• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

Profit & Loss log: Keep me honest

Discussion in 'Beginner's Lounge' started by frugal.rock, Dec 19, 2019.

  1. frugal.rock

    frugal.rock

    Posts:
    697
    Likes Received:
    754
    Joined:
    May 3, 2019
    Decided to start a thread as a log to keep myself honest and open to scrutiny and hopefully, suggestions are contributed along the journey..
    Probably only about 10% along in the trading knowledge journey but that could be an overestimate. Won't know until I know if I ever know.:rolleyes:
    Will rant with my own musings occasionally... maybe alot...

    So first cab,
    SIG loss $50 18/12/19
    SIG profit $210 19/12/19
    Yesterday should have been a profit.
    I blame the day job again... there's an issue for me to sort. Could have sold at open. Am considering making that a trade rule for day trades that get offset a day as every time I don't, tend to lose out. Either less profit, or a complete loss.
    Need to reconsider the high risk nature of day trades with money I don't have...
    ohhh but it's so tempting! :mad:
     
  2. Trav.

    Trav.

    Posts:
    671
    Likes Received:
    770
    Joined:
    Nov 27, 2017
    @frugal.rock maybe you could outline your system / thought process in your decision making for each trade, pretty much like a trading diary as I think that this will help keep you honest since you have decided to air your dirty laundry on ASF. :cool:

    I would hope that some of the more experienced traders can ask some probing questions for you to develop your skill based on the information provided.

    Good luck and I will enjoy the one liners.

    :xyxthumbs
     
    frugal.rock and qldfrog like this.
  3. frugal.rock

    frugal.rock

    Posts:
    697
    Likes Received:
    754
    Joined:
    May 3, 2019
    Thanks Trav.

    So, the system is more a thought process rather than a formal written process, using common indications such as past and recent trading ranges, volume, momentum, visible depth/order sizing against actual occuring, sectors/indices, international markets to a lesser extent. I have to be satisfied with the company fundamentals and form a picture of where there at as a company first as a basis for considering trading it.
     
  4. frugal.rock

    frugal.rock

    Posts:
    697
    Likes Received:
    754
    Joined:
    May 3, 2019
    So, am looking to formalise the process into a checklist to prompt myself to cover all bases. Would like to work out an indicator weighting system and formalise also in a spreadsheet.
    OPY Profit $65 20/12/19
    Z1P Profit $50 16/12/19
    PNI Profit. $288 17/12/19
    Week to date. Profit net 563.
    15 trades, brokerage 280. (got one free after complaint made)
    Great margin for the broker at 19.95 per trade...:cautious:
    Fees are eating potential profit now that I see it written...der.
    Need to change brokers.
     
Loading...

Share This Page