by CI Staff
The4xJournal is a program that helps users keep track of their forex currency trades. Many forex traders find that documentation is the best way to find flaws in their strategy. This program simply allows you to enter all the details of a trade and easily analyze detailed information about your trades.
Once the program is downloaded, you must unzip it and extract the file contents. After opening the 4xJournal application, you will see a screen titled “start.” There are six different options: journal your trades, pips gained or lost (standard distance in price movement for a forex pair), plan your trades, money management, help and strategies, and trading business plan. To start a journal entry, click “journal your trades.” Along the left-hand side of the program you can input specific information regarding the trade. This can include whether it is an observation chart or if you’ve completed a trade. Users can indicate whether the journal entry is a positive move or negative move for them. The4xJournal gives users the option to input many other numerical figures, but you only have to include the information you find important.
You can add different screen shots to any given journal, insert videos or simply write notes along the right-hand side of the program. By clicking “planning,” you can create planning notes for any trades you may have in mind, as well as paste any important news items.
Trades can also be imported from dealer/broker reports. If you have PDF-creating software, you can save or send your chart pages as PDFs. The4xJournal will also allow you to export your data to an Excel file or text file.
At any point, by going back to the start screen you will have six options in front of you. The money management calculator lets users input value to calculate a stop-loss amount, which is a helpful tool for forex investors. If there is a particular source that you find useful in your trading strategies, entering the “help/strategies expanded” section keeps track of different strategy titles and websites or documents that help define it.
Overall this is a useful program for investors who want to not only keep track of their trading history, but also document useful sources or notes accompanying each trade. The program is free to try, but has a 31-entry limit for the trial (users can make up to 31 entries before the trial program stops working).
System Requirements: Windows XP/Vista/7/8
Price: Free 31-entry trial, $19.95 to purchase