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Trading and Record keeping

  • #1
  • First Post: Apr 29, 2010 6:56am Apr 29, 2010 6:56am
I cant get the analysis of my trade stats the way i want them from some Fx companies.
Also risk allocation, comments etc.

Bottom line can anyone reccomend a journalling software for forex along the lines of something like AK-47 from Elder (has anyone used tht?). Something that cn also figure out my position size for the next trade dynamically.

Or should i make my own, i am thinking if i can get something for a few hundred (max) bucks or less its worth it, otherwise ill use excel.

What do most of u do?
  • #2
  • Apr 29, 2010 7:08am Apr 29, 2010 7:08am
Quoting Vik22
Or should i make my own, i am thinking if i can get something for a few hundred (max) bucks or less its worth it, otherwise ill use excel.

What do most of u do?
Excel and notepad is all I use

excel to detail the trades, time, entry, exits, stops etc..
notepad to give some more details and notes on the trade.

I did at one point create a VBA app for excel that not only told me my entry and exit targets, but also calculated my max position for the trades, etc.. but the app was so specific to my form of trading it was pretty much useless for anything else.
  • #3
  • Apr 29, 2010 7:11am Apr 29, 2010 7:11am
You should probably develop your own. I have yet seen an effective forex journal out there but I trip over 2-3 new equity journal sites a day. Most of the equity journals are pretty expensive, well into the hundred dollars range. So if you do find an effective forex journal, expect to pay the high piper. Most forex traders create and uses their own personal journal. I use Mead Composition Notebooks for my journal. Some traders use Moleskin notebooks and/or Clairfontain because of the quality if paper. Other traders use spreadsheet (excel) while others use online solutions such as Evernote.com.

There are many ways to keep a trading journal, it all depends on you. I write better when I think but have a hard time thinking when I type ... so I handwrite my ideas.
  • #4
  • Apr 29, 2010 7:15am Apr 29, 2010 7:15am
Quoting Jhig
You should probably develop your own. I have yet seen an effective forex journal out there but I trip over 2-3 new equity journal sites a day. Most of the equity journals are pretty expensive, well into the hundred dollars range. So if you do find an effective forex journal, expect to pay the high piper. Most forex traders create and uses their own personal journal. I use Mead Composition Notebooks for my journal. Some traders use Moleskin notebooks and/or Clairfontain because of the quality if paper. Other traders use spreadsheet (excel) while...
cool thanks man
  • #5
  • Apr 29, 2010 7:20am Apr 29, 2010 7:20am
Quoting ToxicChili
Excel and notepad is all I use


I did at one point create a VBA app for excel that not only told me my entry and exit targets, but also calculated my max position for the trades, etc.. but the app was so specific to my form of trading it was pretty much useless for anything else.
wish i could do these things, i tried to google this but to no marked success, i dont mind spending 300-400 usd, but i like jhig's idea of 'writing' instead of typing too. ty.
  • #6
  • May 12, 2010 5:11pm May 12, 2010 5:11pm
I use excel, and also keep a screenshot of my trades so I can review the bad trades to see what it is that I possibly missed in my analysis.
  • #7
  • May 12, 2010 6:39pm May 12, 2010 6:39pm
Toxic would you mind showing us your excel sheet? (more specifically how it is set up). I would really apreciate it. Obviously you can black out the speicific numbers, but I would just like to see how your excel sheets work.
  • #8
  • May 12, 2010 7:15pm May 12, 2010 7:15pm
Would something like MyFxBook work? If you are using Oanda or MT4 all the information of the trade is uploaded and there is a comments section so you can write down your notes. From there you can always d/l again into an Excel file and manipulate the data in Excel.

I think it saves a lot of the tedious work.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #9
  • May 13, 2010 7:15am May 13, 2010 7:15am
Yeah thanks again fellas. I guess i was looking for some stand alone software that would hook up to my broker direct, but seeing tht i havent even decided which broker to use (and i start this month), that is moot.

Buy yeah Excel works for me, just will import the data and can set up some easy to use functions, sharpes ratio etc. What bout stats such as MAE etc? I know this is not the same as record keeping, but is there a good software which can do various statistical tests (for confidence levels etc) on ur p/l figures, all in an integrated environment?
  • #10
  • May 13, 2010 4:45pm May 13, 2010 4:45pm
Actually was looking into PFG best, can someone refer me to any pages on FF tht discuss this broker. As of what i understand the have a good ecn feed and are ninjatrader compatible.

Ninjatrader solves a lot of my record keeping and system stats issues, that i was enquiring earlier.
Any thoughts on ninjatrader or pfgbest for that matter?
  • #11
  • May 13, 2010 6:06pm May 13, 2010 6:06pm
Google Forex Control Center. It's a stand alone program. Does a good job for me. Combine it with screenshots of your charts and a notebook your all set.
  • #12
  • May 13, 2010 6:31pm May 13, 2010 6:31pm
Quoting Vik22
I cant get the analysis of my trade stats the way i want them from some Fx companies.
Also risk allocation, comments etc.

Bottom line can anyone reccomend a journalling software for forex along the lines of something like AK-47 from Elder (has anyone used tht?). Something that cn also figure out my position size for the next trade dynamically.

Or should i make my own, i am thinking if i can get something for a few hundred (max) bucks or less its worth it, otherwise ill use excel.

What do most of u do?
Firstly I believe that good record keeping is an absolutely critical discipline to get right - the truths in your trading performance can just jump out at you if your records are well kept.

I suppose it depends on the nature of your trading plan and set-ups but my motto is to keep it as simple as possible - to make it easy for myself to keep consistent records. I found I started to loose the discipline when my records were uneccessarily complex.

So I just use excel and a notepad.. I find that some automation of formula's via excel is good, but that a less automated and more manual process helps me to stay aware of the realities of what I am doing - perhaps it helps me to see more clearly the links between inputs and outputs, or actions and consequences.. just me.

Regardless of the chosen tool, I think what is more important is the discipline and method behind your record keeping.
  • #13
  • May 13, 2010 6:44pm May 13, 2010 6:44pm
Quoting Hedginghog
Firstly I believe that good record keeping is an absolutely critical discipline to get right - the truths in your trading performance can just jump out at you if your records are well kept.

I suppose it depends on the nature of your trading plan and set-ups but my motto is to keep it as simple as possible - to make it easy for myself to keep consistent records. I found I started to loose the discipline when my records were uneccessarily complex.

So I just use excel and a notepad.. I find that some automation of formula's via excel is good,...

This is interesting, i find writing down notes by hand (even though i never always review them) while reading books, helps me process the info better along with remembering. Should logically follow for trading. thanks.

a quote "Keeping a diary and learning from your trades is as close as you can
come to a guarantee of trading success." Dr. Alexander Elder (Come into my trading room).
  • #14
  • May 13, 2010 6:47pm May 13, 2010 6:47pm
Quoting Vik22
This is interesting, i find writing down notes by hand (even though i never always review them) while reading books, helps me process the info better along with remembering. Should logically follow for trading. thanks.

a quote "Keeping a diary and learning from your trades is as close as you can
come to a guarantee of trading success." Dr. Alexander Elder (Come into my trading room).
If you want to take stats to the next level, check out TraderDNA. http://www.traderdna.com/

PDF FILE: http://www.traderdna.com/pdf/examples1.pdf
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #15
  • May 13, 2010 6:58pm May 13, 2010 6:58pm
Quoting Vik22
This is interesting, i find writing down notes by hand (even though i never always review them) while reading books, helps me process the info better along with remembering. Should logically follow for trading. thanks.

a quote "Keeping a diary and learning from your trades is as close as you can
come to a guarantee of trading success." Dr. Alexander Elder (Come into my trading room).
Indeed.. keeping a diary (in whatever format that takes) of EVERY trade you take - the good, the bad, and the ugly - is a good way to force yourself into the learning process - and I don't believe it is possible to be a consistently good trader unless you are willing and able to learn..

Obviously there are many attributes to focus on, but most relevant to your thread is the reality that good traders have good records and crap traders have crap records. And personally I believe "good records" can be quite simple.
  • #16
  • Edited 7:30pm May 13, 2010 7:12pm | Edited 7:30pm
Yeah thanks LasVahGoose,
Its 'IS' on the next level.


Wow, just had a chance to go over the site, it seems like really good software and the website has a tutorial which im hoping can help me apply these stats in a constructive manner, ie to make systems more efficient.
They also have an open offer to do a free analysis of your trades upto the last 6 months for you.


ok, only works for futures, but still...
  • #17
  • Dec 31, 2020 6:38am Dec 31, 2020 6:38am
Keeping a journal is a good way to find our mistakes. There are some mistakes that we do again and again. Journal can help us find them. Learning from mistakes is the best way of learning. So it's a good habit to keep journal.
  • #18
  • Jan 9, 2021 9:32am Jan 9, 2021 9:32am
For you to be a good trader you need to do things differently. Thsi does not mean that you should come up with some crazy ideas of how you're going to trade and then end up losing everything you have because of it. It means trading differently that some for the trades do not do some simple things such as record keeping. There are those who trade without ever writing or nothing down their trades. if you trade liekt ha they you will never be able to identify your mistakes and better yourself as a trader. Record keeping allows you to go back into all of your trades and reflect on all the things that you did to end up where you are.
  • #19
  • Jan 11, 2021 5:54am Jan 11, 2021 5:54am
Quoting CoraLombard
Keeping a journal is a good way to find our mistakes. There are some mistakes that we do again and again. Journal can help us find them. Learning from mistakes is the best way of learning. So it's a good habit to keep journal.
That's right! Maintaining record is too important, to avoid confusions and later issues. A trader stays more controlled and sorted if a good journal is in place.
  • #20
  • Jan 12, 2021 11:15am Jan 12, 2021 11:15am
Indeed. I wonder whether there are any traders who manage without one, if anything I'd love to hear from them how they do it.
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