This lesson is dedicated to our Trading Expert's Member Yousef, who successfully passed our Game Planning Program!
We asked him what lesson helped you the most/changed your mindset regarding trading and why?
"Lesson 11 trade report cards, I have a goal to fill one out for every trade in 2017.
They’re the best way to pause and reflect on a trade which allows you to grow so
much and keep the takeaways in mind for future trades." - Yousef
Trade Report Lesson
In life, we learn the most from our mistakes, if you think back to when you were a child there were plenty of these. In trading it's no different, the best traders in the world are only right about 40% of the time. But they learn the most from those 60% of failing trades. After a trade is closed, we fill out a trade report card, so we can look back and see how we executed our game plan. Was is good/bad/horrible etc, as you look through your trade, you will see where your strength and weaknesses are. You have just started paper trading, if you were stopped out of a trade. Fill out the trade report card below and what takeaways you have learned from your first failed paper trade! Below is an example of a Trade Report Card
Trade Report Card Example
Entry Bid $73.80
Stop $ $71.49 (-$250)
Target $80 +$700 (3-1)
Idea - Bid in flag to hold for break out to $80 area
Chart Pattern - Bull Flag, Top Right, Gap Up, To New ATH
Game Plan - Change to near break even lost $50, was up $400
Psychology - Felt great at $78 their was a feeling to sell it but felt $80 was in reach, next day pulled in no biggie, then pulled in pretty hard, but had a $1 flag around $77 $76, was thinking of adding but did not. Pulled into the close and at this point, moved the stop from $71.50 up to my entry price, at this point if that area failed it was more than likely going lower, rather get out near flat in a profitable trade than have to rot in it.
How I feel about the trade - For my first trade in 6 months, I fell my entry and actual time the position was red, (less than 5%) to be good, and getting out even good as well. Tough with 100 shares since its all or nothing, with 200 shares could have sold into to strength and held 100 back. Feel based off the chart that it can easily come back into the $70 area and if it does I will look to re enter
Take A ways - 100 share trading is difficult, Good to get out breakeven Trade
Trade update, lost $100 in this trade, if i had no plan, I would be down $2500 !
Now go ahead and fill out your own Trade Report for any of your own trades! Example Below.
Trade Report Card
Insert Stock Chart Here
Stop $ -
Target $ -
Chart Pattern -
Game Plan -
How I feel about the trade -