Trade Journal is a must for any serious trader. Trade log lets you to that with some great features that you can customize in almost anyway you want. Calculator is also great as you can learn to manipulate risk management in your favor.
I could and would not trade without it now. It is expensive but I do believe it will pay for itself with trading profits if you learn to use it correctly.
These tools are for those serious to earn a living via Forex. I am thankful to Peter Thorpe the owner of www. I purchase the Professional Pack comprised of 3 software: Instead, I think I should have it earlier. They understand what are expected from us. Here is not teaching us a strategy but how to verify its effectiveness.
These tools and its back up service act like my trading partner, teaching me useful stuff other than a strategy of being a real trader, teach me what is right and wrong. They are Gold to me. The disaster in this industry is we have too much information about forex. I have friends who have spent years in study forex but end up cursing it because forex kept making him losing money. If I knew these last two years, I believe my forex journey would have much easier.
I am honest on this. I feared it might be just a glorified spread sheet, though still an upgrade to the note books I was using. My fears were happily completely misplaced. I can easily record my trades and mine them for weaknesses and improvements. There's no doubt this will be the industry standard for serious retail forex traders. From my very first lesson about Forex trading a trade log was listed as critical. But they are extremely labor intensive to keep by hand.
Although I have only used ForexTradeLog and Calculator for a short period of time, it has already improved my thinking about trades. Now, what is important is the result of each technique that I use. Trade log makes it easier to keep track precisely what the result of each technique is. I am still ramping up my usage, but I won't be trading without it. This is a well thought out product. The extras on the web page are great. Definitely worth the cost!
People say the success to any business venture is to "find a need and fill it. Every successful trader knows you have to document your trades and review them to keep from repeating your mistakes. The added functionality of being able to statistically review a complete trading plan from top to bottom is just icing on the cake. Drilling down in data to pinpoint when your trades are executing at their optimum point is quite frankly worth it's weight in gold.
Having a place to record almost any piece of data is priceless. Use the TradeLog like you're supposed to and you will come to one of two conclusions. Either your system is working or it isn't. Keep trading a system that isn't working and count on seeing your trading account disappear. If you're just poking around and fiddling at this 'business'; just keep on truckin. I can only say that signing up for this software has been the best thing I have ever done in my Forex career so far.
I have learned through the very informative videos the importance of money management. Having previously used a spreadsheet for logging my trades, both demo, live and backtesting, it was a pretty messy process. What was difficult for me was to be able to view historical trades in an efficient and seamless manner. Attaching the screenshots into the spreadsheet itself seemed to be the solution but clearly it was not viable with the file quickly blowing out to c.
Having little expectations with the Forex Smart Tools i. This tool, coupled together with the Forex Tester 2, has taken my understanding of my trading strategy to an entirely new level. More importantly, it has allowed me to speed this process up which is very important given the significant amount of screentime required to become successful in my eyes atleast!
I'm a believer of continuous incremental improvement and this tool is no exception. Thanks Mindy - your help and personal service has been much appreciated. I'm just going to echo what has already been stated here. Customer service is absolutely phenomenal. Being a relatively non-techie guy in that I don't program--I know how to use technology: I had a somewhat detailed question on the technical capabilities of SmartTools--particularly with regards to the integration with Forex Tester.
And much to my surprise, not only were my questions addressed rapidly, but were addressed intelligently--demonstrating a thorough understanding of what it is I was trying to do.
While unfortunately, the current limitations of ForexTester prevented a solution from currently being achieved, I was nonetheless thoroughly impressed with their response and with their willingness to attempt to see if those increased capabilities can be integrated in the future.
Additionally, they offered some possible "workarounds" for the present. I had been trying to track this type of information that one will track in Smart Tools in an Excel spreadsheet.
To say it was cumbersome to do in Excel would be an understatement. Not to mention, at the end of the day, I had all this data and didn't know what to do with it!
The Tools analysis functionality and intuitive interface thoroughly explained in the numerous and detailed online tutorials finally helped breathe some life into this data.
But unlike my Excel spreadsheet, much of the tracking becomes automatic. And even in absence of being able to automatically export certain information, the custom parameters functionality allows one to manually enter the information for later analysis and since I was manually entering this information into Excel anyways, providing a user friendly interface just made the process much easier.
Additionally, it is clear the staff wants to develop a program that actually is useful to traders. I very much look forward to future fully tested releases. Not being a "beta tester" guy, I have not taken advantage of the beta releases.
But many of the items they are working on in beta will be great additions to the software. And they are seemingly always looking to add to its functionality.
If you are serious about money management. If you are serious about understanding why your trades may work some of the time, and why they don't other times. If you are serious about making FX trading not just a hobby, but a profession or at least a nice paying part-time job , then you HAVE to add ForexSmartTools to your toolkit. The price you pay, including the excellent support, is a FRACTION of what you will spend in terms of time and effort to recreate the same thing yourself. They've already done the "heavy lifting".
I only wish I had this tool when I started my FX career 3 years ago. But then again, I may not have seen the value in it back then. But as a nearly full-time trader now, I can't imagine NOT having it. If you're a new trader, you likely won't recognize its value just yet. And if you take the time to go through their tutorials now, you may just be one of the lucky ones who avoids the mistakes most traders tend to make early in their careers.
And it should be treated as such. And having DATA is paramount to maximizing the success of your business. The ForexSmartTools not only helps track the data, but helps organize it in useful formats.
The only thing I was missing was an equity curve, but after requesting the idea and explaining the added value it was added a couple of weeks later: Their service is awesome! And what I personally find very valuable is: ForexSmartTools is designed by two traders the Pods as they call them self! You will notice this immediately as it is focused on trading and how to improve the results and it is trading-process focused and not how-many-gadgets-can-I-add-for-my-sales.
So no online exposure of my trade capital, trades or the risk a service is getting overpriced or discontinued leaving you empty handed with a terminated online services. Now I don't want to be negative about online trade logs however in my opinion once a trader start full time trading and perhaps also trade other peoples money privacy starts to put much more pressure on your choice of a trade-log and also how to guarantee your client privacy.
So using ForexSmartTools that stores its information local on my disk was a nobrainer: I've been using FST now for 2 years and still like it a lot and can recommended to every body who is serious to improve their trading. As Alex Elder mentions in his lectures and his excellent trading books: Live discussion Join live discussion of ForexSmartTools.
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