By . Tracking Spreadsheet. At Friday, April 23rd 2021, 07:50:45 AM.
Microsoft Excel and other spreadsheet programs have become indispensable business tools. Not only are spreadsheets useful for keeping track of data and making calculations, they contain a number of business intelligence features and data visualizations. However, as vital as spreadsheets have become, they are relatively complicated to understand and use. While you can connect to external sources, the more data and sources you have, the more cumbersome spreadsheets become. Plus, theres a new kid on the block: business intelligence platforms. What is a business intelligence platform? Though business intelligence isnt necessarily new, the technologies used to deliver it to business professionals are relative newcomers. The term business intelligence, or BI as its commonly called today, dates back to the late 1950s when IBMs Hans Peter Luhn first used the term to describe the ability to understand the interrelationships of data "in such a way as to guide action towards a desired goal." A BI platform is a set of integrated tools that work together to deliver information for analysis.
Goals take time to achieve and big goals take bigger time to achieve. Often we set lofty goals for ourselves but get overwhelmed by how we can possibly get all of It done, or if we are actually making any progress towards these goals after all of this effort. Both of these concerns can be overcome by creating a goal spreadsheet to track our goals, our progress towards them and the tasks needed to get to these goals. It is easy to set up a goals spreadsheet and it can make achieving the goals much more efficient. Know your goals Before you can start to create an effective goals spreadsheet you first must know your goals. I know this sounds simplistic, but if you do not know where you are heading the goals spreadsheet will be unable to get you there. If you do not know your destination the map is irrelevant, if you are driving from Chicago to St. Louis a map of the East coast cannot help you. The map is only as good as the final destination the map is designed to direct you towards.
As a full-time day trader now for nearly six years, I know what a roller-coaster life can be when first entering the market arena. I also know how much easier your trading life can be with the proper tools, tactics and mindset. While all three are extremely important to your overall success as a trader, this article delves into the often neglected record-keeping aspect of your trading business. Why? Again, because it is very often neglected, especially by newer traders who are unaware of the challenges that theyre up against in this business endeavor known as trading - an endeavor that is well known to have a 90% failure rate amongst retail traders. Personally, my early days were akin to navigating a jungle full of killer predators, without a local guide to keep me from harms way. An old trading partner of mine summed it up best when he said, "The Market will eat you up and spit you out and cuddle you back into her arms every day. And when you get fed up she will outsmart you, entice you and bring you back all over again." As a novice trader trying to take his pittance from the Wall Street jungle, I found that to be the truth!