Are you wondering why you aren't profitable? Just having a good strategy isn't enough.

 

Add up to our trading simulator's backtesting superpower with the Forex Smart Tools. The Forex Smart Tools Calculator and Trade Log are created to help you become intelligent Money Managers and gain you entry into the elite group that actually makes money trading Forex. It's precise Money Management that is the secret that all Professional Traders know.

For more information go to Forex Smart Tools site. The ForexSmartTools Calculator is designed to display your assets in your own currency in however many digits your broker uses. Clear All button wipes the slate clean for that one currency pair only. Software to copy trades between MT4 accounts.

Top free tools and widgets for forex traders

The Forex Smart Tools Calculator and Trade Log are created to help you become intelligent Money Managers and gain you entry into the elite group that actually makes money trading Forex. It's precise Money Management that is the secret that all Professional Traders know. It takes more than just great strategies, robots or signal services to be consistently profitable.

For each separate brokerage, enter your base currency, then enter the brokerage name, account number, what currency you hold the money in, the lot type, and equity amount. The Trade Log accommodates both Spread Betting brokers and traditional brokers. See each account independently, or combine your results for all brokers at once.

Spread betting is often accomplished on brokers' platforms that ask for trade sizes to be entered as amount per pip or amount per point. Both the Calculator and the Trade Log now work with this format. Within the Trade Log, you create accounts and designate them as 'spread betting' or 'standard, mini, micro or unit lots'. Based on that selection, the trade input page is instantly modified to display the position size in the correct format.

To be a profitable forex trader, manage your trading like a well run business. Recording and carefully analyzing your trades is a major factor of success. Records every trade from all your brokers Reduces losses by identifying weak points in your strategy Increases profit by analyzing entries and exits Sorts trades to see what's working and what isn't Stores screenshots and video of each unique trade View equity curves for any parameter you set up, such as strategy, currency or timeframe A well-maintained Trade Log becomes your own personal accountability coach.

The Forex Trade Log - Trade Input Enter the data about each trade you take on the Trade Input tab, so you may then use that information for record keeping, analysis and tax reporting. The Forex Trade Log - Summaries The Trade Log Summary tab shows you the key results of your trades sorted into a customizable format that is easy to analyze and understand. It quickly figures in Bid and Ask for you and has the ability to calculate in standard lots, minis, micros, macros or units.

Quick and easy calculations show you where your Stop Loss and Profit Targets are and what they will look like on your chart. The Calculator shows you the percent gain you stand to make, as well as the percent loss you will incur if the trade doesn't work. In this way, you will always know exactly how much you are willing to risk for each trade. Extra options are built in for those who use Stop and Recovery strategies, or those who want to find their Break Even quickly when in a multi leg trade.

It keeps an accurate log of all the trades you take, by day, week, month and year. Make your tax reporting easy. Compare your different strategies, trading times of the day, patterns and see what is working best for you. Become your own Accountability Coach. Use the Trade Log Projected Annual Returns page to let you look to the future and set realistic trading goals. Certain currencies are going to be more volatile in different amounts of time.

A volatility calculator will show you which currencies are volatile at which points in time. You wake up and immediately check your Economic Calendar to see which fundamental announcements are coming today. You then check the Time Zone Converter to see which markets are currently open.

You decide to trade the pair and mark your in, stop-loss and outcome in your Trading Journal. You must be logged in to post a comment. Our site uses cookies to enhance performance and functionality of the site, and improve your browsing experience. Continued use of our site, or related products and services, constitutes your agreement to our use of cookies.

Please see our privacy policy for more details. We use cookies on this site. Continued use of this site means you agree to our cookie use and Privacy Policy. Raising awareness -- and funds -- for breast cancer patients.

Contact Us Search Login. By Market Traders Institute. Most forex traders use an economic calendar, charting software, timezone converter, volatility calculator and a trade journal to successfully trade full time.