trading norm.

Right.

So maybe you have a primary and a secondary that you use as far as your indicators and tools.

And maybe there's a third one you used to, you know, in some way that's where fourth or whatever it

might be.

But let's say sometimes this is an unexpected opportunity where you want to try something that's outside

of your norm and see how that goes.

And that's fine.

Just track that separately, because that should not, you know, impact your your normal trading pattern

when you have an outlier out there that you're experimenting with or trying or you just think you just

see the tremendous opportunity.

And what this will all lead to is a calculation where you can kind of measure your performance.

That's what we talk about.

The next lesson around the expectancy ratio, how much can you expect to make per trade?