6/5 – Trading update & “Chasing Returns” tool

Testing & Development

Continued with more testing in ForexTester2.  Managed to do some on my trip to Scotland, and then the past two days.  Have worked my way through 21 instruments now – 9 to go.  360 test trades in total with profit of 33.5R – a 9% return on risk.

My speed in testing is increasing quite considerably.

Am planning to be done with the 30 instruments by the end of Tuesday.  I’ll then spend the rest of the week analyzing the data, whilst continuing to trade live and increasing position size.  I have several analysis approach ideas up my sleeve – partly thanks to the emini futures trading work I did at the end of last year.  In that sense, I am referring to conducting analysis on an ongoing basis.  I believe these ideas will keep my trading progress forward on a professional basis.

This effectively all falls under the umbrella of ‘trading strategy development’ and ‘testing’.

Live Trading

Took four live trades over Thu+Fri – the only days that i was in the office – nearly all of them were on CAD (Canadian dollar) crosses.  Net result was a loss of 0.45R.  Here are the screenshots of the trades:

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Coaching & Mentoring

Someone has (generously) approached me offering to mentor me to some extent, after having read parts of my blog and my Trade2Win article.  We have already had a couple of skype sessions together thus far, and it’s been very helpful to this point.  She is a trader with some 30 years experience (though not all of it full-time).  Remember that it’s essential to have a coach – see my recent blog post on that here – regardless of how good a trader you are.  One person I can recommend as coach is Paul Wallace or Martin Walker if you are looking for one.

 

The “Chasing Returns” tool

For analyzing trades I use Excel but will also use the chasing returns tool.  This tool allows you to quickly look over your trade statistics from various perspectives to enable to identify why trades might be working, or not working.  Lot of visual representation.  A lot of this analysis could also be done in Excel, but with the tool it is significantly faster!  I have met with the tool’s developer a couple of times already and am trying to provide some constructive feedback for it.  You can trial it free for 14 days.  The more trade data that you have (uploading the data into the tool is fairly easy), the more meaningful the insights become.

 

 

 

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