Thursday, October 22, 2009

Two Performance Applications for Traders

My recent post highlighted some journaling programs for traders. Here are two more apps that help traders make the most of performance:

1) Trader DNA - Thanks to Matt for the reminder on this program. Trader DNA analyzes your trade data and spits out a variety of metrics to illustrate how well you are doing across a variety of dimensions. How long are you holding onto winning vs. losing trades? How well are you trading range markets? How much heat are you taking on trades? Trader DNA answers these and many other questions, enabling you to identify areas of trading for improvement.

2) Market System Analyzer - This is a unique program that addresses issues of money management. If you have a trading system, Market System Analyzer will tell you if there's a significant edge, and it will show you how you can benefit from different ways of sizing positions to maximize reward/risk. The program also details extensive performance statistics for trading systems.

Do you use other programs to evaluate and improve trading performance? If so, please feel free to recommend resources in comments to this blog post. Please also note my earlier post on Ninja Trader as a resource for developing traders.