I'm making the spreadsheet that I use available for anyone to download. It's pretty simple so maybe this will only be of use to those who currently don't review their results much. Anyhow, even if only a few find this useful then it's worth it!
Update: April'11. The much improved Results Summary v2 spreadsheet is now available for download! Including results summarised by sports, Betdaq support and much more. Check out the post about it here http://betfairtradingmindgames.blogspot.com/2011/04/results-summary-v2-spreadsheet-is-here.html
(note: the screenshots show randomised data, not my real P&L!)
Here's how to get it up and running:
1. Download the past 3 months P&L data from Betfair. You need to save it to the same folder as the "Results Summary" spreadsheet to for the automated import to work. The Betfair spreadsheet needs to have its default name of BettingPandL (and the default extension of .xls).
2. Open the Results Summary spreadsheet. You will need to enable macros. Excel warns you of this when you open a spreadsheet to protect you from spreadsheets that have come from an unknown source. You can open the spreadsheet with macros disabled and look at the code to see that it's nothing naughty and then re-open it and enable macros. Also, your computer probably has a virus scanner and will scan the file when you download it. I understand that some may be a little weary so if anyone out there with some Excel knowledge could post a comment to say it's ok then thanks!
3. Click the blue import arrow. That's it!
If you want to undo the import you've just done then click the red undo button. You need to make sure that the data file you are importing doesn't have P&L data for the dates you've imported previously, so you can just overwrite the Betfair P&L file each day when you download the new results (or rename the old ones if you want to keep them).
Click on the "graphs" tab at the bottom to get the bigger P&L graph and the Average P&L per race and also strike rate. Beyond the obvious appeal of a P&L graph pointing in an upwards direction, I find the Average P&L per event graph really useful.
If the trendline of the average profit per race is pointing upwards, then you're getting better over time (unless you've just increased your stakes)!
If the average loss per race is getting smaller then you really are getting it nailed! If this is increasing but more slowly than average profit per race then you are taking probably taking more risks than before but it is paying off with larger profits (for instance, maybe you are now doing more swing trading than scalping).
If the average loss per race is getting larger faster than average profit per race then you probably need to look at reducing the risk of your trades -UNLESS - you happen to have a high or increasing strike rate - that is the 3rd graph. For instance, if you have 1 or 2 fairly big losses in a day but have traded 20 other markets successfully then you're probably still in good shape.
Everyones style is different so you know what applies to you, hopefully you'll find these graphs revealing and helpful to keep in mind for your trading. I make a note on the "notes" sheet of my averages for each month and then set targets for the coming month - not so much overall monetary targets - but for average P&L per race and strike rate. This is easier to see if my trading is improving. Hopefully some with find this useful, let me know. Cheers, MG.