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.


Jeremiah said...

I've just recently started to use some of the spreadsheets at I like them because in addition to setups and p&l they also track time of day, days of week and timeframe. Very useful.

TradeMind said...

One other way of keeping track of your trading statistics and having a trading journal is through the use of the many tools Google offers you for free.
For example, I use their online spreadsheets to store my trade logs. I can then generate some customized plots, which i can very easily turn into gadgets and publish to my Igoogle webpage. This allows me to have my own web based performance statistics. I also use Igoogle as a "trading control panel", which tell me exactly how much risk i'm taking, what my allocation is, and which systems i can trade or not based on the market conditions.
The spreadsheets also enable you to easily create online forms which i use as a way to write my daily journals. Every day i am required to update a pre-market and a post-market journal with key questions and checklists which target my themes and what if scenarios about the market in general, my trades, and my mental/physical state.

You can also automatically update or download historical data with the GoogleFinance spreadsheet function.

Its a little more work for someone who is not familiar with the Google interfaces, but with a little time and effort it becomes easier and worth it.