Setting Up A New Account
Use the Accounts tab to establish all your accounts – live, demo and Tester accounts. Also use this tab to enter non-trade adjustments to any account, such as deposits or withdrawals.
BASE CURRENCY SETTING
Before you set up your accounts, you will want to make sure that your Base Currency is correctly set. Set this at the top of the page by rolling over the title bar (or by choosing Full Page Headers in the Settings menu).
The Base Currency is the currency of the country in which you live.
This choice of your base currency is independent of any one broker and affects all readings throughout the Trade Log.
SET UP A NEW ACCOUNT
You’ll notice there is a ‘default’ account awaiting you on the Account tab. You may edit that with your broker’s details and go from there. For additional accounts, click New and enter your broker’s details. Watch this video or continue reading below:
As you begin filling out the Account Editor dialog box that opens after you click New, it’s important to get everything right from the start before you begin entering trades into this account.
The Name of the account is entirely up to you. You can call any broker anything you like or abbreviate it as you like. The Trade Log does nothing to verify this information, so it is your choice.
The Account number is only referenced by the Trade Log if you are using an MT4 broker and do an import of your broker’s statement. (Learn More). In that case the account number must match your broker’s account or the import will fail. Otherwise feel free to use whatever you like as the account number, including text descriptions.
Timezone refers to the GMT offset of your broker. It has nothing to do with where you live.
Each broker has its own offset from Greenwich Mean Time (GMT). Setting this up correctly means you can look at all your brokers’ reports together and have them be correctly matched for time.
Setting this up incorrectly may mean some of your trades don’t even show up on your Summary or Progress Tracker tabs until a day after you take them!
Please see this article in the Knowledge Base to Learn More and understand all about the GMT offset. You will definitely want to get this setting right before you begin entering trades into the Log.
The Lot Type: Choose Standard, Mini, Micro or Units. If you are confused, think of what 1.0 means to your broker when you place a trade and match that to this selection. Here are some examples or watch the video below:
- If 1.0 = 1 standard lot then use “Standard Lot”.
- If 1.0 = 1 mini, then use mini lot.
- If you think “I trade mini lots” but you enter each trade as 0.1 then set the account for Standard Lots.
If you have your lot sizes wrong and then fix it – first verify that on new trades that you enter or import. Your old trades already entered do not get fixed retroactively. You’ll have to re-import them or modify their lot size to accommodate the initial incorrect setting you created them with. Changing the kind of lots sizes your broker uses does not change trades that are already in the database incorrectly.
Equity is your Starting Balance for tracking your trades in the Log with this particular account. But there are actually three ways you can choose which date to use:
- Your account’s original starting balance – and then enter all the trades you have taken since you opened the account.
- Your account balance from the day you want to start entering trades into the Log, taking today’s balance and then backing out wins and losses back to that date. It’s up to you how far to go back.
- Your account balance as of today, and then only enter trades from this moment going forward.
The following video goes into detail about how to work with each of these 3 choices and what each entails.
The Currency choice in the Account Editor dialog is how you hold your trading funds with that particular broker. It may or may not be the currency of your native country. For example, you may live in the UK and have a trading account with a Swiss broker who may give you the choice of holding your funds in Euros, Pound Sterling or other currencies. If you have one broker and have divided your funds into more than one currency, you’ll want to set up separate accounts in the Trade Log for each.
Note: the currency box in the account editor dialog is not asking for what your base currency is in the country in which you live. That is set at the top of the page (see above). This choice in the account editor is specific to the account you are now setting up. There’s a good chance it is the same currency, but it will not necessarily be the same.
The time to set the currency in which you hold funds in a brokerage account is when you first set that account up. You cannot change the currency once the account has been created. If you make a mistake at that time and enter a wrong currency, just follow the instructions for deleting the account (by bringing its balance to zero) and start over.
If the currency of any one broker is different than the Base Currency you have set on this page then then Trade Log will begin pulling in exchange rates for you for these different currencies, so they can all be accurately compared together.
Exchange rates are automatically retrieved and used whenever you have two or more brokerage accounts held in different currencies. Each trade you place is converted to your base currency and standardized so your reports can all be expressed in one common value with accuracy.