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Tracking your Trades

If you've been trading the forex for awhile, you can easily tell if you're making money or not: all you have to do is look at your trading account balance! However, it's often confusing trying to figure out how your account balance got the way it has. For instance, if you thought you were doing some decent trading through the month but your account balance still went down, how do you know where you went wrong? Perhaps your account went up for the first time in several months - how do you know what you did right that month?

You could go back through your trading history and try to figure out what trades you took, when you took them and why you took them. Then, you could try to summarize all that information into something meaningful, something you could analyze to figure out which trades worked best and which ones didn't work. There might be a multitude of reasons why you take a particular trade - hopefully you're trading with a certain "system" that you know is good, so there are good reasons why you take your trades. Often times though, you might deviate from your "system" to go with a gut-feel trade. When you go back through your trading history - how do you know which ones were based on your system and which weren't?

It's very easy to lose track - especially when you're day trading and you might take several trades per day. Swing trading is a little easier to keep track of, and position trading should be the easiest of all - with only a few trades entered each month, if that. If you don't keep a good log of your trades though, it can be a nightmare to figure out what you did right and what you did wrong even if you're a position trader. When we mention a good log, we mean keeping details of:

the exact reasons you entered a trade
what system or philosophy you used
what defined your stop position
what defined your targets
what you thought after the trade: did you execute it the best way you could, or did you deviate from your plan

You could try saving this information in a spreadsheet or a little database - but it can be very difficult to maintain and harder to review and analyze at a later date.

One of the main design goals for the Trade on Track system was to solve this tracking / logging / analyzing problem. Trade on Track makes it easy to log each trade as you execute it. You can predefine all your trade types (or have your mentor(s) copy theirs to your profile), where the trade type defines your "system", your rules for entering and exiting a trade. Then, when you enter a trade - just tell the system which trade type you are basing your trade on. You can actually attach several trade types to the one trade - and when you think about it - the more ways a trade can match your plan, the more chance it is going to be a winner!

The Trade on Track system automatically takes you through the appropriate checklist for your trade, so you can objectively enter the trade, knowing you have done everything correctly.

When it comes time to look back at your trades, perhaps at the end of the week or end of the month, Trade on Track shows you which trade types were most profitable: which ones worked and which ones didn't. You will be able to easily spot which strategies are the most profitable for you, and which strategies are losers.

Having analyzed your trades properly, you can make informed decisions as to how you should trade in future. Perhaps you should concentrate more on a particular trade type, or completely avoid something that is not working for you - Trade on Track will illuminate this information for you.

In summary, Trade on Track is a unique, revolutionary tool for tracking your trades and analyzing your forex trading style. It not only enforces good trading habits and skills as you execute your trades, but it also allows you to easily look back at your trades and analyze which systems work best for you so you can continually improve your trading success rate.