Analysis of tradesThursday, 27 July 2017 03:41
The secret of successful trading is, indeed, in constant practice. Beginners first learn to trade on a demo account, and only then they open real accounts. The whole point is not to trade as much as possible, but it's important to analyze the deals. We will talk about it below.
One of the most significant aspects of the foreign exchange market is an ability to restrain yourself from slow reacting or too fast actions. However, it is necessary to analyze the previous experience and draw conclusions to know what to do. It is important to pay attention to the periods of trade, the general market sentiment, and the world news that could cause a substantial price movement, etc. In general, there are a lot of factors, and it is challenging to trade without a particular program.
It is possible to analyze the trading activity and its results with the help of the transaction log. It is software connected to the terminal. It is not a standard application, so many developers have tried to come up with their concept of the transaction log. However, the functionality of the program is unchanged, which makes it popular among the participants of the foreign exchange market.
What is a transaction log
The trader's transaction log is a multifunctional program with a simple, intuitive interface that allows analyzing trade statistics professionally. The application saves, organizes, and presents information about deals in the requested form.
The program has a huge number of parameters. An example can be seen in the figure below:
The transaction log performs the following functions:
- Saves the data on all trading operations;
- Tracks the dynamics of the account in real time so that a trader can see the position of all open orders;
- Within a few seconds, it will generate a report on trading activity for any selected period;
- Analyzes the profitable and unprofitable positions on a daily basis.
In fact, the application captures all the actions and the results of trading operations. Having filtered all the data, a trader can view the current situation as well as study the history of transactions. A particular advantage is a thoughtful interface. Due to it, a trader immediately understands how to work with the program even from the first time.
Advantages of use
The program is suitable for traders of any level regardless of the strategy used. It will be equally useful for scalpers, investors, aggressive speculators, and developers of trading systems. If a trader spends a lot of time working on a currency exchange and intends to improve the skills, he just needs the program because it has built-in features:
- 15 options for graphical display of analytics;
- a calendar to return to time and learn the details of any trade;
- a diary of a trader that is manually filled in;
- the algorithm of mathematical calculation revealing the ratio of profit and loss;
- algorithm for analyzing trades made on different trading platforms;
- algorithm for sorting trades based on the results of transactions, time, assets, etc.
- loading operations from reports generated in other terminals.
These properties make the log an indispensable tool for any trader. Having installed the program, a trader will analyze the work and improve his technical skills. You will learn to think differently, and it will surely bring great profits in the future.