THE TRADE LOG
How Does The Trade Log Work ?
Record Each Trade You Take In Your Log
Add Screenshots To The Log For Each Trade
Mindo Pod, Forex Smart Tools Developer / Professional Trader
If your trades are simple – in and out – then you can skip this next feature.
But if you manage your trades with multiple entries or exits – this next feature should blow you away!
Do you ever add on to a good trade, increasing your position size?
Do you ever close part of your position and let the rest run for more?
Do you ever use a stop-and-reverse approach or cost-average?
If so, you think of ALL THAT AS ONE TRADE, right?
But your broker's statement shows it as two unrelated separate trades – so would an Excel spreadsheet or other kinds of trade journals. That makes it impossible to analyze or learn from later.
The Forex Smart Tools Trade Log lets you record this 'two-leg' trade as though it's one trade.
Why? Because we're traders and we know how traders think and what's really needed in a great Trade Log to help you improve your trading.
This is a screenshot from the "Allocation Breakdown" tab, where you can record as many legs of a multi-part trade as you have.
And the import wizard lets you group trades into these combined conceptual sets as you import your trade statements from MT4 or Forex Tester, or you can manually enter them yourself.
The Log then combines the results so you can see it all together – how many pips the overall trade made or lost, the equity change, the time in the trade and more.
SUMMARIZE YOUR TRADING AT A GLANCE
Quickly see the key results of your trades:
- win to loss ratio
- equity change
- average gain and loss
- number of wins to losses
- consecutive wins / losses.
Choose any period of time to summarize:
- Any Custom Period
Four time bands let you set up different time periods to easily compare with each other.
For example at the same time you can see
- The current week
- Last week
- The week before
- The week before that
DISCOVER EXACTLY WHEN YOUR LOSSES OCCUR
If you just look at your overall broker's statement or the bottom line, you might miss an important insight –
There might actually be times of the day that are consistently bad for your strategy.
The Trade Log automatically breaks all your trading down hour by hour.
You might discover that eliminating some trading times might make you way more profitable.
(That's why our motto is "Trade Smarter - Not Harder")
SUMMARY TABLES MAKE IT EASY TO SEE WHAT WORKS
The Trade Log makes it easy to create SUMMARY TABLES so you can quickly compare things.
- Which currency pairs perform best for you
- Which strategy is most reliable
- Compare entry triggers
- Pick the best exit plan for your style
Any factor you can think of - the Trade Log makes it easy to analyze.
CUSTOMIZE YOUR ANALYSIS REPORTS
Turn your forex trading data into information by doing an in-depth analysis of what is making you money and what is losing you money.
The Analysis tab allows you to create your own customized reports. Print from the Trade Log or export to a spreadsheet program.
Choose only those parameters that you want to analyze. Use the Preset Editor to check the fields that you would like to display in your personalized analysis.
Drag and drop columns into the order you would like to see them displayed. Click column headings to sort.
This is a full-featured relational database that has an elegant and simple to use interface. Show as many or as few fields as you like and put them into the order you want to see in the display. Any of the standard or custom parameters you have set up are available to use in the reports. You can pick any subset as well – such as a specific date range or group of strategies or currencies.
Here are some examples:
- If you are tracking the ADR (average daily range), you can see how well a particular strategy did when the ADR was greater than 100% of its norm.
- Compare the stop you use with the stop actually needed for each trade and see if you are better off using a smaller or larger stop.
- Analyze what your average number of pips taken on each trade is, compared to how many pips are generally available, based on your same entry criteria. How efficient are your exits?
Be a scientist and see for yourself what no one else can show you.
TRACK YOUR PROGRESS OVER TIME
Creating and holding to goals in your forex trading will really accelerate your profitability. Quickly see if you are meeting your goals with the Progress Tracker.
The Progress Tracker tab allows you to graphically see the combined results of all your trades each day, each week, each month or each year.
You can create your own levels of goals or tolerance bands based on equity change amounts. Color code and name each level as you like. The Progress Tracker then shows you how many trades you took each time period, the number of wins and losses, the equity change and the net financial value.
A professional trader would never evaluate how they were doing simply by looking at the bottom line of their broker's statement. They analyze their trades and their overall trading tendencies carefully and the Progress Tracker is the easiest way to see this information at a glance.
SEE ALL YOUR BROKERAGE ACCOUNTS IN ONE PLACE
List all of your forex brokerage accounts whether they are active or inactive, live or demo, or even accounts you set up on the Forex Tester.
Use as many brokerage accounts as you want in the Trade Log. For each separate brokerage, enter your base currency, then enter the brokerage name, account number, what currency you hold the money in, the lot type, and equity amount.
Match your equity balances to what your broker is showing you to make sure that you are credited with the correct amounts. Easily make manual adjustments such as salary withdrawals, deposit of new funds, or credits from your broker.
The Trade Log even lets you keep multiple international accounts, even if you hold your assets in different currencies with each. The daily exchange rates are automatically stored, so your end-of-period statements can all be reconciled in your base currency with great accuracy.
ACCURATELY TRACK YOUR SPREAD BETTING BROKERS TOO
The Trade Log accommodates both Spread Betting brokers and traditional brokers. See each account independently, or combine your results for all brokers at once.
Spread betting is often accomplished on brokers' platforms that ask for trade sizes to be entered as amount per pip or amount per point. Both the Calculator and the Trade Log can work with this format. Within the Trade Log, you create accounts and designate them as 'spread betting' or 'standard, mini, micro or unit lots'. Based on that selection, the trade input page is instantly modified to display the position size in the correct format.
Within the analysis page, each report you run will show your trade size appropriately as well. You can even create reports that combine your traditional and spread betting brokers in one view.
(The Advanced Calculator also supports the use of spread betting.)
The Forex Smart Tools Trade Log has all the features you need to create a complete record of all your trading activity.
Common Questions About The Trade Log