Broker platforms leave much to be desired in regard to analyzing your trading performance. Most traders don’t know basic performance statistics about their trading, such as average trade return, Sharpe ratio, and maximum drawdown, and it’s rare that a trader even knows what their equity curve looks like. It’s hard to improve if you don’t know where you stand.
The Trade Explorer is Forex Factory’s answer to this problem. It’s an online interface that connects with your MT4-based brokerage account to put hundreds of metrics and over 60 graphs at your fingertips. Explorer not only helps you evaluate your historic trading performance, but it automatically synchronizes with your brokerage account to give you real-time analytical capabilities. View a sample Explorer or create your own. Operational details can be found in the user guide.
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Francesc Riverola, FxStreet’s CEO, mentions, “With this launching, Forex Factory tries to close the loop in its offering to keep visitors within its boundaries. With the offering of news, economic calendar, the deepest forum out there, live pricing from retail brokers and now giving traders a set of full stats, Forex Factory is close to finish the circle. Extraordinary job guys!”
Forex Factory has indeed just become a bigger monster. As they venture deeper into the realms of the social aspect of forex, apart from being just a forum (albeit a very big one), other forex social websites will probably be quaking in their boots.
Currently Explorer is only compatible with MetaTrader4-based brokerage accounts. Forex Factory plans to incorporate other platforms in the future.