Video: The Role of Recordkeeping and Trade Performance Analysis on Futures.io

Clear goals, grit/persistence, and important metrics

Futures.io welcomes back Morad Askar AKA “FuturesTrader71” to discuss ways of analyzing performance as a trader and how one can use this information to, hopefully, continue moving towards consistency in profitability. Clear, measurable and attainable goals, he explains, are necessary for any successful business.

FT goes on to talk about the importance of discomfort in order for change to take place. As a prop shop owner, his goal is to guide traders down their own path to success by providing a healthy foundation, and not by telling them “when to click.” This foundation consists of many factors, including grit and persistence. The ability to get back up after a setback is an important personality trait to identify in potential for a new trader. Using the US educational grading system as a metaphor, FT explains that a 4.0 (GPA)  student may not necessarily become a better trader than say a 3.0 student who also balances activities outside the classroom – i.e. sports, community services, etc. When it comes to grading trades, the Stage 5 Historical Trade Analyzer is the best tool for the job. It tracks every type of metric a trader could want, and more. Some of the most important include:

• Expectancy
• Long %, Short %
• Profit Factor
• Best Scale Out %
• Efficiency

Each of these, when tracked over a certain period of time/trades, can be used to create goals by which to improve a trader’s overall progress. In addition to having clear goals and a trading journal, a sneak peek at Fire Ant Trading’s Performance Feedback Cycle offers traders a daily road map to follow to ensure each trade has a purpose and to keep traders constantly working towards improvement.