Money

By Lukas M Wiese

Background

Every successful forex trader needs intelligent tools that will assist him or her daily to make the best decisions when it matters. This is exactly what Forex Smart Tools offer.

Evelyn and Mindy are the owners of Forex Smart tools, and are full time professional forex traders. They are members of the NFA (National Futures Association) as Associated Persons of their firm MINLYN LLC, which is registered with the CTFC and is a member of the NFA as a CTA (Commodity Trading Advisor).

They have been trading the forex market since 2005, and created intelligent money management tools that will assist you in making accurate trading decisions. They offer three of the best forex money making tools on offer, which will compliment almost every style of trading and many forex strategies.

What is offered?

The tools offered are the trade log, calculator and the tester.

Trade Log

Trade log helps you to keep track precisely what the result of each forex strategy is. The trade log can be called an “accountability coach”, and this tool will help you to record your trades and fine tune your trading habits. The parameters section allows you to select only the statistics that are important to you, and that you want to record.

You choose the options you want, that will suit your trading style. There are over a dozen parameters available, and these include pips available, stop needed, ideal stop, stop used, commission etc. Custom parameters include target 1 hit, target 2 hit etc.

The Trade Input section displays your selected parameters on the trade input tab. This will allow proper record keeping of all your trades, and can be saved for future reference and printed out in PDF format. Gross wins and losses can be used for i.e. tax reporting, analysis etc.

Other trade log features include:

  • Multi-leg input
  • Summaries
  • Analysis reports
  • Progress tracker
  • Brokerage accounts
  • Spread Betting
  • Quick Flicks
  • Trade Log Webinars

Calculator

The calculator will assist you with your money management. The main feature here is position size and risk management. This free standing PC application helps you to quickly calculate these relevant numbers, including cost averaging, stop-and-reverse, multi-leg positions, live currency rates, spread betting, and pending orders.

Tester

The tester is a fantastic tool. Here are some of the functions (there are more… ):

  • Historical data from January 2001 to date for 16 currencies, silver, and gold
  • Test multiple time frames
  • Test forwards and backwards tick by tick or candle by candle
  • Trade entry and exit points are labelled
  • Save test runs and forex strategies
  • The Pro calculator automatically reads your equity after each trade, and helps you to calculate position sizing for you next order.

Recommendation

Evelyn and Mindy are extremely helpful and respond to emails quickly. Their tools will help you to improve your thinking about trades, and their service is phenomenal.

Cost

The Trade Log and Calculator are sold together as a set, combined into three versions:

Lease: $25 or Buy Lite: $149 – with Tester: $313
Lease: $25 or Buy Standard: $297 – with Tester: $446
Lease: $25 – $50 or Buy Pro: $389 – with Tester: $525

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