If you treat trading like a business, you quickly realize that performance measurement is a key to better performance and risk management. Over time I've developed a lot ways to measure what is working, and what isn't. But I'm always looking for new insights. And I was specifically looking for tools that helped traders spot their tendencies.
Well, TraderDNA caught my eye. I haven't used it yet; however TraderDNA Analyzer
looks interesting. It is an all-in-one application for tracking
results, journaling, and analyzing your trading performance and
system-efficacy. You can customize and construct your own statistics,
tables, graphs and visual representations of your trading, and then
save your views for later use and report generation. Some of their
suggested uses are to:
- Identify key differences in your winning trades and losing trades.
- Track your results and improvement through the week, month, and year.
- Understand exactly what causes your winning days, and your losing days.
- Analyze intra-day changes in your trading performance.
- Compare your trading across different markets.
- Measure your performance in adding to winning and losing positions.
- See your equity curve over any time frame and by account and market traded.
- Measure and understand the risk you take in various circumstances.
- See how efficiently you trade different contract sizes.
- Compare/contrast the performance of numerous traders or trading systems.
- Discover trends and patterns in your trading performance.
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