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 also, not use an online tool.
Before you start to trade it is important that you organize yourself to be able to track your trades. As previously discussed in the Stock Traders Checklist, selection of a portfolio management tool is an important step.
Tracking Your Trades Options
You have essentially 3 options to choose from.
- Free Portfolio Management Tools (for example www.google.com/finance)
- Online Brokers Portfolio Management Tools (provided free with your brokerage account)
- Tracking Manually with a Spreadsheet.
Personally, I use all of the above options
Free Portfolio Management Tools
One interesting online tool is the Portfolio Management system offered by Google. www.google.com/finance
This is very useful because it can be accessed very easily when on the road, using a smart phone. But what makes is special is that Google offer FREE REAL-TIME Quotes, on the portfolio tracker and the charts. The service is very quick and simple to setup.
Online Brokers Portfolio Management Tools – positives
- Secure information
- Integrated with trading system (1 click buying)
- 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 Brokers Real Time Streaming Portfolio and Charting, so I can launch trades immediately.
When I am on the road, I use Google. 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 to you to download. Perhaps you will find it useful.
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.
This information is golden, and will help you in the future asses why some of your trades were winners and others losers.
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