The Forex Smart Tools Trade Log offers some of the functions of a mini-spreadsheet in the form of the Calculation type custom parameter. To understand its use, we present a series of examples for you to study.
Question: I use a broker that has a commission on the opening of a trade and the close of a trade. The import from MT4 brings in the commission on the opening, but not the closing commission. I want to set a custom parameter, so I can go back in after the trade and add that commission and see it separately.
Answer: Work with new custom parameters as shown in these steps:
1) Create a custom parameter of type: number for your closing commission as shown below. Here we title it Commission on Close; you can of course title it as you like. Check it on √ and enter a value for the closing commission of a trade you are working with now in the trade input tab.
2) Create a custom parameter of type: calculation called Total Commission, as shown below. Double-click on the word commission from the list of parameters shown in the window (this is the standard commission parameter that comes with the Trade Log). Then click on the plus sign from the list of operators at the bottom of the dialog window, or type a plus sign in. Then double-click on the Commission on Close parameter from the list, which is the new parameter that you just created in step one above. If you’ve entered some numbers into the current trade input tab, then you’ll see an example of what the result of your calculation will be in the green readout at the bottom of the window. Choose how many decimal places you want to see (typically two). Click save.
3) You can line your parameters up to display on the trade input tab as you like from the settings menu at the top of the Log, under settings > trade input > layout. Here’s an example where we line the three commissions up vertically. Notice the calculation parameters are shown in green in the layout map.
4) As soon as you enter some numbers in your commission on close, it will be automatically added to the commission you imported from your statement. It works instantly like a mini-calculator for you:
5) Important Note: In the Trade Log, Commission is ALWAYS subtracted from the gross profit or loss to derive the net value. (This is different from swap, which is added or subtracted based on whatever is entered, since swap may be given to you by your broker too, but commission is always a fee). In other words, you can enter a commission of $40 or $–40 and it makes no difference; it will be subtracted from the gross. This is NOT the case with the value you are entering as the Commission on Close, so be attentive as you enter that value. If you want to see the cumulative amount of your commissions then make sure to enter it using the same sign as your broker reports it to you. If your broker reports your commission upon open as –40, then make sure to also manually enter your commission upon close with a negative sign. If your broker reports your commission upon open as 40, then make sure to also manually enter your commission upon close without a sign, so it is positive.
6) You’ll now be able to also turn these parameters on within the analysis tab for your reports. These parameters do not show up in the summary tab though, as only parameters of type option can be displayed there. You’ll also not be able to have the net gain or loss of the trade automatically reported for you in the net value that the Trade Log automatically calculates, but here are two ideas for what you can do about that:
a) Create a new custom parameter called ‘Actual Net’ (or a name of your choice) of type calculation and create a formula that calculates the net value from all the separate component parts, as shown below. In the list of parameters, [value] represents the gross value. Note carefully the sign shown before each of the parameters. This works alright, but it does have the disadvantage that the true net (which you calculate here) does not show up in the summary or progress tracker values used, and your balance will not reconcile correctly either, as shown on the edit equity of the account tab.
b) An alternative approach which will probably be better in the long run would be to let the Trade Log do the math for you to easily show you what the total commissions are, as shown in the steps 1-4 above, and then to manually go in and change the true commission parameter to reflect the aggregate total commission you are charged. This way the true values are carried forward into the summary, progress tracker, analysis and accounts tabs throughout the Log. if you wanted to keep track of it the opening and closing commissions separately going forward, ou can easily set up another parameter called commission on opening so you could copy that amount into it first before you change the commission to be the total commission.