Whether you're running a business or starting a profitable career, you need to be able to track your success.
You need to know how well the venture is doing, when the bad months are and how it's operating on average.
The same applies for when you run local or international trading account.
Only this way you'll see if your trading is on the way to consistent profits or on a one-way street to bankruptcy.
Best is, you only need four metrics to fast-track your trading success.
Let me explain…
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Add these four essential inputs to your trading success every time you enter and exit a trade
The trick to running a successful trading portfolio is transparency.
You need to write down every trade you take, modify and close.
Just by writing these results down, you’ll have a good idea on whether you have a profitable trading strategy or not.
And it’s not just with trading but in ANY successful business.
Go to a successful company and ask the owner.
He or she will tell you exactly how the company has been performing over the last few years. Not only that, they’ll tell you their best months, worst months and what they plan to do to improve it.
How? With a journal.
With trading, it’s a lot easier.
In fact, you’ll need a journal to only track these four metrics every time you enter and exit a trade.
Essential Input #1: Date in (time)
Date in is the date that you entered into your trade. And if you’re an intraday (day in and day out) trader, then jot down the time as well.
Essential Input #2: Date out (time)
Date out is the date you exited your trade and the time if you’re an intraday trader.
Essential Input #3: Market name
Essential Input #4: Profit and loss
This will tell you how much money you made or lost in each of your trades. If you’re trading a local stock, this amount will be in rands (ZAR).
If you are trading an international share then the underlying denomination would be which ever country the stock is trading in.
So if you’re trading an American stock the denomination will be dollars ($) and if you’re trading a UK stock the underlying currency value will be Great British Pounds.
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If you have gone the crypto-currency route then your profit and loss will be calculated in Bitcoin (BTC) or Ether (ETH)
The four metrics to fast-track your trading success
Once you’ve added the essential inputs in your trading journal, you’ll have everything you need to calculate the four metrics which will reveal whether you have a profitable trading strategy or not.
Let’s look at the metrics…
Metric #1: P/L Acc – Profit and Loss Accumulative
This will add up the amount of money you make/lose trading a market.
This can be in ZAR, GBP, USD or even Ether for Ethereum and BTC for Bitcoin
Metric #2: Win rate
This will tell you out of how many trades were winners or losers. So if you have 6 winners and 4 losers, you have a 60% win rate out of the 10 trades you took.
Metric #3:Max profit
This will tell you your highest amount of money you made in a trade.
You’ll need this metric not only for pride but also to see the potential what you can make with a good trade.
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Metric #4: Average Trade
This metric is crucial. You need to know on average what your average gain in value will be. This will create a benchmark on what you can expect to make on an average day.
How to claim your trading strategy and a trading calculator for free
Before you commit money to this, you’ll need a strategy, back tested results and an understanding of strict money management.
Great news is, I have all of these things for you ready to get you on your way to being a profitable trader. AND I have a calculator for you to calculate these four metrics.