Yes, and not too soon! The humble spreadsheet has played its part – a great part in recording our forex trades along with journal notes and sometimes the reasons for taking trades. The spreadsheet was setup with formulas to calculate pips profit or loss, dollars profit or loss, and running account balance. If we were clever – we could also produce a chart of our trades – maybe a line graph of our account balance over time, never much more than that.
Enter Trade on Track. It does all that the old spreadsheet could do, and so much more. Starting with data entry – Trade on Track has the forms set up to enter the details that you need: entry price, currency pair, no. of lots and so on. There are drop-down boxes when appropriate, automatic warnings based on excessive risk or imminent news announcements, ability to upload chart screenshots, and most importantly: set reasons (as well as ad-hoc notes) for entering and exiting the trade. The “set reasons” are reasons or trading strategies that you set up beforehand.
Once the trade is done, Trade on Track provides a number of built-in analysis charts, plus you can sort and filter the trading journal in many different ways.
There are many more advantages to using Trade on Track over the forex spreadsheet, including:
- Use it from any computer (that has Internet access)
- Trigger trades in Metatrader 4 directly from Trade on Track
- Your data is secure, safe and regularly backed-up
- Other forex trading tools at your fingertips like: world clocks, fib calculator, news calendar, fundamental analysis, risk/reward calculator …
- At a glance, see your pips profit summary and open-trade risk summary
It’s time to retire the spreadsheet and move up to the Rolls-Royce of forex trading logs.
Move up to the next level now and Trade Seriously!
Trade on Track
Here’s a short video showing how the integration between Metatrader 4 and Trade on Track works. We demonstrate entering a trade into Trade on Track and having that trade automatically executed in MT4. The integration makes the most of the excellent MT4 forex trading platform along with the tracking, mentoring, and analyzing functions in Trade on Track.
As always, for more information visit our website for more information on this advanced forex trading tool.
Trade on Track
How do you overcome fear in your forex trading? Fear shuts you down, paralyzing you and stopping you from trading the way you should. It can stop you from entering a trade when conditions are right, and it tricks you into exiting a trade before it has run its course.
I struggle with this myself – not so much on trade entry, but definitely when monitoring the trade. One scenario is where the trade starts going against me and I’m tempted to exit the trade before it takes out my stop loss. The other scenario is where I’ve made a few pips and price has hit a bit of resistance (or support) and starts moving back towards the entry price. Once again, I’m tempted to exit the trade early in case I lose all the profits I’ve gained.
Exiting a trade early due to fear is obviously not the answer, because more times than not, you exit at a very “expensive” price. If price is moving against you, you’ll end up hitting the “close trade” button just at the point where you think you can’t take any more losses. Then, as soon as you’ve exited, price will start going in the correct direction again. This happens because the market is largely driven by human emotion – other people thinking and acting just like you. So, as soon as the fearful traders get out of their trades because they can’t stand to see further or potential losses, the professional traders step in and take advantage of the great price point.
Also, there’s no point in working out a terrific trading plan using specific trading strategies which include entry points, stops and targets, if you’re just going to jump out early anyway. You may as well throw the trading plan out the window. You MUST let the trade run its course. You MUST stick to your trading plan if you want to have any chance of long-term success.
Yes, you will lose trades – lots of times. But if your plan is well thought out and tested and you stick with your plan, you will win more than you lose.
My personal tricks in overcoming trading fear are:
- Don’t look. Yep, just like a scary movie – cover your eyes or better yet, switch off your computer screen or go and do something else whilst your trade is in play. Sometimes it’s necessary to monitor your trade, but do so at reasonable intervals: set yourself a little goal like: “I will not look at my trade for the next 30 minutes”.
- Similar to above: Place your trade before you go to bed, then when you get up in the morning, the trade will have run its course and either hit the target, or hit the stop loss.
- Become accountable for your trades. This is relevant for both demo and live accounts – you must hold yourself responsible for how you trade. The best way to do that is to track or log your trades, all your trades, properly. When you correctly track your trades, you’re building up statistical data as to how effective your trading system is. If you jump out of a trade early, you’ll be polluting your figures and spoiling all your good work to date. Do the responsible thing and let the trade play out.
- Think of the probabilities. If you’ve worked out your trading strategy properly, you’ll know the percentages of wins against losses. So, if price looks like it’s going against you, you can think to yourself that it’s just one of the losses that you’ve accounted for – nothing to be concerned about.
Overcome fear and Trade Seriously!
Trade on Track
Ever forgotten why you’re in a trade? Yep – you know you had a really good reason for entering, perhaps it was
Jogging your Forex Trading Memory
a great swing trade on the 4hr chart, but if you look at it now – a couple of hours down the track, everything seems to be wrong. Well, maybe it wasn’t actually a swing trade, maybe it was just a quick trade that looked good on the 15min chart, in which case it’s well overdue and you should be out of it.
This problem escalates with the more trades that you have open at any one time. The problem can be deadly (in a forex trading sense) because if you forget why you’re in a trade, you’ll most likely exit the trade at the wrong time. Doing this basically negates ALL the good trading discipline processes you’ve put in place which are essential in becoming a successful trader.
Is there a simple solution? YES! Keep a good trading log and keep it up to date as soon as you enter a trade, adjust a trade or close a trade. In your trading log, ensure you keep details such as the reason you took the trade. The reason might include the trading strategy you used, the chart that you were working off, and your reasoning behind the stop loss and target points.
One easy way to manage an effective trading log is to use Trade on Track. It has full trade tracking and analyzing features, plus much more.
For further information or to get started today, just visit www.tradeontrack.com
Trade with the right tools and Trade Seriously!
Trade on Track