If you are anything like me, you want to be able to track your trades and your decisions.
Also, you probably want to keep them private by not using an online tool.
Before you start to trade, you must organize yourself to be able to track your trades. As previously discussed in the Stock Traders Checklist, the selection of a portfolio management tool is an important step.
Tracking Your Trades Options
You essentially have three options to choose from.
- Independent Portfolio Management Tools, like our award-winning Stock Rover
- Online Brokers Portfolio Management Tools, usually provided free with your brokerage account.
- Tracking Manually with a Spreadsheet.
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"I have been researching and investing in stocks for 20 years! I now manage all my stock investments using Stock Rover." Barry D. Moore - Founder: LiberatedStockTrader.com
Free Portfolio Management Tools
One interesting online tool is the Portfolio Management system offered by Yahoo Finance.
This is useful because it can be accessed very easily when on the road, using a smartphone. But what makes it unique is that Yahoo offers free real-time quotes on the portfolio tracker and the charts. The service is very quick and straightforward to setup.
Online Brokers Portfolio Management Tools – positives
- Secure information
- Integrated with a trading system (1 click trading)
- Real-time Bid and Ask
- Linked to research and news
Tracking Manually with a Spreadsheet – Positives
- Completely flexible
- Simple calculations easy to create
- Ability to track personal notes and comments
When I am trading from the office, I use my broker’s real-time streaming portfolio and charting so that I can launch trades immediately.
However, as the base for all my record-keeping and overall target management, I use a Spreadsheet. I have specifically designed a spreadsheet to meet my needs.
It is available for you to download. Perhaps you will find it useful.
Stock Trading Excel Spreadsheet Free Download
Download The Liberated Stock Trader Trade Tracking Sheet.
I hope you find this tool useful, do not forget, always track the reasons why you bought the stock and the reasons why you sold it.
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- Use a CANSLIM Stock Screener Strategy To Beat the Market
This information is golden and will help you in the future asses why some of your trades were winners and others losers.