Time Will Tell you quite a lot about your forex trading performance. I’m actually referring to the time of day that you trade.
Time Will Tell
Over the last few weeks I’ve been refining my own (trend-based) trading system, tracking all my trades in Trade on Track of course, and sticking with the 1hr and 4hr charts to try to alleviate the need to only trade during Euro or US sessions. Being on the East coast of Oz I can normally only look at the charts during my day. This includes the Asian session and runs into the Euro session, but there’s often not a lot of action.
Many days I noticed that I tended to lose trades during my morning, then I seemed to make up that loss and actually get ahead during the afternoon/evening. I thought I should quantify this a bit further, so today I’ve added two new widgets to the Trade on Track dashboard: an ‘Entry Time’ analysis chart and an ‘Exit Time’ analysis chart.
The example chart shown above is just some mock-up data, but it will give you the idea. Basically, on my own Entry Time Analysis chart, I can now quickly see that I SHOULDN’T be entering trades before 2pm, or after 10pm. This is not entirely logical, given that the Asian session happens before 2pm for me, but it is what it is!
With this particular trading strategy that I’m using on the time frames that I’m using, I could improve my return on equity by at least 25% if I just trade between 2pm and 10pm. That’s a huge increase and it’s definitely what I’m going to be doing from tomorrow onwards!
Check it out for yourself. ToT-Lite is completely free and you get all the dashboard chart widgets as well as other analysis tools. If you’re serious about refining your trading edge and being the best trader you can be, you need to use this tool.
All the best and Trade Seriously!
Due to popular demand and what we feel is the right thing to do, we’ve finally released ToT-Lite which is a totally free version of Trade on Track!
If you’re into forex trading and you’re serious about winning this game, then you need to use this product. We’ve realised that this is such a valuable piece of software, that it should be accessible to every forex trader who wants to succeed and become consistently profitable.
Let’s be clear: ToT-Lite is a restricted version of Trade on Track. It doesn’t have all the features of ToT-Pro, but it definitely will allow you to:
- Easily keep a secure, online trading log of your forex trades – accessible from any computer that has internet access.
- Skyrocket your trading performance using the dashboard and reports to easily spot problem areas & successful areas of your trading.
- Master your trading discipline by creating and maintaining personal trading systems and checklists. ALL highly successful traders that I know or have read about, talk about the importance of discipline – it’s the most important factor you must have to become consistently profitable.
- Improve your trading mindset using Start of Day and End of Day checklists & notes.
- Refine your money management skills through automatic lot size calculation and risk tracking with every trade.
- See at a glance your trading profitability today, weekly, monthly, yearly.
- Take control of news announcements by entering additional news types and news event calendars.
Really, if you’re absolutely serious about making a living from forex trading or even if you just want to make a decent side income or build your cash investments, you MUST take the steps to:
- Track and analyse all your trades properly so that you know exactly where you’re winning and where you’re losing.
- Put in place and refine your money management skills. Position sizing is an extremely important and often missing piece of a proper trading plan.
- Find and refine trading strategies that fit your trading personality. There are probably an infinite number of trading strategies that can be profitable in the long run, but you absolutely need to find one or more strategies that fit your style of trading.
- Peak your trading discipline. Without discipline, all of the above is useless. You must stick to your trading plan, including entry rules, trade management, exit rules, and overall money management strategy to succeed.
With ToT-Lite, we’ve made this process as risk-free as possible for you. You can use ToT-Lite for as long as you like, without any fees at all! Be warned though, for it to work for you, you’re going to have to actually use it … to record every trade you take.
Don’t delay, register right now for free and start getting in the habit of tracking and analysing your trades properly. This could be the end of the forex roundabout for you – start getting ahead and on the right track now!
To your trading success,
PS. Again, the link to register for ToT-Lite is: https://www.tradeontrack.com/startnow/ There’s no catch, but if you have any questions at all, please email me: markt at tradeontrack dot com.