The crappy market has exposed many traders main weaknesses, mainly being emotional trading and poor money management ( we all do it!).
I have a simple (but invaluable) Money management spreadsheet which I use all the time. In fact I don't open a trade unless I put the numbers through it first. What it does for me is:
1) Calculate position size and risk (be it based on fixed % of portfolio or fixed % of risk or straight x number of shares or fixed loss %)
2) Show Risk to Reward numbers based on Stop and Target
3) Show what my open risk is (based on open positions relative to Stops etc) So I know at any one time if all my positions stopped out how much $ and % drawdown that is relative to my portfolio size.
4) Manage open positions by showing % / $ at risk on each trade relative to Stops etc
5) Sumaries my closed trades to track gain loss with open / close reason comments (always good to look in your rear view mirror)
6) Track my equity curve each month in numbers and chart format to assess on going performance
Anyway, it is my own tool (very simple not rocket science) and if anyone is interested in getting a copy send me a private message with your e-mail address. If I get enough responses I'll spend a couple days making it look a bit prettier and writing an instruction guide which I'll then send to you. I'll also send any improvements or changes to it over time as I am always evolving it.
Good trading
OK I have a bunch of people asking for the spreadsheet. I am in the process of writing the 'how to' notes and hope to have that done in the next day or so. Will then send it.
This morning I sent the spreadsheet to all those who sent me their e-mail address.
If you wanted a copy but didn't get one then maybe I don't have your e-mail. So send me a message or post your address in this thread and I'll send a copy to you.