Day Trade Log Review
One of the most essential parts of day trading is keeping a day trading journal that will help you track your progress and allow you to analyze your trading habits. With Day Trade Log you’ll have access to their proprietary trading journal spreadsheets created for active traders and investors that will enable you to keep a detailed trade log that you can reference and study. As an active trader is it vital to understand your trading habits and how you make decisions based on your trade setups and different times of the day, and the best way to do that is through keeping a detailed journal. By keeping track of this data you can analyze your strengths and weaknesses and then you can work on eliminating your mistakes and get yourself on track for more consistent trading results.
In order to use Day Trade Log you have to have Microsoft Excel which means if you don’t have it you’ll have to get it to use this product. There’s a couple different ways to purchase Microsoft Office and if you’d like more information you can check out their website. With a subscription to Day Trade Log you will be able to have your trades imported automatically with graphs and charts populating so that you can visually see how your performance was for that day/month/year. What I really liked about this product was the ability to see your hold times and how it compares to your winning and losing trades. It’s important to remember that you need to cut your losers quick and let your winners run and the best way to tell if you are doing this is by hold times.
It also goes into detail about how you trade on different days of the week and different times of the day giving you the best picture of your trading habits. Knowing what time you trade the market successfully is a crucial piece of information and after analyzing my trade data I quickly realized that I don’t have great success trading after 11:00pm. Once I reduced my trading amount and size after that time, I noticed a huge improvement in my pnl and was able to keep more of my profits from the morning. This is just one example of how journaling can improve your trading and is why it is such an important thing to do, especially if you are a new trader.
They provide an excellent tutorial PDF that guides you through using their product which I recommend checking out.
Day Trade Log has a 7-day free trial that will grant you access to their spreadsheets that have been pre-made so all you have to do is upload your trade data. After the free trial is up you can decide if you’d like to pay the $119.99 for the license to use the trading log that is good for 2016 and 2017 releases. That’s $60 a year which is a competitive price for what you’ll get in return. If you need to use it on more than one workstation then it will cost you an additional $29.99 per workstation.
Get Started with Day Trade Log using Warrior15 to save 15%!
Overall, Day Trade Log is an excellent resource that will provide you with the necessary tools to analyze your trading habits in great detail and at a competitive price and is why I recommend checking them out. Journaling trades is an important step for new traders looking to understand their trading habits and is great for veteran traders looking to understand why they are losing money or are looking for ways to improve on their trading. I journal everyday and can tell you firsthand that it has dramatically improved my trading and it also keeps my trading in-line so that I don’t stray off and start doing something that could potentially be damaging to my pnl. Trading is a tough job so it is important that you utilize all the tools you can to help point you in the right direction and Day Trade Log is a great place to start.
If you’d like more information you can check out their website here.