From the Trade Input tab – as you roll over each parameter you get a brief description about its use. The duration of how long this hint stays up is something we just don’t have control over (blame it on Windows).
Keep in mind that you create the descriptions for the custom parameters, so you can read and modify them by clicking the name of the custom parameter itself from the Setup tab.
For the Standard Parameters the descriptions of each are listed below in alphabetical order.
If your brokerage platform charges a commission per trade, then enable this parameter to track it separately. A commission fee is different than the swap or rollover fee that you will be charged by a broker for holding a trade past the rollover hour (which varies between brokers), or longer than 24 hours. Commissions are always subtracted from your gross amount. (Swaps may be added or subtracted from the gross).
If any of your strategies have different options for how you actually decide to enter the trade, take note of them here. As an example, if you trade the news, there may be times your entry trigger is ‘initial spike’ and other times when it is ‘retracement’. So ‘news’ is the overall strategy, and initial spike or retracement would be two possible specific entry triggers.
For each trade, record what you actually used as your criteria for exiting. Was it a fixed number of pips you were after, did price hit a psychological level or a pivot point, etc.
Use icons to mark trades which share the same characteristics, making them immediately recognizable. (available only in the Pro version).
For each trade, record what technical set up would have shown you the best exit. i.e. An oversold stochastic, a previous resistance point, a cross of moving averages, etc. Teach yourself over time what to keep an eye out for to get the most from each trade.
You may notice that your trade decisions are right, but you often get stopped out before they go in your direction. If this happens to you a lot, try monitoring what your ideal stop would have been. Set up any descriptive titles you like here. Examples include: previous swing point; pivot level; opposite Bollinger Band, Fib level. To record the number of pips you needed, use Stop Needed.
Intended for succinct and tightly focused learnings acquired during the trade. These will be specific items which special attention needs to be drawn to in the future.
You may want to enter the description of any loss-recovery technique you may use, such as stop-and-reverse, cost-averaging, double-down, etc.
Most pips seen
Also known as Maximum Favorable Excursion, MFE, this is where you keep track of how far a trade went in your direction before you closed the trade.
If you choose to write any observations you had with this trade, enter them as notes. Examples might be ‘I was really pleased I caught this trade so close to the fractal high, I just wish I’d exited before the news announcement’. In your note, you can write as much or as little as you like, and in any free form style you choose.
For each trade, record how far the trade went in your direction before it would have stopped you out. This allows you to see if you are getting the most from each trade you place, or if you are consistently cutting off your winners too early. If your trading style is to lock in break even or a certain amount of profit, and then let the position run, you may also want to track number of pips a trade goes after locking in profit. If so, consider setting up one or more custom parameters of your own, such as ‘pips past BE’.
By enabling screenshots, you have the ability to store pictures of your charts. You might consider storing a picture as you are deciding to take the trade or just after you enter it, another just after you exit, and another sometime later, to visually see how the trade continued to play out.
Each trade you log will be recorded with its exact entry time. If you choose to also note the general session name, enable this parameter as well. You may also add your own designations, such as NYopen+2, or 7-8 am, or London Close.
Use your own descriptive names for each strategy you use. Examples include: trendline break, moving average cross, channel breakout, trend, counter trend, news, gap, river, etc.
If you were stopped out but then the trade went in your direction, use this to record how many pips you would have needed to keep the trade alive. To record the nature of the technical level you would have needed, use ‘Ideal Stop’ and set up descriptive names for yourself.
What was the actual stop you initially set on the trade? If you use mental stops, you can note the level at which you would have pulled it, had it gone against you.
If your country offers different tax treatment of certain kinds of trades, enter the name or code numbers here. Then at the end of the year you can easily separate each code out into separate reports for your accountant and records. Example: In the USA, section 1256(g) and section 988 are two different classifications for trades, each of which has a different tax treatment.
Enter the ticket number used in your broker’s statement so you can easily tie the statement entry and the trade together.