Using a Parameter for Pending Trades
You can use the Trade Log to help you monitor what setups are starting to look good for a possible trade. You can even assign each setup a grade, time-to-enter estimate or any other rating system you choose, and of course you can print this list to have close at hand and help you stay organized.
Creating this watch list as you size up your trades has the additional advantage that it gives you a jump-start on filling out the information in the Log for each trade you actually do end up taking. And you can also journal about your pre-entry decision-making in the Log, which is very helpful to review as well.
Start by making a custom parameter called PENDING or WATCH LIST of type “option” and create options within the parameter. In the video we use three choices: Really Soon, Kinda Soon and Keep an Eye On. Create whatever options are meaningful to you and appropriate to your strategy.
Then begin a new trade on the Trade Input tab, and set Pending to the option for that upcoming trade (eg. ‘Keep an eye on’). Input the currency pair, broker, direction, screenshots, notes, and any other parameters you wish. If you eventually end up not going into the trade, you can just delete it.
Having set it up like this in the Trade Input tab, it now qualifies as an open trade, which means you can see it in list form on the Analysis tab. The analysis tab is designed to only show completed, closed trades – with one exception: the preset called Open Trades, which is perfect to use for this purpose. Click Edit next to the Open Trades preset and turn on the Pending field so that column shows up.
If you have many such trades in your watch list, you can click the top of the Pending column to sort the trades alphabetically. If the order of your watch list names or choices is important to you, choose names that work with the alphabetical sorting of the Analysis tab. For example, you could name your options: 1-Really Soon, 2 – Kinda Soon and 3 – Keep an Eye On. By using the prefix 1-, 2- and 3- you gain control of the ordering, while still being able to use descriptive words.
Remember – open trades never show up on the Summary page. Summary is only for closed trades, so these pending watch list trades will not influence your summaries.