Let's take a look at this Trading Scorecard review. It's one of those things that many traders either avoid altogether or barely spend a few minutes thinking out. Most think of it in terms of dollars made and lost.
Do you know what I am talking about yet? I'm talking about trading performance. In this Trading Scorecard Review, I'm going to show you how dollars don't always mean profits.
What Is A Scorecard?
- Often used in business and sports, scorecards track the improvement or lack thereof of a company, player or team. A scorecard will help you measure your success and improve upon your weak spot. If a business wants to find ways they can succeed, they can look at their scorecards. And you should be no different.
With a scorecard defined clearly in measurable terms and with specific roles identified, people can focus on the most important activities. The main point here is that with a scorecard, you can make informed decisions and plan accordingly.
Unfortunately, many traders think of performance in terms of dollars made and dollars lost. And yes, money is always the ultimate score, but how you measure your performance will determine your long-term success.
1. Our Trading Scorecard Review Can Help You
If you can't measure it, you can't improve it. – Peter Drucker
No shocker there.
As a Lean 6 Sigma Black Belt holder, I subscribe to the notion of continuous improvement. Continuous improvement put simply, is a way to make sure your processes, methods, and practices are as efficient, accurate, and effective as possible.
This is done (surprise, surprise) by examining and improving your processes or how you do things. Your ultimate goal is to smash through those bottlenecks.
By taking advantage of the most efficient methods - such as the best software to track performance, you'll be a step ahead of everyone else.
But how do you know you're improving?
Well, as American Statistician W. Edwards Deming famously said: "In God we trust, all others must bring data."
And this is where our Trading Scorecard review comes to the rescue. Trading Scorecard can help so much with growing a small count successfully.
2. What Is Trading Scorecard?
Do you know your average profit and loss per trade? What about your profit and loss ratio? Is your VWAP strategy really working, or did you just hit it big one time?
What is your expected profit? How many shares should you buy to respect your risk: reward ratio? Are you correctly calculating your account risk?
These numbers make us very vulnerable if we don't understand them. Ultimately, we run the risk of blowing up our account by not keeping a close eye on what matters.
I call these tangible success metrics. Tangible success metrics mean that you either win or lose; there's no middle ground. You either achieved your goal, or you failed.
Trading Scorecard is a tool to help you understand your metrics, patterns and trading styles so you can improve them.
Fundamentally, it will help you to continuously work to define success and set tangible, measurable goals. If you purchase a subscription to Trading Scorecard, you can clearly define success in quantifiable terms.
Trading Scorecard will enable you to identify and define if your trades are meeting your growth goals. It will show you exactly how many trades were profitable and your overall effectiveness. Hence our Trading Scorecard review.
3. Using Feedback: How a System Constantly Pushes Us to Improve
Did you know that people don't fail, systems do? What systems do you have in place? Without a doubt, feedback is an essential component of system thinking. If you don't know where you need to improve, how do you improve?
Take the time to reflect.
In trading, prevailing wisdom may prescribe adding more trading strategies to a trading plan that is failing. However, in practice, that tactic might actually slow down performance. Attention to that relevant feedback can allow traders to look for other solutions (i.e. focus on just one trading plan) rather than wasting resources on multiple approaches.
Where Trading Scored shines is its ability to measure your trading performance at a glance. Combined with the trading goals you set for yourself, it shows you if you are hitting your target performance and the areas you might need to improve.
Trading Scorecard Review: Pricing!
- Luckily, you can try Trading Scorecard for free for 7-days. I encourage you to sign up for the free trial, use it as much as possible to see if you get any value from it.
1. What You Get With A Subscription
A lot. You can personalize your trading journal with your strategies, objectives and time charts. You'll get numerical and graphical results that will help you understand the patterns and measure your results.
Finally, you will be able to improve your results, not to mention all of the goodies below:
- Trade Calculator
- Trade Journal
- Charts Analytics
- Portfolio Tracking
- Unlimited Trades
- 2 Years of Storage
- Advanced Reports
- Strategies Analysis
- Ability to Search and Export Your Trades
My Thoughts On Scorecard:
In my opinion, the only trading performance you should concern yourself with is your own. Whichever tracking tool you subscribe to, the fact is that you need to track your progress. Keep your focus on your focus, and you will succeed.
You should give Trading Scorecard a try today and let us know your thoughts after you give it a spin.
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