I’m currently FxTrade for trade from Oanda. As said in other thread in this forum, I really need a trading performance analytics software to keep track of my trades and performance. Most seems to supports MT4 only (MyFxBook).
My question is:
1.is there any pros and cons to trade in MT4(third-party) and FxTrade (Java-based)?
The java client is much faster at getting your orders in, and allows custom unit sizing. But the charting is junk. I use the java client to enter my orders but MT4 for analysis. You can not use myfxbook without mt4 I looked into this myself. But I get off quote errors or really laggy action from the MT4 for entering orders. So I refuse yo use it. It’s really not worth it if your sitting there for like 30sec to 1 min waiting for “order processing” it kills your entry. You are just going to have to do journaling the old fashioned way. Unless you use your live account on java then duplicate all your orders on mt4 for myfxbook to analyze. But that just takes to much time and distracts me from my real trades
The fx trading platform has come into its own since the late 1990s as a utility provided by brokers to be used by their online customers. The MetaTrader 4 platform is designed by MetaQuotes and is for traders who trade not just foreign exchange but also the CFD and Futures markets. If you like fx trading platform you should go for is this
Thanks for your responses. Initially i also thought of duplicating the trades in MT4 but it’s just too time consuming. I have some excel records format but it’s a bit hard to force a habit to record every trades. Looking for some opportunities for automation.
Can you share the system you are using to record now? What are the useful indicators that might help us to improve our skills overtime? Appreciate your sharing
My method is as old school as it gets a notebook. The I take all my trades of the day plus Entry,exit, SL , TP, and any scale in or outs and a chart and post it in my thread. I use some spreadsheets but only for calculations. Everyday I spend atleast 1hour doing just journaling. Every week I review my charts and past trades. Every month I do a statistical analysis by hand. So yeah it takes a butt load of time. But you get out what you put in. Key numbers I use to track myself. Sharpe, average win, average loss, win rate, risk reward, profitability %, and max drawdown.
Forex Trading: Market Maker Vs. ECN
ECN all the way!