You almost certainly trade more than one setup — opening-range breaks, level reclaims, VWAP fades, trend pullbacks. Your overall expectancy blends them all together, hiding the truth that some are carrying you and others are quietly bleeding. Tagging every trade by setup un-blends it, and it's the highest-leverage journaling habit there is.
How to tag
Give each setup a short label and attach it to every trade: OR-break, VWAP-fade, wall-reject, flip-reclaim, trend-pullback. Keep the taxonomy small and consistent (5–8 tags, not 30) so you accumulate enough samples per tag to mean something. Optionally add context tags — regime (positive/negative gamma), time of day, conviction — for deeper cuts later.
What it reveals
After a real sample, sort your journal metrics by tag. You'll almost always find a stark split: a couple of setups with clearly positive expectancy, a couple hovering at zero, and one or two that lose. That's gold — it tells you exactly where to concentrate (your paying setups) and what to cut (the leaks). Most traders would be profitable just by deleting their two worst setups.
You don't have one edge — you have several bets blended into one number. Tag them apart and you'll find you're paying to run a few losers alongside your winners.
Acting on it
Cut or refine losing setups, size up (modestly) on proven ones, and re-check periodically as conditions change. This is the engine of the weekly review and a core part of judging process over P&L. NoVo records the level context of every trade, so tagging by the structure that triggered it is straightforward — and the payoff is knowing which reads actually make you money.