New Live Forex Trading Room from Winners Edge Trading

Trade on Track is proud to announce a partnership with Winners Edge Trading in releasing their new premium membership site.  Winners Edge Trading has been a fantastic source of free forex training material and trading related information for a good while now.  The site has built an enthusiastic group of followers who appreciate the honesty, knowledge, experience and generosity provided by Casey Stubbs and other site contributors.

Continuing with the goal of providing the best value possible to forex traders, Winners Edge has now released their premium membership site which offers a live ‘virtual’ trading room run daily by pro-scalper: Michael Storm, premium course material, a Trade on Track membership plus much more.

If you’ve been interested in trying out a ‘pro’ Trade on Track membership, then you can do it by joining the Winners Edge Trading site and you get even more features than the ‘pro’ version.

To see more details about the Winners Edge site, including their 7-day trial period and a competition to win a free membership, just visit the following page:

http://www.winnersedgetrading.com/trade-of-the-day/new-community-from-winners-edge-trading

To get started with your registration right away, click the following link:

https://www.tradeontrack.com/app/winners/register/

I cannot recommend a better value-for-money service in the forex world than this one, so to really get ahead in your trading, join today.

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

Time-based forex trading strategy – more free articles

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.

Trade Seriously!

Mark Thomas

www.tradeontrack.com

Free Forex Trade Management Software

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:

  1. 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.
  2. 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.
  3. review and edit the reason and associated details throughout the course of the trade.
  4. adjust stops and targets within the tracking program.
  5. 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!

Mark Thomas

www.tradeontrack.com