A CREATIVE SELF-EVALUATION METHOD

Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.

Our success as traders is largely dependent on how well we recall past trades, and are able to make an evaluation of our performance and thereby make changes where necessary. Often, as is human nature, we try to forget our mistakes and move on. Ironically, though that human trait tends to work against us in the market. If we can’t recall why we made an error, then it follows that we will be prone to making the same errors over and over again. Our aim should be a setting up a comprehensive system by which we process the feedback that we get from the market as a means of improving upon our performance; which means sticking to what works repeatedly, and eliminating those elements that do not serve us.

To facilitate that process, I came up with an easy, creative way of making sure that we don’t ‘forget’ the vital information that can be extracted from the market. I have made a template of my trading plan in a simplified format. I also save a screen shot of the charts I am using in my analysis. This is a good visual reminder. An outline of my template is below:

MY TRADES

DATE:

NEWS RELEASES:

TRADE SIZE/Percentage of A/C:

TRADE SETUP/STRATEGY:

TRIGGER:  What is that final confirmation you need to see before you pull the trigger?

PRICE:

SL:

TARGET1:

TARGET2:

TARGET3:

NOTES: This section is for general comments regarding trade management, etc.

P/L:

OPENING BALANCE:

CLOSING BALANCE:

EVALUATION:

This section should be used to reflect on the entire trade management from entry to closing. It should include comments on your timing in opening and closing trades, as well as any other factor that you feel it necessary to note. Make notes of the good points as well as bad.

Thanks for reading, and I hope this proves useful to you. Happy trading! :)


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Casey founded Winners Edge Trading in 2009 and is working to create the most current and useful Forex information and training available on the internet.
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  • Lars

    Thank you for providing this template, Sophia. It is well written and covers the bases in a very complete way. The News releases, Trigger, and P 1,2,3 sections are points that I had only roughed out. Great points! I will begin to incorporate them into my trading. Be well! Kind regards.