Trader’s diary – a piece of paper, a table, a program that includes all data about the transactions: the amount of the transaction, the type of asset (currency, stocks, etc.), the date of the transaction (opening and closing), the result (income loss), amount of commission, swap, applied tactics, etc. The diary should contain everything that can be useful for the subsequent analysis of transactions. The simplest free trader diaries are on the Internet, sometimes the brokers themselves offer paid services.
Why do I need a trader diary:
- The trader’s diary allows you to systematize transactions and analyze strategies for a time period. By grouping the data by a certain criterion, one can understand the reason for the unprofitableness of the strategy. For example, at first glance it may seem that the problem is in the wrong setting of orders, but in fact it may be that the problem is in the trading period;
- the diary shows the trading efficiency by displaying the statistics of profitable and losing trades, their successive frequency, etc .;
- for self-discipline. After analyzing the number of transactions and their opening, you can understand what time is spent unproductively.
The diary is especially needed by those who work with different brokers or with different trading accounts. At the time of filing the declaration (important for those who work with foreign brokers and large sums), the trader’s diary allows you to quickly reduce all profits from transactions for the reporting period and convert them into a single currency.
- Important: MyFxBook monitoring and diaries partially overlap, but still are complementary services. When filling in the diary, it is recommended to make screenshots!
Types of trader free and paid diaries
If you do not take into account the manual records, then the free diaries of the trader can be divided into two parts: diaries in Excel format and professional programs. Excel diaries can be easily customized for your own goals. You do not know how to work with Excel formulas – order a diary on the freelance exchange. An example of such a diary is Rezvyakova’s journal.
Automatic programs have much more powerful functionality. In addition to graphical analysis, they are able to analyze equity, backtesting, overlay data, etc. In their arsenal of technical tools (profitability, expectation, etc.), more than 60 graphs and diagrams, diaries can help to calculate the lot and build their own risk management system. Source data can be loaded with MT4.
Examples of automatic diaries:
- PirateTrade. One of the most professional programs for maintaining statistical information. On the developer’s site there is the possibility of a 2-week demo version of a free trader diary. This diary recommends Finam (rental price – 2.5 thousand rubles per year);
- Marketstat. Another popular program of statistical analysis, the rental price is $ 79. US for the year;
- MaxProfit. This free diary of a trader became one at the end of 2015, because the author abandoned the project. If we break our head, then the issue of key generation is solved (how-look on the Internet in the forums);
- TAWorkBook. The program, which is already more than 10 years old, is free, but with little functionality, is only suitable for recording transactions, but not for analysis.
Resume. Free and paid trader diaries will be useful to those who work with speculative short-term strategies, trading advisors and several assets (accounts). They allow you to analyze Bektest, find strategy weaknesses and optimize your time.