From this article you will learn:
- Why xStation5 could be your trading journal
- How xStation5 could help you to identify areas for improvement
- How to quickly find important data on your trading career
You can find the ‘statistics’ tab at the top of the platform.
First select the timeframe you want your statistics to cover and then confirm whether you want to show data in your base currency or pips.
Your statistics page will then automatically generate a wealth of information on your performance.
- Your profit generated for the chosen time period, which in this example is 361.17 GBP
- Your average result per trade, the total number of placed trades and your maximum drawdown. The maximum drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. In this example you can see that it was minus 500.70 GBP
- Your profitable and losing trades, so you can assess what your highest profit and loss was in addition to the average. As you analyse your highest profit - 440 GBP - and compare it to your largest loss - 376 GBP - you are able to identify and reflect on your risk:reward ratio.
- Your profitable and losing trade sequence - and the average duration of your trades, so you can see how long your keep your winning and losing trades open for. As you can see in this example, this particular trader experiences more profit when they hold trades for a shorter period of time, whilst his losses could be associated with keeping bad trades open for too long. This tool can help you identify what works best for you and what kind of trader you are.
- The success rate of all your trades - where you can find out if you are more successful going long or short. This breakdown will help you identify whether you have better results depending on the direction you trade. So in this example, the trader clearly performs better going long on a market, given his success rate going long is 37.5% compared to 11.1% when going short.
All the aspects of our statistics tab can help you to better understand the areas you can improve on as a trader to help make you more successful.