Would you use Trade logging & Profit/Loss reporting software to plan/analyze trades?
I've got a question for those of you that use trade journals. I've always wanted an application that allows you to plan trades, log executed trades and show you historical PnL, Equity Curve plus a host of other reports in order to find your weak spots and become a better trader. So much so that I'm considering building one (I'm a software engineer by trade).
May I ask, do you use something like this?
If so, what features do you particularly like / dislike, or wish were in it?
If not, would you use something like this if it had a certain feature set?
Features I'd personally like to see in such an app would include the following, but how well does that match up to what you as a trader would want to see?
Create multiple portfolios or books with different trading goals
Logging trades to portfolios which then calculates the live PnL (value) of the trade
Reporting to show historical PnL, Equity curve graphs, live equity / PnL
BM and I have had our try here: Trading Metrics for journals/record keeping
Or rather still have, as it is an ongoing project, at the moment I am trying to convert large parts of the Monte Carlo calculations to VBA..
But it does only a fraction of the things you mentioned....it might be a starting point though.
Hic Rhodos, hic salta.
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Put your superpowers to building a super strategy that pulls ticks/pips out of the air...
I do not need it personally. I do not believe as a discretionary trader that analyzing your trades to the nth degree is of value. I believe you let go of your trades, but if you have specific setups and you can't figure out what you are doing wrong with your trading then it is of value.
There are different types of people in this world and some love to analyze, analyze analyze... Others, like to push the button, others like to talk about it, etc..
NT does everything I need.
This question might be in the wrong area in the forum though.
I'll update that as soon as I'm back in front of my pc, as I have no idea how to do that on an ipad....
If you want to have a look in the meantime, it's one of the sticky threads in psychology and money management subforum.
Might be more cost effective to just use one of these. Not sure what your hourly rate is or how long it would take to build something along these lines but these are pretty reasonable. I have used the first one and i like it.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris