And it makes perfect sense. The most common analogy you’ll hear is that no professional sports team will walk on the field without a clear game plan based on stats from their previous games, and stats from their opponents’ previous games. Any team that doesn’t is at a clear disadvantage. It may take them most of the game just to figure out what they could have known in the locker room before walking out, and by then it’s often too late.

In an emotionally charged game like trading where the tiniest change can make a massive P&L difference, it is imperative to know where your edge lies. But as an active trader with limited free time, the admin of keeping stats on every trade can take longer than the trading itself. This is where analytical software like Journalytix can make all the difference.

A few months ago, as a prop firm looking to hire new traders in remote locations, my business partner and I were trying to brainstorm how we could monitor new traders applying to trade with us. Without having to go through and interpret their brokers statements every month. And to make sure we allocate cash to the right strategies, and traders that were able to manage their accounts responsibly. He mentioned he’d heard that the Jigsaw developers were developing new journaling and trade analytics software that was able to plug into a variety of different trading platforms. We contacted them immediately to find out more and had some test accounts set up shortly after. As a product in beta testing they worked tirelessly with us to get everything working smoothly. Since then it’s been working like clockwork. We can onboard and start monitoring traders’ stats in real-time in just a few minutes.

But it’s for the individual trader where Journalytix truly comes into its own:
• All trades are pulled from your trading platform and are there for you to journal at your leisure. You can add charts, rate your performance, make notes etc.
• A “Day Overview” where you can easily view latest news releases, economic releases, view the days trade performance and risk, open and closed trades.
• On “My Dashboard” there are charts showing your equity curve, trade distribution and performance charts by hour and week which tells me at what time of day and which days I’m most active and profitable. And then at the bottom of the page all the detailed statistics of your trading which can be filtered by date, instrument, strategy etc. All this information is incredibly helpful in filtering out what is working for you, and what is not.

If you’re not already keeping a detailed journal and monitoring your stats then its time to get serious. Trading is an extremely competitive game that only a small percentage of traders get to win at. If you’re not prepared to give yourself the best possible chance at success, then your money is better spent taking your family on holiday.

If you’re a consistently profitable forex trader and feel that some extra funding and guidance is all you need to take your trading to the next level, then contact us now to find out if we’re able to help.

Please send your enquiry to trading@cygnettrading.com.au