Guest post by Hugh Kimura In a previous post, I mentioned MeetPips.com and how it could be a great online solution for your trade journaling. Well, I don’t just write about stuff, I actually try them, so I started a profile and journaled my first trade. Like I said before, there are a lot of good features. It is easy to use and it is actually fun, if that adjective can be applied to trade journaling. Anyway, I got through most of the process and it was pretty easy. Then I hit a few snags In my opinion, the trade exit process is confusing and is missing some key functionality. My primary concern is that you cannot “roll off” parts of an existing position. Let’s say you traded 5 mini lots on the initial position with the intention of closing them all at your target price. Then you are getting sleepy and the trade is profitable, but has not hit your target yet. You want to close 3 mini lots to take some profit off the table, move the stop to breakeven and let the rest of it run. Well, in the MeetPips system (at the time I tried it), you cannot do that. It is all or nothing! As a workaround, you would have to enter each partial exit as a separate position, then close each one individually with the corresponding exit price. Not so intuitive and hard to do if you are trying to journal and trade at the same time. It’s all about the PIPS Another major issue that I have with this site is that it tracks pips. To me, that is worthless. It tells you nothing about a person’s money management skills. For example take the following two fictitious trades: Long EURUSD: +5 pips Short GBPUSD: -20 pips In the MeetPips system, this would equate to a -15 pip record. But wait! What if trade #1 was traded at $10 a pip and trade #2 was traded at $1 a pip? In spite of the losing pip record, there would be a +$30 P/L. My suggestion would be to allow traders to input their account balance before the trade and the $ P/L. This would give percentage numbers and give a much better indication of how well someone is really trading. Other sites The only other site that I know of that will track trades like this is Currensee.com. This site is pretty cool because it is linked into your brokerage account and updates your trades on the site in real-time. The only disadvantage is that you have to have one of the broker’s on their list. This is because these are the brokers that they have worked out the data integration with. Unfortunately, there is no integration with Oanda. Anyway, I think that there is still a big opportunity to create a free online journaling and social networking site for forex traders because these two sites are still very limited in what they can do. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Basics & IndustryForex Industry share Read Next NZD/USD Outlook – December 27-31 Yohay Elam 12 years Guest post by Hugh Kimura In a previous post, I mentioned MeetPips.com and how it could be a great online solution for your trade journaling. Well, I don't just write about stuff, I actually try them, so I started a profile and journaled my first trade. Like I said before, there are a lot of good features. It is easy to use and it is actually fun, if that adjective can be applied to trade journaling. Anyway, I got through most of the process and it was pretty easy. Then I hit a few snags In my opinion, the trade… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.