UPDATE (Nov. 13, 2022): This is one of my oldest posts and since I wrote this, I've found much better trading journal solutions. You can see my current recommendations here.
If you do not like to record your trades like I do, then this may be the solution you have been looking for.
In a previous post, I showed you how to get Oanda to work with MyFxBook.
In this post, I thought I would take a step back and show you what it can do.
The best part about this site is that it is totally free and you can post your trading results from MyFxBook to a widget on your website or create a link to your reports to show potential investors or other traders.
There are a lot of metrics that you can view about your trades.
These measurements can help you discover things like: why you may not want to trade on Tuesdays or you may need to do more backtesting in the EURCHF.
As a side note, I actually tried to create a trading log like this in Microsoft Excel, back in the day.
It just got too complicated and I felt that I was wasting my time developing that spreadsheet when I really should have been backtesting and figuring out a way to trade better.
I resigned myself to using a simple spreadsheet instead and using very simple analysis.
Using the interbroker capability of Metatrader, these reporting websites can now update your log automatically and provide more information than you ever imagined possible.
Anyway, here is the video:
Click here to get started with MyFxBook.
There are a few out there. I usually use MT4i. There are 3 ways to connect to your platform (MT4, MT5 and also for those who trade on FXCM Trade Station II) there is a way to sync up to your account. Not only MT4.
I find that these FREE tools/resources are very helpful especially if you are the type of trader that has a habit of micro managing your positions. Now you can look at your trades without even open your MT4 platform. This will help you build the confidence in letting your trades play out.
I would recommend giving it shot either MyFxBook or MT4i.
Rudy
Thanks, I have heard the same thing from others. I did sign up for an account, but I haven’t looked at it as closely as with MyFxBook. The interface isn’t as impressive, but as long as it works, it doesn’t matter. I’ll check it out this week.