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

Trade management made easy

Ever had the situation where you’re managing 2, 3 maybe even up to 6 trades at once, and each trade has been entered for a different reason?  Your open trades might be using a range of trading methods, across a range of chart periods, and there has been special circumstances surrounding the analysis of each one.

Managing these trades can be very frustrating at best, or near impossible if you don’t have a system to help you.  And, it’s easy to make costly mistakes – for instance, you might think of exiting a trade at the wrong time because you’re  looking at it a different way now, to how you looked at it when you placed the trade.

tradingsnapshotTrade on Track makes the process of managing trades extremely easy.  Basically, in a few keystrokes you tell it exactly why you entered a trade, including the trading method you used, the chart period you were working from, and any additional notes you’d like to make. You’ll find that keeping this trading log is beneficial from the very start – for one thing, it actually makes you think twice about why you’re entering a trade, and also enforces invaluable trading practices like setting stops and targets as you enter the trade.

Then of course, you can review these trading reasons at any time during the course of the trade. So, it’s easy to see why you entered a particular trade, and what your plan was at the time of entry.  There is no confusion over what chart period you used, or which trading system you were implementing when you took the trade, so there’s no confusion over how to manage or exit the trade either.

In a perfect world, we’d probably only need one trading method, one chart period to work from, and one currency pair to do our forex trading – so managing that one trade would be easy.  But, serious traders find themselves managing several different types of trades at the one time (and it’s more fun that way 🙂 ), so we need a serious software tool to help – Trade on Track fits the bill!

Good luck and trade seriously!