Forex Factory just launched a great new tool. Trade Explorer enables traders to see basic and also not so basic statistical analysis of their trades, such as average trade return and average drawdown. Here’s a quick look.
It’s important to note that the synchronization with real time data from the brokerage account allows viewing data in real time. So it’s not only historical, anecdotal analysis, but also a t real time tool. I had the chance to examine the system and I must say it works fast – this is valuable when the market moves fast.
60 graphs are available to MT4 traders and quite a few important indicators. For example, the “Open leverage” feature shows how close the trader is to a margin call – what his actual leverage is. This is critical information that isn’t widely available. “Gap” shows how many pips away the order is from the market.
You can read more about it in Forex Factory’s blog post.
The CEO of FXStreet, Francesc Riverola, asks if the forex social industry will ever be the same and says:
With this launching, Forex Factory tries to close the loop in its offering to keep visitors within its boundaries. With the offering of news, economic calendar, the deepest forum out there, live pricing from retail brokers and now giving traders a set of full stats, Forex Factory is close to finish the circle. Extraordinary job guys!
While just coming out of beta testing, and available at the moment only for the Meta Trader 4 platform, Forex Factory’s new and powerful feature looks great already now. The analysis of data will be very useful to any trader, not just newbies.
What do you think?
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