Whilst reviewing my trading record, it become obvious that my average Win size (in % term) per successful trade was below 5%. I “re-created” the Tony Oz calculator in my spreadsheet and added a column showing the Profit Potential in % term.

This showed a fair percentage of my trade plans returning less than 5% profit when targets were met. See below:

So now, I avoid taking SWING trades if they don’t return more than 5% when target price is achieved . For intraday trades, I like to see about 3% before taking the trade. Hopefully, this will improve my Average % returns in the future.

PS. I read somewhere the other day …. ”Discipline over Conviction” … ahh… that’s what I need more of.

PS2.Whilst doing the calculator above, I got carried away and added fields for Comment, Scan, Duration and Date. This now form part of my Trading journal. If anyone is interested in this “form”, let me know and I will upload it. (It’s just an excel spreadsheet)

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WRT Comment #1; here’s the file

Click here for the TradePlanner-Calc file : tradeplanner-calc-v0-6.xls

Enjoy ! and do let me know if you find errors and/or have suggestions to make this better.

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21 Dec 2007

Here the updated file with some of Tony’s suggestions added.  (See comments #3)

Click here for the TradePlanner-Calc file:  tradeplanner-calc-v0-7a.xls

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