The Simple Trade Log software is a database program that helps the trader keep good records of his transactions and presents the information back in a user-friendly manner to review and track performance. The program allows you to manage multiple portfolios, record your trading activities and the thoughts behind it, view all your open and closed positions and see basic statistics regarding your trading performance.
Many experienced traders realize that it is important to keep a trading log to know how they are performing in the market. Not so much in terms of whether they are making money or not but more so if they are trading properly.
You could be making money as a result of a general bullish trend or you could be trading well in an otherwise difficult market. You need to pay attention to which case applies. Without your trading log/journal, you will not be able to review your trade performance and determine what things you are doing right and should continue to do so.
On the opposite side of the coin, if you are consistently losing in the market, reviewing your trade log/journal will help you pinpoint the things that you are doing wrong and should try to correct. It serves as your map guiding your trading by effectively evaluating your strengths and weaknesses to help you reach your goal.
Many traders keep a personalized trading log detailing the trades that they have made (e.g. each trade's entry and exit, the resulting profit or loss, etc.). While keeping such a log is a very good idea, sometimes people find it hard to design one for their use. And when they start searching for ready-made trading logs/journals that they can just buy and start using, they find that most available solutions are either too expensive or requires a recurring subscription.
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