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Option Trading and Record Keeping
I often think of other people who trade options as much as I do all day. I wonder if they use the best discount brokers available in that area and more importantly how do they keep records of all their transactions?
The point of record keeping in the complex profession of options trading is in my opinion just about the most important thing there is. How can you know if you are successful in trading options if you don’t know your profit and loss per share, per trade type, per day, per month for an entire year? For me, the answer has always been a combination of 3 methods. The first method would of course be to use a spreadsheet to keep a current total of all the inventory I own. I keep another spreadsheet to record all my expenses each month, and this is essential for knowing the grand total of all sources of income and expenses, including trading fees.
The most important tool I use for all my stock and options trading is Microsoft Access. Using the Access database is the perfect tool to record every stock or option trade. For options I have a column that represents the number of contracts for each option trade and for options one contract represents 100 shares. If I buy an option contract, the contract number would be negative and if I sell, the contract number would be positive. The other columns in the table would be for the option price and the transaction fee, so to calculate the total for any option trade would be (100*Price*Contract) – Transaction fee. The use of SQL (Structured Query Language) has allowed me over the years to view very important statistics and reports to let me know how I am doing for any type or strategy of stock trading or options and summarizing performance by stock, option, month, day or year was very easy to do.
The most important point is how can you really know how you are doing if you don’t keep records? You might get a stock offered to you and then sell it at a loss, but know that overall, because of the option premium you received for selling the PUT option, you actually made a profit on this transaction as a whole. Without keeping records, you would never know how you actually did on a specific complex option trade.
Regardless of profession, record keeping is essential to know how you are really doing, but with the tough profession of options trading, record keeping is just about the most important thing you can do.
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