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Are you looking for ways to improve your forex trading performance? Do you feel stuck not sure how to proceed?
99% of the chance the answers are in your trading journal. It is through reviews of proper recording and journal keeping a trader improves.
If you are looking for a journal and money management tool, you are in the right place. In this post, I am going to show you an excellent tool that I have been using in my trading.
What is Forex Smart Tools
Forex Smart Tools is a great addition to your trading toolbox. It consists of an advanced trading calculator and trade log. It is full of features, easy to use, and affordable.
Without further ado, let’s find out more about Forex Smart Tools now.
Forex Smart Tools is a set of tools that aim to make you a smarter Forex trader.
By keeping a trading journal, trade with proper money management, and correct position size.
The tool is designed to achieve just that. There are two applications within the package: Trade Log and Advanced Calculator.
Let’s look into each of them in more detail.
As the name suggests, a trade log is an application that allows you to record every trade you take. It is a fantastic journaling tool for Forex traders.
You can choose to record each trade as simple or complex as you like.
A simple record would show details like currency pair, entry and exit time, profit and loss in pips or dollar, and direction of trade.
A complex record would include details like trade notes, screenshots, lessons learned, and additional parameters. You can also create custom parameters for your tracking.
Analyze your performance
After recording your trades, it is time to analyze your performance.
The Trade Log offers different ways to analyze your trading performance. You can view a summarized view of your trading over daily, weekly, monthly, yearly, or any customized period.
One of the useful features of the Trade Log is the ability to export a particular trade record as PDF. You can always find something to improve from reviewing trades.
The above are just the main overview of the Trade Log application. Trade Log offers a lot more. Here are some of the important features:
- Add unlimited screenshots
- Add notes about each trade
- Share trade results with others
- Track each decision point you used
- Auto-summarized by currency pair or hour of the day
- Able to add a link to your video in the journal
- Easy database backup
- Export to Excel Spreadsheet for more analysis
- Trade unlimited brokerage accounts
- Isolate any element of your trade plan for in-depth analysis
It is a complete journaling tool for forex traders.
The first step to protect your trading capital is to trade with the right position size.
Size does matter!
Hang on, I am talking about Position Size, what are you thinking about?
Trading a long term game. The right position size will maximize your returns and minimize your losses and keep in the business for a long time.
On the other hand, the same winning trading strategy you are using right now could potentially be more profitable by fine-tuning position size.
Forex Smart Tools includes another great application to help traders manage position sizing.
The Advanced Forex Calculator
The core of the Advanced Calculator is adjusting position size according to a fixed percentage of your account. You need to set up an initial risk profile before starting using the calculator.
Risk: How much money you might lose in a trade
Advanced Calculator allows you to manage multiple accounts in one place. It makes it easy for you to calculate the correct position size for different accounts.
Here are some important features of the Advanced Calculator:
When you have a multi-legs position, being aware of your breakeven price is helpful. The Breakeven tab calculates the breakeven price of your positions swiftly.
Quick Position size calculator
If you like a quick calculation of position according to your stop size, the Turbo tab of the Advanced Calculator will be handy to you.
Just enter your stop size (in pips) for the currency pair of your choice, it will calculate the position size according to your risk profile.
Plan your trade, and trade your plan.
It helps to have an overview of your risk plan handy before open a new position.
The Advanced Calculator Trade Plan tab allows you to plan your trade. It puts all the important details at your fingertips.
For advanced traders, the Advanced Calculator is a powerful tool. It can work with advanced trading styles such as:
- Stop and Reverse
- Open-leg Cost Average
- Closed-leg Cost Average
- Fixed or Variable Scale In Grids
Who should use Forex Smart Tools
The smart traders.
Traders who are serious about trading. Forex traders who are looking for a complete tool for journal and money management.
How much doest Forex Smart Tools cost
The Forex Smart Tools offers different price packages to suit your budget. You can choose to try out for few months, purchase Trade Log or Advanced Calculator individually.
Here are the details of the 3 packages:
The Try It Out
This package includes both the Trade Log and Advanced Calculator. It is best for traders who want to try out the software.
For 1 computer, it costs 5 monthly payments of $25.
For 2 computers, it costs 5 monthly payments of $40
After the 5 payments, you own the Forex Smart Tools Pro outright.
Trade Log (with FREE access to Advanced Calculator)
If you prefer to purchase outright, Trade Log costs a one-time payment of $95 for 1 computer or $175 for 2 computers.
With this package, you also get the Advanced Calculator application for FREE.
If Advanced Calculator is all you need, you can purchase it outright for a one-time payment of $25 for 1 computer or $40 for 2 computers.
What is Forex Smart Tools – Final Thoughts
As an independent trader, I always look out for high-quality trading tools to enhance my trading performance. It is through the constant fine-tuning of the process, we can achieve improvement.
Forex Smart Tools is a well-designed tool that makes independent Forex trader’s life easier.
Professional traders understand that If you manage your risk well, you will go a long way in this business. Forex Smart Tools is one of the best tools around that can help you achieve that.
I am happy to recommend Forex Smart Tools. It is also listed in my recommended tools article here.
What is your favorite trading journal and money management tool?
Do you have any questions or comments? Feel free to drop me a line in the comment section. I am happy to help.
Frequently Asked Questions about Forex Smart Tools
Can I try out Forex Smart Tools before purchase?
Am I able to import statements from my broker?
You can import your trades directly into Trade Log from MT4 or Forex Tester. Besides, the Forex Smart Tools team offers a Software Development Kit (SDK) to programmers to create their import wizards for their brokerage platform.