Your live scorecard helps you track your trading progress today against your overall goals.
There are 3 options:
Closed Trades – these are the trades already closed today, if they exist. It allows you to determine if you hit your performance on the trades already completed.
Open Trades --- These are your current open positions. Your scorecard will refresh every three seconds, to give a near-live experience.
All Trades – This combines your closed and open trades for today. It is the scorecard you would get if you instantly closed all your open positions.
Performance is a measure of your trading returns. It uses the expectancy calculation to estimate the returns on your trades and is measured as:
For example, if you win 50% of the time, your winners average $90 and your losing trades average -$100 then your Performance is ($90*50%) - ($100*50%) / -100 which is an implied performance of -5%
Win Rate tells you what percentage of your trades are winners. It is measured as Total Winners / Total Trades.
Risk Reward tells you how large your winning trades are compared to your losing trades. It is measured as Average Winning P&L / Average Losing P&L.
Disposition tells you how long you spend in winning trades compared to losing trades. It is measured as Average time in winners / Average time in losers.
How to interpret your live Scorecard
Using the “Open Trades” option to allow you to understand the impact of all your open positions. Every few seconds this will refresh to reflect the latest market value of the positions.
If your open win rate is consistently lower than your closed win rate,this could be an early warning sign that you close out small winners, and leave losing trades for longer in the hope that they will recover.
Similarly if the disposition on your open trades is less than your overall disposition this may again indicate that losing trades are being left for longer than winners.
If your Open R:R ratio is very low, it may be that the open losing trades are absorbing a lot of their stop loss, while winning trades are much smaller.
Use the Open Setting while live trading to track your target scorecard.