Features that will help you become a more profitable trader
Any continuously successful trader plans, documents and learns from their trades. And they manage their trading risk through position sizing and money management. This is where TradeBench can assist you - with customizable parameters, of course.
The importance of planning your trades cannot be stressed enough if you want to survive and be profitable in the financial markets. You need to have a plan for both entry and exit and know exactly what to do, whether the trade goes your way or not. Our trade plan page automatically gives you a trade plan summary with automatic calculation of important metrics like potential profit and loss, reward/risk ratio - and more, for the trade you are planning.
Doing the right thing and automating processes when planning and entering trades is an important aspect of a successful traders workflow. That is why we've included features such as customizable checklists for your trade plans. And we've even made some checklist items automatic. For example, if you only want trade stocks with a minimum daily volume, the system looks up the average volume for the stock you are planning to trade and automatically checks that item off on your checklist if your volume requirement has been met.
Risk Management, Money Management, Position Sizing
TradeBench includes several unique risk & money management features. Among these, you can input your risk parameters:
- Maximum percentage to risk on a single trade (planned entry vs. stop loss)
- Maximum percentage to risk on a single trade of total account value
- Maximum percentage to commit to a single trade of total account value - i.e. risk diversification.
The system will then use the parameters in relation to your broker account value every time you plan a trade to calculate exactly how many shares, contracts, lots or units you should trade of XYZ stock, future, forex or CFD. This way you never have to think about position sizing - the system does all calculations for you. Learn more about our how we calculate amount to invest and risk when planning a trade.
Potential Trade Comparison
Considering more than one stock or future trade at the same time and don’t know which one to trade? With TradeBench you can easily compare trade setups to make a quicker and better decision on which trades to take and, just as important, which ones not to take.
We've added this feature as many traders keep an eye on a number of potential trade setups but don't want to use a lot of time and effort to make full fledged trade plans for each before actually wanting to enter a trade.
The potential trades are quick to add and shown in a table, making it easy to click on any table column header to sort i.e. by your own rating or by reward/risk ratio. Once you want to enter a trade in your broker account, you can easily transfer a potential trade rows values to a "full-fledged" trade plan, where the system will help calculate number of shares, contracts, lots or units to buy according to your risk settings, labels can be attached, etc.
Open Trades Dashboard
The system keeps track of your open trades so you can constantly see how are performing and get what-if scenario calculations that help you make informed buy or sell decisions. Prices for your open trades are automatically updated, so you won't have to go anywhere else to find the information. It's all there, ready to give you a helicopter view of your open trades with the opportunity to zoom in and take action if necessary.
For each open trade, you'll have access to updated charts as well as your trade plan for the trade (if you made a trade plan before entering the trade). This makes it easier to follow your plan and execute accordingly.
TradeBench supports multiple entries and exits as well as both long and short positions, giving you an invaluable and accurate open trade overview.
Once you close a trade it becomes part of your trading journal to which you can always go back. We recommend you review trades after closing them - see "Review & Learn" below for more info.
Your trading journal is probably the single best tool to better profitability. Seeing things in retrospect always gives a much clearer picture of what could have been done better. Could you have made a better exit? Did you follow or not follow your trading plan? Were there signs on the chart that a breakout or breakdown would occur? You'll be able to ask and answer such questions if you have a trading journal. Once a trade is closed and you haven't looked at it for a few weeks, the "in the heat of the moment" emotions of being right or wrong about your trade are no longer there. This is when you'll be able to learn from that trade and know what to improve on for the next one.
Review & Learn
The customizable reports and charts described below will help you learn where you are doing well and where you can improve. But there's more! You also get the opportunity to review every trade after closing it. We recommend that this is done at least a couple of weeks after closing a trade i.e. when no longer in the trade. This will make you able to more objectively see what you did right and what you could have done better.
When you create a trade plan or enter, exit or review a trade, you'll be able to write up your reasons for doing so. We've even made it possible to drag-drop or paste chart images directly into the write-up, so you can capture exactly why you did what you did, which will enable you to much better learn from your previous trades after the fact.
You'll get different useful charts such as Profit & Loss charts to track your progress as a trader.
Real Trading & Paper Trading
We support both paper trading as well as real trading so you can easily simulate or even "backtest" trade strategies without interfering with the open trade and risk management of your real account(s).
When planning a trade as well as during and after the trade, you can attach your own custom labels, i.e. register the source of the trade idea or which exit method you used, which strategy you used and more. This enables you to run reports on closed trades choosing only selected or all labels, strategies, idea sources and so forth to see whether you're most profitable when you trade on the long or short side, when trade stocks, or futures, etc.
When you run a report, you'll get many important key figures such as profit factor, average P&L, commission costs and average hold time for your trades. This can further help you visualize what you do well and where you can improve.
Share & Get Feedback
By default all your trades and trade plans are 100% private and for your eyes only. No one but you can see them. If you wish, you can share your trades and trade plans with a single person or a group of people, either privately or publicly.
You can share your trades and plans to Twitter or Facebook to show people what you're trading and can also create a link to easily publish your trading journal (example), performance metrics or trade plan/idea on your blog, send it through a private link to at friend to ask for his/her opinion and so forth.
Nothing beats a hands-on experience
Get started right away - it's free. Just sign up and try TradeBench yourself. You'll be ready to go in 30 seconds and will have access to all features.