Today, among other things, I added a new analysis chart to the dashboard of Trade on Track. It’s called a Periodicity Analysis and it’s actually very simple, but extremely powerful too. At a glance, you can see which chart periods (time compressions) you do better at with your trading, and which ones you should avoid or work on improving in future.
Periodicity Analysis
This is just some sample data shown – but let’s just pretend it’s real for now. This chart is built using two different accounts, one could be your live trading account, the other could be a play account. And, the chart is built using 6 weeks worth of trading data.
At a glance, we can see that I might be using a range of trading systems, working off a range of chart periods. However, I do much better on the 1 Hour and 4 Hour charts than all the others. This could be extremely enlightening to me as I might have been under the impression that the chart periods (time compressions) were working equally well, when in fact that couldn’t be further from the truth!
So, using this graph – I could make a quick decision to focus only on the 1 Hr and 4 Hr charts in my future trading … imaging how much better my bottom line would be if I made just that one change to my trading strategy. Or, I could work on improving my trading in the other time frames using the Play account, to try to get them up to the same level as the 1 and 4 hour trades before wasting any more real money on them.
There are a bunch of other great charts and analysis tools in the Trade on Track system – all of them designed to help you get on track or stay on track with your forex trading.
Good luck and trade seriously!
Tags: forex analysis, tradeontrack features, trading analysis, trading dashboard
