Settings
Trade Reasons
Trade Reasons help you classify events throughout the lifecycle of a trade. They can be used to categorize why you entered a trade, why your stop was hit, or why you had to cancel a previously made plan.
When combined with dashboards and reporting, Trade Reasons provide invaluable insights that allow you to analyze what went well and, more importantly, what went wrong. This information enables you to refine your trading strategy and work towards becoming consistently profitable.
Trade Reason Types
Trade Reasons appear at various stages throughout the lifecycle of a trade.
The following Trade Reason types are supported and can be configured:
| Reason Type | Explanation |
|---|---|
| Entry reason | Selected when creating a trade. This reason reflects why the trade was planned. Examples include "Double Confirmation" and "Pullback". |
| Cancellation reason | Selected when canceling a trade plan. Examples include "Frontrun" and "Wrongly Planned". |
| Stop loss reason | Selected when a trade's stop loss is hit. Examples include "Too Tight Stop Loss" and "Plan Invalidated". |
Trade Reasons Overview
To view an overview of all existing trade reasons, navigate to the Settings section in the side menu and click on the "Trade Reasons" tab. This will open the Trade Reasons Overview page:
On this page, you can create new trade reasons, rename existing ones, or remove them as needed.
Add a New Trade Reason
To add a new trade reason, start by navigating to the Trade Reasons Overview page. Follow these steps:
- Go to the Settings section in the side menu.
- Click on the "Trade Reasons" tab.
- Press the "Add Trade Reason" button.
This will open a form where the following fields can be specified:
| Fields | Explanation |
|---|---|
| Reason | The name of the reason. This will be visible at the different life cycle events of the trade. |
| Reason type | The type of the reason. Can be "Entry reason", "Cancellation reason", or "Stop loss reason". |
Rename a Trade Reason
To correct a typo or rename a trade reason, first navigate to the Trade Reasons overview page.
Find the specific trade reason you want to rename in the list. Press the "Rename" button next to that trade reason.
A form will open, allowing you to enter the new name for the trade reason.
Remove a Trade Reason
To remove an existing trade reason, navigate to the Trade Reasons overview page.
Locate the specific trade reason you wish to remove in the list and press the "Remove" button next to it.
After confirming the action, the trade reason will be deleted.
The removal of a trade reason is irreversible and will also remove the reason from your dashboards and reports. Once removed, the reason will no longer be associated with your existing trades, meaning those trades will not be visualized under the separate reason.