It is recommended to keep a record of your trading career to track your trading progress. This will also enable you to verify your track record when necessary if you decide to go public with your trading to attract customers/investors. There are a few ways you can track your trading journey which will be the highlight of this blog.
A good way for beginners to track their trading career is by doing it manually and keeping a trading journal. This will enable you to record information that surrounds your trades. Trading journals can either be done in soft copy using excel or a similar program or hard copy using ruled pages. Either way it is recommended that you keep a journal for all your trades.
- You can record psychological information such as reasons why you make the trade, reasons why you chose the stop loss or take profit you did.
- You get the opportunity to record news events that affected your trade.
- Time consuming
- Might miss some opportunities
There are also automatic ways to record your trades that frees up your time to trade some more or learn more. Automation is fast becoming the wave of trading today and automated tracking of trades is no different. Two system/tools are listed below that assist in automated recording of your trades.
Myfxbook is an excellent source to keep a track record of your trading journey. It can be connect to MT4 and MT5 as well as other proprietary trading platforms. It will record all your trades once you link your trading account to your Myfxbook account. It provides extensive analysis on your trades and and your overall trading career. Myfxbook is one of the premier sources for trade tracking and verification of your trading skills.
This another source for tracking and publishing trades to the internet community. It is similar in features to Myfxbook and also provides a number of tool to get you started. The service provided is free of charge to users and it allows you to either keep your statistics private or publish them for growth of your circle of followers. fxblue has been around since 2009 and is a trusted source by all types of traders ranging from regulated money managers and hedge funds through to private individuals scalping the markets from home.
- Time efficient
- Comprehensive display and analysis of your trades
- Ability to share with a wide circle of people
- Provides Daily, Weekly,Monthly and Yearly breakdown of your trades. As well as trade by trade analysis
- Need to create an account with a broker as well as an account with the automatic tracking providers.
At the end of the day it is imperative, if you want to progress, that you track your trades and the statistics of your trading career. Also the benefits of using an auto-tracking system is far more efficient than trying to do it manually. Do you track you trades?