ToT-Lite is now available, which gives you absolutely free forex trade management software, built especially for forex traders who are serious about improving their skills and profitability.
What is ToT-Lite? It’s the free version of Trade on Track which has all the great features of trade logging, trade tracking, trade management, risk management and performance analysis built in. These are indispensable tools for the serious forex trader.
So what is Trade Management Software?
Trade management is all about managing your open trades. It’s about knowing why you’re in a trade, and managing that trade through to completion, based on your trading plan.
Traders often have more than one trade open at the same time. They may be trading multiple timeframes, multiple systems and multiple currencies at once. When a trade is initially opened, it is usually very clear in the trader’s mind why they opened that trade and how they intend to manage it through to the close of the trade.
However, a trade may be open for hours, days or even weeks at a time and it’s easy to lose track of why the trade was opened in the first place. That’s where effective trade management becomes an essential skill to master. An experienced and successful trader will be able to manage a trade through to completion, based on his original plan and current market conditions.
Managing a trade may involve adjusting the stop loss or target as the trade progresses. It may also involve closing out part of the position during the trade, or adding to the position if appropriate. Experienced traders will have these adjustments in mind at the start of the trade, as part of their trade plan, and they will stick to the plan so as to have the greatest chance of success.
Trade on Track facilitates effective trade management in a number of ways, by allowing the trader to:
- view and check off a list of “rules” at the start of the trade, to ensure he’s taking the trade according to his plan.
- record the reason he took the trade. The reason may include details such as the Trade Type, the chart time frame that was used and special comments.
- review and edit the reason and associated details throughout the course of the trade.
- adjust stops and targets within the tracking program.
- split a trade and take partial profits (or losses).
Beware of so-called “trade management software” which is really just a spreadsheet with some fancy formulas built in. Trade on Track offers much more than a spreadsheet ever can. Features such as price feeds, screenshot uploads, news announcement warnings, trading platform integration and other critical tools for the forex trader cannot be implemented in a spreadsheet.
Try ToT-Lite today, for forex trade management software which is totally free. If you love it and find it indispensable, you’ll probably want to upgrade to ToT-Pro which is built for longer term trade analysis and has even more great features.
Trade on Track and Trade Seriously!