How to Monitor Your Trading Progress

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.

Manually

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.

   Pros

• 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.

   Cons

• Time consuming
• Might miss some opportunities

Automatic Recording

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

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.

   fxblue

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.

Pros

• 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

Cons

• 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?

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Social Trading

What is Social Trading?

Social trading is essentially online networks where other traders display their profile, track record and trading strategy so you can copy all that they do and profit in similar manner as them. social trading allows you to trade in already established system without spending too much time re-inventing the wheel so to speak. With social trading the established traders gains, losses, and their entire trading history is displayed for you to view and make an informed decision on which trader you will decide to follow. Each traders strategy may be an automated system or mechanical system, either way everything they do as it concerns trading on the platform will be shown to you. One should be warned that social trading can be as risky as trading on your own if the person you are copying is not profitable or becomes unprofitable after you have subscribe to their channel.

Social Trading Platforms

There are a number of trading platforms that has been developed over the years and allow anyone, even persons without trading experience, to take part in the world of trading. Etoro is one of these major platforms that gives such exposure. With most of the trading platforms you can register and monitor the traders before taking part in trading.
ZuluTrade is one of, if not the largest social trading platforms in the world at the moment. There are persons making a fortune copying other traders successes. Take and look and evaluate.
There is Ayondo, Tradeo and a host of others out there that you can research more here. All these platforms offer multiple instruments to trade but you still have to remember your risk management.

Benefits of Social Trading

Social trading can provide you with a lot of benefits if you capitalize on this money making opportunity. Such benefits include reduced time spent around the computer trying to learn and implement a trading strategy as such you have more time to spent with your family or do other things do you love to do. You get the benefit of profiting from the effort of an entire network which ultimately increases your ROI. Social trading opens you up to Forex, Binary Options, CFDs, Commodities and a wide range of stocks. This ensures diversity in your trading portfolio and the ability to earn different kinds of income such as long term or short term and you get to participate in capital gain as it concerns growth of stocks. Social trading is speedily becoming the next preferred method to trade and it allows almost anyone to enter into the trading arena and earn an income. It would benefit you so take a look into today and follow us for more information.

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