With this Trade Tracker, you can easily input the details of any open trades that you have initiated with your broker and visually monitor the price movement with respect to your entry, stop loss and profit target levels in the Traderwave App.
In this short video, I’ll show you how you can easily set this up and monitor your trade on the go.
First, open the chart of the instrument and move your cursor to the date that you opened this trade on. Activate the shortcut menu and select the Trade Tracker icon to open the settings window.
Select the direction of your trade, key in your entry price level and enter the number of shares that you bought or sold short on. While the input of your stop-loss and profit taking level is optional, I strongly encourage you to have them entered here to help you maintain your trading discipline.
If you are familiar with the best practices of proper risk management, there is also a position sizing calculator to help you size your trade correctly.
Once you confirm your trade details, the markers will automatically be reflected on your chart.
To see the risk-reward ratio of your trade based on your planned parameters or to make any adjustments to them, simply click on any of the markers and make the adjustments accordingly.
If you made a mistake with the date of your entry, you can simply drag the trade entry icon to the correct date.
These markers will remain on the chart for your tracking whether you are accessing Traderwave from your desktop or mobile device.