I had become really over burdened with too much disorganized information, so I developed a paper system to make it a little easier. Over the last few days, I spent some time creating a “Stock Evaluation Sheet” to assess stocks for trade entry and pick option contracts, and a “Trade Evaluation Sheet” to monitor stops/price targets and assess the trade both during and after exit.
I am now able to quickly conclude if I should wait or enter a particular trade, establish price targets and stops, decide what contracts to buy, monitor trades and do my post trade evaluation. I can then input selective data into my Xls spread sheets. I had originally been using a work book and an over complicated xls spreadsheet to do this, but find it a lot easier to scribble things down on a piece of paper rather than click between different screens on the computer.
Using these sheets, I have found that I can review a stock for entry in about 5-7 minutes, and review a current trade in about 3 minutes. On exit, it takes about 5 minutes to do the exit review and lessens learned. A huge benefit is that I have all my information besides at hand, and don’t have to remember the past. I have also found that the number of trades that I can track simultaneously has increased.
Most of all, it makes the MRS. Very happy! I spend less time on the computer.
Cheers - David
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment