See how these trade management tools can improve your trading performance
All the Trade Management Tools you Need in One Place
TradesByTheBook provides you with a number of tools that you can use to improve as a trader.
When managing a trade we follow the mantra of:
PLAN -> RECORD -> ANALYZE
The features below are designed to assist you in each of these mindsets.
General Features
Trade Planning Tools
Trade Recording Tools
Trade Analysis Tools
Check back regularly as we will be adding features all the time.
General Features
One Single Place to Manage your Trades
If you accept that you should (a) plan your trades before you make them, (b) record all of your trades in a diary and then (c) analyze your performance to learn what is working and what is not, then it makes sense to have all of those tools ina a single place: Welcome to TradesByTheBook!!!
Continuous Self-Improvement
Educating yourself should be your life's ambition not a one-off task. Read the TradesByTheBook blogs for more thoughts and advice. Keep studying and reading trading literature. Never stop the learning.
Trade Planning Tools
Risk Calculator
Use the Risk Calculator to determine your risk before you place a trade. This will show you how many shares to trade to limit any potential trade losses and prevent big drawdowns on your account.
Trading Strategies
Write down the exact details of your trading strategy to stop you placing trades in an ad hoc manner. Your trading task should be to follow your plan, not make subjective decisions on the fly. Doing this will allow you to review your strategies in an unbiased manner
Goal Designer
What's your goal of trading? Create a financial goal and see what trading performance would be required to achieve it. Then you can determine if your goal is realistic or not.
Checklists
Creating a pre-trade checklist serves as a way to remind you of your steps before placing that trade. Often you need to slow-down and remove the emotions from your actions. Stick to your plan. Some sample checklists are provided.
Economic Calendar
Trading awareness! Be aware of any financial events occuring in the near future. Depending on your strategy you may wish to avoid trading near economic news events or announcements.
Trade Recording Tools
Trade Diary
Record every trade that you make (open trades, closed trades & planned trades) in your trade diary. Only by being honest and responsible with yourself by logging all trades can the analysis of your trades be complete.
Equity Curve / Balances
Log each balance from your brokerage accounts at the end of the day. View your equity curve to see your progress over time. We want to see a steadily increasing curve with small drawdowns.
Add New Trade
Enter each trade into your diary. Record entry,stop,target. Record the specific strategy used. Multiple exits can be entered (scaling-out of a position). Include any trade dividends. Attach notes to document your thoughts, market conditions, setup criteria etc.
Import Trades
To benefit from the TradesByTheBook why not add all your historical trades into your trade diary? Import a full list from csv files, which are generally downloadable from your trading brokers.
Trade Analysis Tools
Statistics
Report the performance of the closed trades in your trade diary. Filter on different parameters to see what type of trades have been successful and see which were not. Filter by diary, date, strategy, ticker, trade direction.
Performance Analyzer
Based on an analysis of your performance TradesByTheBook reports your performance under a variety of different headings. See a report of your annual Profit & Loss that can be used for your end-of-year records.
Backup
Serious traders take responsibility for backing up and storing their trading records. Do not rely on anyone else.
Discipline-o-meter
OK, so it's just a game and not really a formal way of analyzing your trading, but can be an indication of good trading discipline and performance.
TradesByTheBook
