In one line
A proper review has four steps: ① recover the original thesis in your own words → ② separate decision quality from outcome → ③ isolate one fixable thing → ④ turn it into a rule written into your system. The core move: swap outcome-thinking for decision-thinking.
Why most reviews are useless
The most common "review": open the account, see whether the trade made or lost money, feel good or annoyed for a while — done. That's useless, because it judges decisions by outcomes. In a market with luck baked in, good outcomes can come from bad decisions and vice versa. Look only at P&L and what you learn is noise.
Step 1: Recover the original thesis
The first material for a review is the thesis you wrote when you bought — not your present recollection (memory gets contaminated by the outcome), but the original text. If you don't keep records, that's the first thing to fix: leave the original wording for every decision.
Step 2: Separate decision quality from outcome
Place each trade into this grid — this is the core move of a real review:
- Right decision + good outcome: ideal; confirms your logic is repeatable;
- Right decision + bad outcome: acceptable; the logic was sound but didn't pay off — don't throw out the method;
- Wrong decision + good outcome: most dangerous; luck masked a problem — stay alert;
- Wrong decision + bad outcome: the one to learn from; find which step broke.
Step 3: Isolate just one fix
Don't try to change ten things at once. Each review, ask only: if I did this again, which one action would I change? Was the circle of competence breached? Did the thesis not actually hold? No exit condition set? Position too heavy? Lock in one, specific to a behavior.
Step 4: Turn it into a rule
Write the lesson as a rule you can follow next time and add it to your system. For example: "When the logic isn't disproven and only the price fell, don't sell." The output of a review isn't emotion — it's an increment to your rules.
A review that doesn't settle into a rule is the same as no review.
Make reviewing a habit
In Hexis, "Re-reflect" takes a paragraph on what just happened and helps you extract the underlying logic, the emotion, and the falsifiers; it also stores the reasoning for every buy/sell/add/trim, so patterns are obvious months later. Reviewing goes from a chore that needs discipline to something you just do.
FAQ
How often should I review my trades?
Use two cadences: capture the reasoning for each meaningful buy or sell at the moment of decision (real-time), then do a roll-up review monthly or quarterly to see your patterns. Real-time notes keep the material honest; periodic roll-ups reveal patterns.
Do I need to review winning trades too?
Yes, and it's often skipped. A win can come from a good decision or just luck. If you don't review, you'll mistake luck for skill and pay for it when you next size up. The core of a review is separating decision quality from outcome, not just looking at P&L.
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Start the self-check →Disclaimer: This article is for educational discussion of investing methods only. It is not investment advice, a recommendation, or a promise of returns. Markets carry risk; make your own decisions.