New!! Trade Types (Strategy) Analysis Dashboard

Trade Types DashboardI’m very excited to tell you about a brand new dashboard screen that we’ve added to Trade on Track, called a Trade Types Analysis Dashboard.  The dashboard is immediately available to all ToT-Pro members and it provides a comprehensive, yet easy-to-understand analysis of your trading performance by trade type.

Trade Types are your trading systems or trading strategies, and it’s important to be able to quickly identify which strategies are proving to be the most profitable for you, and which are causing you losses.  Forex trading is a uniquely personal experience.  While one trading strategy may work well for one trader, another trader may fail miserably when trying to use it.  This is based on a number of factors such as the sessions you’re able to trade, the level of risk you are comfortable with, the length of time you like to hold a trade – these factors all form part of your trading personality.  The best way to find out what strategies work for you is by trying them!  Try different strategies on real trades (demo or live account), record the results, then analyze the results – this is what Trade on Track does best.

The Trade Types Dashboard supports the analysis of multiple trading accounts.  A consolidated (combined) analysis is presented first, then by scrolling down you see a separate analysis for each of your trading accounts.  Each analysis section shows a pie chart for your winning trades, a pie chart for your losing trades, and a table of data that gives more detailed information of your trading successes by trade type.

You can analyze your trades over different time periods, and you can report the results by pips, pip lots, dollars or return on equity.  Other useful statistics are also shown for each trade type including best and worst times of the day to enter the trade; best and worst currency pairs to trade; and best & worst day of the week to trade that particular strategy.

If you spot a trade type on the dashboard that you’d like to see more detail for, just click on it and the trading log will be displayed for that specific trade type and time frame that you’re interested in.

If you want to show off your trading results to your partner, your boss, your trading mentor, or the whole world – a click of the “publish” button creates a web page with your Trade Types Dashboard with a special link that you can share with whoever you like.  Here’s an example of a published page.

The Trade Types Analysis Dashboard is an invaluable way to take control of your trading performance, and it’s fun to use!  Register for Trade on Track now – you can get started for free and begin logging your trades properly, use the inbuilt tools to manage your risk, and much more.

Please view the video below to see how the new dashboard works.

As always, Trade Seriously!

Mark Thomas

[youtube=http://www.youtube.com/watch?v=xPX3ra9RJrE]

New article on Currency Correlations

I’ve just written a new article on currency correlations which has been posted over on the winnersEdgeTrading.com site.  It describes how different currency pairs can relate to each other by either moving in tandem or in opposite directions.  The article also describes some useful ways to use currency correlations in your own trading.  By knowing the ways the different currency pairs interact, you will be a better trader.

Check it out and stay tuned to this blog for more updates to Trade on Track – coming soon!

Trade Seriously,

Mark Thomas

www.tradeontrack.com

TradeTrack is not TradeOnTrack

In recent days it has come to my attention that a forex trade tracking software tool has just been released and they’re calling it “TradeTrack“.   My own product “TradeOnTrack” is of course a forex trade tracking software tool too, and has been around for a lot longer (I started blogging about it 14 months ago).

Am I happy about their choice of product name? No, I think they’re using fairly dirty marketing tactics, piggy-backing on the brand name that I’ve worked hard to build.  However, I do appreciate their competitive spirit and I even tried to contact Mark Soberman of Netpicks (the company behind “TradeTrack“) to have a chat about a possible collaboration … I got no response.

Anyhow, there has been some confusion between the two products, so here’s my rundown on similarities and differences.  TradeTrack is free, so to be fair, I’ll only be comparing it to the free version of TradeOnTrack (which is called ToT-Lite).

Similarities

  • Both products can be used to keep a detailed forex trading log.
  • Both products are free to use.
  • Both products have lot size calculators based on equity, preferred risk level and stop loss position.
  • Both products allow the entering of trade details including date, time, currency pair, entry price, stop loss, lot size, and multiple targets.
  • Both products calculate pips profit/loss and keep a log of the trades you have entered.
  • Both products provide some statistics such as no. of wins & losses; profit factor, average win/loss
  • Both products are straightforward and easy to use

Differences

  • TradeTrack is an “offline” product.  You need to download it and install it.  It is your responsibility to back up your own data, upgrade the program, and copy trade data from one computer to another if necessary (or even possible).  TradeOnTrack is an “online” product.  You just login and start using it from any computer.  Backups and upgrades are taken care of for you.   Trades can be entered and viewed from any computer that logs in using your username/password.
  • TradeTrack requires you to manually maintain pip values per currency pair.  TradeOnTrack has a live price feed and knows what base currency your account is in, so it automatically calculates pip values for you.
  • TradeTrack‘s trading log and statistics are built using all the trades in its database.  It’s an all or nothing approach.  TradeOnTrack‘s trading log and statistics can be filtered by date, currency pair, strategy, time frame and more.
  • TradeOnTrack has many more features and they are growing weekly.  These features include: Ability to import trades from Metatrader 4; pop-up fib and pivot point calculator; open trades profit/loss and risk summary; pre and post trade notations; tracking of multiple strategies; strategy checklists and notes; dashboard charts; start & end of day checklist and notes; news calendar and relevant upcoming news alerts.

Feel free to contact me at this page: www.tradeontrack.com/contact/ if you would like any more information.

Regards,

Mark Thomas

www.TradeOnTrack.com