An overview of Tradelytic

Tradelytic is a free, powerful online trading journal to help traders stay on track with their trading goals. This ultimate forex trading journal ensures all key trading data is available at one’s fingertips and helps traders easily monitor their trading patterns.

Why the need for a trading journal?

Before we take a look at what Tradelytic offers in more detail, let’s discuss why a forex trader would even need to use a forex trading journal.

First and foremost, a trading journal is used to keep track of one’s trades and the outcomes thereof. It offers a summary of one’s trading activities and offers insights into why certain strategies are implemented and others are not. By recording one’s trades and monitoring performance, a trader is able to accumulate vital historical data that may impact future trading decisions. By having information to look back on, the trader is better able to identify strengths or weaknesses in their strategy and adjust accordingly. This also enhances discipline and establishes a structured approach to trading.

Further, a trading journal allows a trader to better track their risk management practices, evaluate their effectiveness, and make improvements where necessary.

Ultimately, a forex trading journal is a valuable learning tool, allowing a trader to learn from their successes and failures and refine their trading strategies.

Now let’s examine Tradelytic and how this tool helps traders sharpen their skills.

Advanced journaling features

Tradelytic is renowned for its advanced journaling features to help traders fine-tune their trading and improve decision-making. An intuitive analytics dashboard provides a comprehensive overview of one’s trading activities, profit, loss, win ratio, top-performing trading sessions, etc. Also available is easy access to in-depth insights and reports. In addition, a trader can also use Tradelytic as follows:

• Auto-import trades, saving time and reducing the risk of manual errors.
• Advanced filtering, to help analyze trading activity better (e.g., by date, asset type, etc).
• Automatic price tracking, enables a trader to track the prices of the instruments they’ve traded.
• Interactive charts offer a way for a trader to visualize their portfolio’s performance and to, for example, analyze trends, identify patterns, etc.
• Custom templates, that can be tailored to match a trader’s trading style and the data points that matter most to the trader.
• Multi-currency options, to support multi-currency tracking.
• Notes & Comments, enabling effective record keeping and documenting any information that a trader deems vital or relevant.
• Track commission & fees, to help a trader properly calculate the profitability of their trades.

Comprehensive reports & analysis

Tradelytic offers several in-depth reports and analyses in regard to trends, P&L, returns, risks, and other important factors related to trading. This also includes the ability to identify and analyze strategies and errors; to track trade risks; and to produce comparison reports. The trading journal is also useful for real-time analysis of a trader’s investments; and other results. It can also be used for tag reports, liquidity reports, and identifying top set-ups.

Sharing trades

Tradelytic also gives a trader the ability to log the progress of their trades and share with the wider trading community. Through the Link Up & Discover feature, users can connect with other traders, like-minded individuals, and market enthusiasts to exchange ideas, strategies, and market insights. Traders using this trading journal also have total privacy over their data, enabling them to choose what information they want to share with others.

In conclusion

Tradelytic offers almost all the features required of a trading journal to help a trader focus on executing successful trading strategies and maximizing profits. It can run all stocks and forex from a single dashboard that’s easy to use and view. It allows a trader to track and monitor every aspect of their trades and data through customized charts and graphs, all in one single location. It simplifies reading numbers and assists a trader to better understand the effectiveness of their trading strategies. It’s highly flexible and also free to use. It seeks to provide all the insights needed for a trader to make smarter choices before executing their trades efficiently.

Disclaimer:

This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.