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

Forex trading is a serious business … treat it as such

forex_business_toolsAs I was learning to trade, many of the forex educators whom I followed talked about treating forex trading as a business.  At least, if you wanted to be a successful trader, that is what you should do.

This made sense to me and didn’t seem to be too much of a problem because I was running all my forex-related expenses and income through my business anyway.  I was also quite passionate about trading so treated it quite seriously from the beginning.

However, just keeping track of overall expenses and income in relation to forex trading wasn’t enough.  I wasn’t happy that everything was accounted for properly – there seemed to be a lot of “black hole” expenses and income that were related to my forex trading.

Now, this can be hard to explain to your accountant, but not being fully accountable for your trading also gives you an excuse (even if it’s subconscious) to trade flippantly at times.  This is not a good thing when trading.  I saw a pressing need to instill trading discipline and accountability into my forex trading regime.

Having developed and maintained accounting and ERP systems for hundreds of businesses over the last 20 years – I knew a thing or two about software management / tracking / accounting systems 😉  So I thought, why not develop a trading management system for forex trading?

That’s exactly what I did and it was a definite turning point in my trading career when I started using that system.

To be a successful forex trader you need to treat it as a serious business.  All serious businesses use software tools to track their activities, forex trading shouldn’t be any different.  As far as I know, Trade On Track is the only software tool of its type which assists forex traders in tracking, analyzing and enforcing discipline and accountability in their trades.

Use serious tools and Trade Seriously!

Mark Thomas

www.TradeOnTrack.com