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Non-Tech : MB TRADING
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To: Steve Lin who wrote (1700)10/31/1998 9:17:00 AM
From: TraderAlan  Read Replies (2) of 7382
 
Steve,

There are several programs that allow you to import data directly from your broker. Believe Quicken is one. Older MS Money did not have this function but may now.

Personally, I think its a -big- mistake to rely on your broker for recordkeeping. That allows the fox to guard the henhouse and you're not going to know when they've made a mistake with your account. You're much better served maintaining your own ACCURATE records from your daily trade reports and then reconciling them against trade confirms and monthly statements. I use an Excel workbook with several pages tied together that maintain individual records and a summary of monthly and YTD trade profit/loss.

One of the biggest reasons for failure with short term traders is lousy recordkeeping. When you try to rely solely on your memory to tell you how well its going, you're very likely to remember the winners, forget the losers, underestimate your commissions, underestimate your slippage.

This can lead to a huge disconnect between your real and imagined account balance.

Alan
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