Metatrader Export

Metatrader export to Trade on TrackEver wanted to do a metatrader export of your trading account history?  Perhaps you’d like to analyze all the trades you’ve taken in metatrader 4, or analyze the trades that your EAs are taking?

Trade on Track has an import facility which lets you import trade history from Metatrader 4. Reasons you might want to do this are:

  • You’ve just started using Trade on Track and you’ve got a lot of trade history in Metatrader that you’d like to analyze properly.
  • You have some automated trading robots (Expert Advisors, EAs) that take trades for you in Metatrader, and you’d like to bring the details of all those trades into Trade on Track.
  • You’ve been using Metatrader 4 for a while now, and you’d like to do some more analysis beyond the Statement / Report that Metatrader gives you.

The process is quite simple.  You just right-click in the ‘Account History’ tab of the Terminal window in MT4, then select ‘Save As Report’. This saves a trading statement in HTML format to your hard drive somewhere (to the place of your choosing).  Then, in Trade on Track, you go to the ‘Import / Export’ -> ‘Import Trade History’ menu option.  In there, you can just do a new upload of the HTML report that you just saved from MT4!

The Import Trade History feature keeps a temporary copy of the trades you’ve uploaded, so that you can check & confirm the details before you actually import them into Trade on Track.  If you spot a problem, just delete the import and start again.

You can export trade history from Metatrader on a regular basis (for instance, once a week), by selecting the “Custom Period” option in the “Account History” right-click menu.  Just select the date range for the last week, create the report, then upload just that week’s worth of data into Trade on Track.

As soon as you’ve imported the account history into Trade on Track, you can view all the trades in the Trading Log.  The dashboard charts will also reflect all the newly updated trading history, as will the Profit Summary table at the bottom of the screen.

Analyzing your trading performance is a crucial step in becoming a successful forex trader. It’s also a good idea to analyze the trading performance of your expert advisors (EAs) on a regular basis.  The Export / Import feature described above is a simple, fast and accurate way of analyzing the trading history from Metatrader 4.

Trade on Track is designed to manage your trading in real time, providing interactive risk management and money management tools, as well as enforcing trading discipline.  So, it’s always best to enter your trades into Trade on Track first, so that you can assess risk and ensure all your trading rules have been checked off BEFORE confirming the trade.  However, if you have trading robots or trades already in Metatrader that you want to export, then the “Import Trade History” feature is the one to use.

Good luck and Trade Seriously!

Mark Thomas

PS. Here’s a little video showing how it all works:

Gauging your Trading Performance

Employees of companies are often subjected to frequent performance appraisals, so why shouldn’t forex traders gauge their own trading performance on a regular basis?

In a corporate environment, the performance appraisal may be conducted by management, the employee’s peers, or even the employee him/herself (a self-assessement). The purpose of the appraisal or performance review, is to give the employee feedback as to how she/he is performing in their designated tasks, to identify potential problem areas and to try to work out ways to improve or maintain performance levels on an ongoing basis.

The forex trader is nearly always a lone soul.  What I mean by that, is he/she is basically a self-employed business person, trading to earn income in that business (perhaps as the sole means of income in that business).

Forex traders have a responsibility to themselves to constantly review their own performance, as a trader.  Few traders are successful in the long-term if they do NOT keep a tab on their own performance.

How do you check your trading performance?  You need to measure it in some way, then revise it in a methodical way.  One way to get an overall gauge of your trading performance is to look at the balance of your trading account.  If it’s going south – you’re doing something wrong!  It would be nice to zoom in on that performance factor a little though, wouldn’t it? Why are you losing money?  What specific things are you doing wrong which are causing your trading account to head in the downwards direction?

Companies have a Profit & Loss statement to zoom in on their business performance. It would be unacceptable for them to just make decisions based on their current bank balance – the world would be in a much worse financial state than it’s in now!  The Profit & Loss statement allows the company to identify specific areas of their business which are income producing, and where all their expenses lie.

One way you can do a similar thing  as a forex trader, is to track every trade you take, and put each trade into different boxes or categories.  For instance, one ‘box’ might be the trading strategy you used.  Another ‘box’ might be the currency pair you traded, or the day of the week you traded, or the chart time frame you used to make a decision, and so on.

Once you’ve put trades into various boxes, it’s a relatively simple process to go back and analyze your trades by looking at the boxes as a whole.  For example … let’s say your trading account lost money over the last month.  You remember a couple of bad trades but overall you’re not sure why your account is down so far.  You could break this “negative account movement” down into something a bit more specific, such as the trading systems you used during that month.  Is your trading balance suffering because of one specific system you’re using?  Just look at the boxes to find out.

This is what Trade on Track has been built for (among other things), a Trading Performance Analysis tool. Trade on Track records all the box details for all the trades you take and then provides easy-to-use tools to analyze those boxes at a later date.

To be a truly successful trader, for the long term, you need to constantly gauge and monitor your trading performance. You need to continually make course adjustments when you find problem areas in your trading, or if you find something that’s working really well for you!

Trade on Track and Trade Seriously,

Mark Thomas

Forex Trading Log – What an EYE OPENER!

Forex Trading Log - Eye OpenerOk, I’ve been singing the praises of the Trade on Track program as a Forex Trading Log for a while now, in addition to many other things it can do to help your trading.  I’ve raved on about how it can shed light on areas of strength and weakness in your trading.  Every once in a while though, I use the program to take a different look at my trading history, analyzing things in a different way.

This morning I did that and fair dinkum (that’s aussie for “no joke” or sometimes: “for real / genuine”) my jaw dropped with the realization of something extremely important and valuable in my trading performance.  I looked back at my trading history for the last 4 months or so (Year To Date).  I knew that one particular trading strategy I was using was out-performing many of the others.  Pulling up a trading log in Trade on Track quickly confirmed that – I was making nearly 500 pips a month, fairly consistently from this particular strategy.

Ok, that’s cool.  Let’s break that one strategy down a bit further.  So, I did some more tweaking of the Trading Log filter and looked at individual currencies that I traded during that time.  I had taken 76 trades with this particular strategy, over 7 or 8 different currency pairs. Here’s where it got really interesting.  The currency pair you would expect to perform fairly well in most circumstances, the EUR/USD, only returned me a net of 3 pips over those 4 months.  What?  Yes, that good old EUR/USD which is a favorite for just about every trader – was pretty much breaking even with this particular strategy.  12 trades, 8 were winners, 4 were losers, but the losers obviously lost bad.

Wow, so if the profits aren’t coming from the EUR/USD, where are they coming from?  I dug further.  NO WAY!! (or, “Fair Dinkum” again).  I had taken 11 USD/JPY trades with this particular strategy in the last 4 months, and I had 11 winners. Yep, 11 out of 11 – returning me a total of 883 pips profit.  The EUR/JPY was the next best performing one, with 8 out of 9 winners, returning 819 pips profit.  The GBP/USD was the next in line with 8 winners out of 11 trades .. returning a net of 381 pips profit.  It dropped off pretty badly from there – nothing really worth reporting at least.

I had similar realizations the other day when I looked at my trading performance on different days of the week.  Entering trades on Monday or Wednesday is far more profitable for me than any other day of the week.

I was able to perform this analysis and gather this information in just a few minutes using Trade on Track.  Of course, I’ve been using it diligently over many months now to keep a very comprehensive trading log, which includes pre and post trade notes as well as chart screen captures.  But, the effort to keep a good forex trading log (which is actually pretty simple using this program) consistently pays off as I go back and analyze  my trading history.

Trade on Track turns my historical trading data into extremely useful Performance Information.  How will I use this information in future? I’m not a brain surgeon, but I’m smart enough to figure out I should now be raising my lot size on the USD/JPY and EUR/JPY when trading this particular trading strategy in future, and I should be lowering the lot size when trading other strategies or currency pairs.

You’ve probably heard plenty from me and just about every forex educator out there about the need to maintain a good forex trading log.  But, I think the above example shows just how important and valuable that can be. You could use a spreadsheet to log all your trades, but it’s cumbersome to maintain and hard to analyze properly.  Using Trade on Track is easy and if it can shed light on your trading in the same way as it has mine, how much is that worth to you?

Good luck and Trade Seriously,

Mark Thomas

Becoming a successful Forex Trader

Becoming a successful forex trader doesn’t come easily for the majority of us. If it were easy, everyone would be doing it and

Achieving your Trading Goals

Achieving your Trading Goals

making a million dollars. Successful trading requires focus, dedication, commitment, finding or developing the right trading strategies and trading plans, and most of all … discipline, discipline, discipline!

It can be a hard road with many ups and downs. If you don’t have your mind set to a clear destination with your trading, and constantly assess where you’re up to on your path to that destination, then you may end up going in circles or even backwards.

Setting your mind to a clear destination should involve some decisions:

  • Decide why you are trading. Is it just for the money? Do you enjoy the challenge? Do you enjoy the technical aspects or analyzing fundamentals, or other things about it? * What exactly, you do hope to achieve from trading? If you are trading for the money, then decide how much money you hope to make from it. For instance, determine a monthly amount of income that you would hope to draw from trading, then work out how big a trading account you would need, and how much return on investment (ROI) you’d need to be making to achieve your desired income.
  • Decide on how soon you would like to accomplish these things. A 12 month plan is generally a decent period of time to be able to gain some momentum and achieve some fairly incredible goals. It’s also not too far in the future that you think is so far away that it’s not even worth shooting for.
  • Decide on a plan to get to your destination. Do you need more trading education? Do you need to find one or more profitable trading strategies? Do you need to improve your discipline?

Once you have a plan in place to reach your trading destination, take some action! Take action every single day, some sort of action that moves you toward your goal and not away from it. Each day review your goal and think to yourself: “what can I do today that will move me toward that trading goal?”. Pretty soon your actions will become habitual and you’ll automatically be well on your way to great success when it comes to trading.

It’s also important to track your progress as you move toward your trading goals. Constantly review the trades you take: did you stick to your trading rules? If you’re sticking to your trading rules and you’re still losing, then perhaps it’s time to find a new strategy, one that’s more profitable in the long run. Also track things that you normally wouldn’t think of, things like: what currencies do you trade which are most profitable for you? Which time frames on the charts do you have the most success with? What days of the week are you making the most money on?

Trade on Track makes analyzing the performance of these different attributes of your trading very simple. The program can highlight areas of strength and weakness in your trading which you would never have thought of otherwise.

The path to trading success is not an easy one – but you can fast track it and simplify it by setting achievable (but BIG) goals, taking action every day to move you toward those goals, and tracking your progress every step of the way.

Good luck and Trade Seriously!

Mark Thomas