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Share the post "Portfolio Management Software". Portfolio management software has come a long way in the last years. Previously, traders would be lucky to record their trading or investments on anything let alone use professional portfolio management software. Whilst portfolio management is still in the back of most traders and investors minds, products like KeepGoodRecords. Further to this, tax time is an absolute joy compared to trying to find all your contract notes from your stock broker.
Portfolio management software allows you to track, monitor and control all your various trades, trading systems or investments in one easy to use software package. The best portfolio management software also allows you to track and monitor several trading instruments through the one program, making reporting a breeze. Have you ever hesitated on pulling the trigger when your entry alert is signalled?
Ever been fearful of losing your money when trading the markets? Portfolio management software helps you identify your trading system s strengths and weaknesses and then work on making the weaknesses better. This is a tool so obvious that it has been sitting in front of you all this time but you have probably never known the key reasons as to why this is such a critical tool for your long term trading success.
Have a read of what Con had to say about the importance of smart record keeping and the benefits of portfolio management software. Well you could, but it would only tell you if you are profitable or not.
There are so many other important statistics that can be gathered about your trading history and countless lessons to be learnt from those numbers.
Do you think prior to taking over a large multi-national company that Warren Buffet goes and meets all the staff to get a good feel for the people running the show? What is the first thing Warren Buffet looks at before deciding to purchase or takeover a company? Considering he is the richest investor in the world, it might pay dividends to follow Mr Buffet in regards to knowing the numbers of your trading business. Another example is the casino. Have you ever noticed that there is a pit boss looking over every single table at the casino?
They are constantly running reports and identifying the critical numbers and if the casino is losing they replace the dealer quick smart. Then continue to monitor the numbers. If however you are looking for complete portfolio management software then your number 1 option is KeepGoodRecords.
Many traders continue to struggle with their trading year after year and yet many never take the time to learn the critical numbers that could greatly benefit their trading methods. These are the building blocks to understanding and being clear on whether or not you have an edge in the markets.