I'm presently documenting every trade that I make in order to keep track of my results
I'm trading currencies using Meta trader 4.... The problem is that it takes so much time to place a single trade
If I do it quickly I will complete the calculation of the investment in 12 - 15 minutes
Now this is just for documentation and deciding things as seen bellow
Problem is that it takes so much time, and if I have to place 4 trades, it takes me an hour to document everything and thats not including the chart analysis, indicator plotting and calculations.
If you guys can help me simplify my formula so that I can keep track of my winning & loses while learning from my mistakes it would be great!
So without further ado...
MY FORMULA
NEW TRADE
Date & time: Around 10:20am, May 4, 2016
Current Balance: 4618$
Put a sell at at 92.47 (From the graph above)
StopLoss: 92.40
4.4 % of 4618 $ is $ 200
Maximum Loss 200 pips @ Contract size: 1 = 203$
Formula to calculate: $ / pips = contract size
Reason for buying/Selling
A)
B)
C)
(Snapshot of screen with indicators)
RESULT
Stop loss hit (I'm out) OR Won and out
Date & time: ____ pm , May 00 2016
Total lost or won: 100pips x 1.00 = 100$
Reason for selling:
Mistakes Made:
(Snapshot of screen with indicators)
I'm trading currencies using Meta trader 4.... The problem is that it takes so much time to place a single trade
If I do it quickly I will complete the calculation of the investment in 12 - 15 minutes
Now this is just for documentation and deciding things as seen bellow
Problem is that it takes so much time, and if I have to place 4 trades, it takes me an hour to document everything and thats not including the chart analysis, indicator plotting and calculations.
If you guys can help me simplify my formula so that I can keep track of my winning & loses while learning from my mistakes it would be great!
So without further ado...
MY FORMULA
NEW TRADE
Date & time: Around 10:20am, May 4, 2016
Current Balance: 4618$
Put a sell at at 92.47 (From the graph above)
StopLoss: 92.40
4.4 % of 4618 $ is $ 200
Maximum Loss 200 pips @ Contract size: 1 = 203$
Formula to calculate: $ / pips = contract size
Reason for buying/Selling
A)
B)
C)
(Snapshot of screen with indicators)
RESULT
Stop loss hit (I'm out) OR Won and out
Date & time: ____ pm , May 00 2016
Total lost or won: 100pips x 1.00 = 100$
Reason for selling:
Mistakes Made:
(Snapshot of screen with indicators)