Mood and Profits software

I am thinking about writing a piece of software to help day traders:
1. Ascertain if there is a link between their pre-market mood and their profits.
2. Alert those traders to a danger in adverse profits if that mood exists and as such allow them to take measures (mood changing techniques) to help improve the possibility for a more profitable trading day.

This is how I envisage it working and would like your opinion:

- It would run on a web page (i.e. not downloadable - many advantages to this but no point in listing them here)
- Would be a series of questions that you would answer by selecting a number. (Would have to be fast because not much time during pre-market preparation.)
- Would give a final figure rating your mood.
- Would allow you to enter your trading performance at end of day or next day. (Would be a rating from 1 to 10 and not a profit figure.)
- Would keep a table of your mood score versus performance by implementing a username (optional)
- Would allow anonymous operation for those who want to keep their score and performance offline.

I know that there is plenty of software online that attempts to ascertain if you are depressed etc. but I haven't seen any geared towards the day trader. Have you heard of any?

What sort of questions do you think would help ascertain your mood?

A few that I can think of:
How well did you sleep last night?
Any negative unusual event happen in last 24 hours that is on your mind?
Any positive unusual even happen in last 24 hours?
Any continuing negative and unresolved issues in your life? (e.g. divorce or death take several months etc.)

Comments welcome...

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Originally posted by day trading

- It would run on a web page (i.e. not downloadable - many advantages to this but no point in listing them here)

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personally i would prefer to download and run software on my computer. what are the advantages to your suggestion?

If it's running on the web then there's only one version of the software running. This is fantastically useful for keeping everyone up-to-date with the latest version which erradicates bugs faster and helps with software support. The software will be free and so the time that I give to supporting it will be limited and to make it the best possible (and most useful) then things have to be done efficiently. Having it run on the web does this.

Let me know if this answers your question?

Additional questions could be:

If you consume alcohol and/or other substances, did you consume more, less, or none, compared to your typical intake last night?

Do you feel like you have less energy today then normal?

Did you have a normal appetite for food this morning?

Have you had any recent unexpected (unforeseen) weight gain or loss?

Do you feel guilty about anything you have done lately?

Which do you think had more influence on yesterdays P&L, the market itself, or your own actions?

In general, depressed people often feel one or more of the following quite strongly: helplessness, hopelessness, lonliness. Some questions aimed in those directions might be useful.

Good luck on this endeavor.

Popdoc

Many thanks popdoc - excellent questions.

I've thought of a couple more questions that I want to record here:

Was your previous trading session net positive or negative?
Are you net positive or negative over the last 10 trading sessions?

you might also want to look at the Top 10 Trading Tasks. i think it was either Van Tharp or Kiev who helped put it together. my money is on Van Tharp. anyway, it's objective is to let the trader take a pre-market (or at the least, pre-trading) view of himself. kind of psychological trading barometer.

btw, any updates on the topic itself?

thx!

Thanks for the tip - I'll take a look at those.

I'm educating myself in software that can be used to create this sort of thing so making some progress in that direction but haven't actually started on the project yet. I'll keep you posted.

i have a quastion regarding the paltalk room name: jp jtrading ,is this room belong to you ?thanks for your reply

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Originally posted by sami772

i have a quastion regarding the paltalk room name: jp jtrading, is this room belong to you? thanks for your reply

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Hi Sami,
No, the room does not belong to this forum although we have fairly close ties with it. There is a bunch of information about JP's room in the Market Profile section of this forum. There is also a sub forum here for member's of his room: JPJTrading Member Area which is password protected with the same password that's used for his room.

JP's web site is: http://www.jpjtrading.com/

You might also find more information about him by using the Search link in the top right hand corner of this page. Let me know if there's anything else that we can help with.

I am becoming more and more interested in the application of Market Profile. I will write more about it when I know more.