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!
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).
- 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
- 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.
I’ve just commenced a new article series about forex trading robots, or EAs (Expert Advisors). The first article starts out describing what they are, how they work, whether they really do work or not, and why you should or shouldn’t use them. There’s plenty more good info to come as we describe the actual development of trading robots.
Here’s the link to the first article: The Genesis of a Trading Robot
I’ve recently written two more articles and produced accompanying videos for the forex time-based strategy called NYTime. This series of articles describes in intricate detail everything about the trading system which has proven to be very profitable. All the information is free and is a great learning tool for those who wish to develop their own strategies or to discover exactly what is involved, from start to finish, in building a consistently profitable trading system.
These latest articles describe the Entry trigger, the initial stop loss placement and the advanced money management strategy that is used.
You can find the articles published at the following links, along with some useful comments from readers and myself:
Coming up in the next article is an optimized method for moving the stop to reduce losses, and the exit strategy to try to capture the bulk of available profits.