FX Blue Review: Powerful MT4 and MT5 Trade Tracking and Analysis Tools

FX Blue is a suite of tools designed to help traders track, analyze, and improve their MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading performance. With modules for trade tracking, analysis, statistics, visualizations, alerts, and journaling, FX Blue aims to provide everything traders need to elevate their trading strategy.

In this comprehensive FX Blue review, we will cover the key features and benefits of using these tools for MT4 and MT5, including:

Outline of FX Blue Tools and Features

Trade Tracking and Logging

  • Track every trade, entry, exit, profit, and more
  • Detailed trading logs and statistics
  • Integrates seamlessly with MT4 and MT5

Performance Analysis

  • In-depth analysis of trading results
  • Identify strengths and weaknesses
  • Compare strategies and time periods
  • Optimization through key metrics

Statistical Analysis

  • Detailed statistics for informed decisions
  • Performance correlation analysis
  • Distribution analysis of trades
  • Statistical significance testing

Alerts and Notifications

  • Customizable alerts for price, indicators etc.
  • Email, mobile push notification alerts
  • Alerts for trading performance
  • Helps stick to trading plans

Charts and Visualizations

  • Advanced visualizations of trading performance
  • Equity curve, net profit, zones etc.
  • Correlation matrix, distribution analysis
  • Identify periods of drawdowns or growth

Journaling and Notes

  • Daily journal with screenshots
  • Log decisions, mistakes, achievements
  • Review past decisions and market conditions

Backtesting and Optimization

  • Backtest strategies with historical data
  • Optimize parameters for improved performance
  • Understand win rates, risk metrics etc.

Support and Documentation

  • Dedicated customer support
  • Active user community forums
  • Comprehensive documentation and guides

Trade Tracking and Logging in FX Blue

The core functionality of FX Blue centers around its detailed trade tracking and logging features. Once installed on MT4 or MT5, FX Blue records and aggregates essential trading data automatically in the background.

Some key details logged for every trade include:

  • Entry and exit prices – The specific price at which a position was opened or closed
  • Direction – Whether it was a long or short trade
  • Volume – The number of lots or contracts traded
  • Profit and loss – The realized profit or loss for each trade
  • Commissions – Any commissions or spreads paid
  • Magic number – Identifies which EA opened the trade
  • Order comment – Useful for marking manual trades

Beyond just individual trades, FX Blue also tracks and logs higher level trading statistics including:

  • Cumulative profit/loss – Total profit or loss for a set time period
  • Win/loss percentage – Percentage of winning and losing trades
  • Profit factor – Profit divided by loss for a time period
  • Max drawdown – Worst peak to valley drop in equity
  • Consecutive wins/losses – Length of win and loss streaks
  • Payoff ratio – Average win divided by average loss

With all this trade data automatically recorded, traders can better understand the historical performance of their strategies and trading activities. The detailed logs make it easy to identify strengths, weaknesses, and opportunities for improvement.

In-Depth Performance Analysis in FX Blue

FX Blue goes far beyond just aggregating trading statistics – it enables traders to perform in-depth analysis to truly understand what is driving performance.

The platform makes it easy to analyze trading results across multiple dimensions including:

Time periods – Compare performance day-to-day, month-to-month, or any custom range.

Symbols traded – See if some instruments or asset classes outperform others.

Trade direction – Evaluate differences in long vs short trades.

Time of day – Determine if certain times of day produce better results.

Trade size – Understand how volume/position size impacts outcomes.

Magic number – Compare EAs or signal providers side-by-side.

Days of week – Check if certain days are more profitable.

In addition to segmenting performance, FX Blue also provides a range of key performance metrics traders can use to benchmark and optimize their strategies:

  • Profit factor – Want this above 1, higher is better
  • Win percentage – Aim for above 50%
  • Payoff ratio – Target at least 1:1+
  • Max drawdown – Lower is better, aim for <20%
  • Recovery factor – Higher means faster recovery from losses
  • Risk of ruin – Lower chance of wipe-out is better

By analyzing their strategy’s metrics compared to these benchmarks, traders can quantify and optimize for improved performance.

Statistical Analysis for Informed Trading

FX Blue incorporates advanced statistical analysis features to help traders make informed data-driven decisions.

A few key aspects of its statistical analysis capabilities:

  • Correlation analysis – See how metrics like profit factor, win rate etc. move in relation to each other. Helps determine what factors actually drive profitability.
  • Distribution analysis – Understand the distribution of wins, losses, and other stats. See fat tail risks in losses for example.
  • Significance testing – Check if performance differences across symbols, times, or filters are statistically significant or just randomness.
  • Position sizing – Optimize position size based on historical risk of ruin, max drawdown, and return targets.
  • Monte Carlo simulation – Run multiple trials based on randomized inputs to stress test strategies.
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By leveraging these statistical techniques, traders can better evaluate strategy performance, quantify risks, and size positions appropriately. The statistical rigor helps remove bias, emotions, and blind spots.

Customizable Alerts and Notifications

FX Blue offers a flexible alert system that helps traders stay on top of price action, strategy performance, or any other trading metric.

Traders can set up alerts for things like:

  • Price levels – Get notified when price hits key support/resistance.
  • Indicators – Know when RSI hits overbought or MACD crossover.
  • News events – Important economic data releases.
  • Time – Reminders for daily routine tasks.
  • Performance – Warn for excessive drawdowns or loss streaks.

These alerts can then be delivered via:

With timely alerts for market conditions, news, or performance, traders are better able to stick to their trading plans and manage positions proactively.

Advanced Charting and Visualizations

FX Blue incorporates a suite of advanced charts and visualizations that provide insightful graphical representations of trading performance.

A few key chart types include:

  • Equity curve – See how account balance changes over time. Quickly identify periods of growth, drawdowns, or stagnation.
  • ** zones** – Highlight zones like profit target hit or maximum favorable excursion (MFE).
  • Distribution – Visualize distribution of wins, losses, or other metrics.
  • Correlation matrix – Heatmap showing correlation between metrics like profit factor, win rate etc.
  • Indicator statistics – Performance segmented by indicator signal.

These charts help traders better understand the historical equity curve, quickly identify performance drivers, and visualize strategy edge. Seeing the metrics visually often provides additional insight beyond just the numbers.

Journaling for Reflection and Review

FX Blue provides an integrated trading journal feature that enables traders to record their thoughts, plans, and review past trading sessions.

Some key aspects of the trading journal:

  • Daily journal – Quickly log daily commentary, screenshots, thoughts on the markets.
  • Decision journal – Record reasons for taking or not taking trades.
  • Mistake journal – Note down trading errors for future review.
  • Achievement journal – Highlight when trading well to reinforce good practices.
  • Strategy journal – Record strategy specifics like parameters, optimizations, changes.

By journaling throughout their trading, individuals can then look back and review:

  • Decision rationale in various market conditions
  • Emotional state and its impact on trading
  • How and why strategies performed well or poorly

This reflection and review process is essential for identifying areas for improvement and facilitating deliberate practice. The journal helps cement trading lessons learned.

Backtesting and Optimization

FX Blue incorporates backtesting functionality that allows traders to test the historical performance of a strategy by replaying market data.

Key features of the backtester include:

  • Strategy input – Define strategy logic and parameters to test.
  • Symbol selection – Choose which symbols and timeframes to include.
  • Date range – Select historical period for backtest.
  • Optimization – Optimize inputs to maximize performance metrics.
  • Monte Carlo – Run multiple randomized trials.
  • Reporting – See key stats like profit factor, drawdown, win rate etc.

Backtesting provides the opportunity to refine strategies and find optimal inputs that maximize performance across historical data. Traders can optimize parameters specific to symbol, time frame, and market conditions.

It also serves as an initial validation before the strategy goes live with real capital. Of course, past performance does not guarantee future results.

Support, Documentation, and Community

FX Blue benefits from comprehensive documentation, guides, an active user community, and dedicated customer support.

Some key resources available:

  • Documentation – Detailed user guides explain features, settings, and usage tips.
  • Video tutorials – Short video walkthroughs on YouTube for visual learners.
  • Forums – Browse discussions or ask questions on the community forum.
  • Webinars – Free live and recorded webinars to learn directly from experts.
  • Support – One-on-one email and chat support for technical issues.
  • Blog – Regular articles and updates from the FX Blue team.

For traders new to the platform, the abundance of learning resources and support channels help smooth the onboarding process. Experienced users can find answers to product questions or discuss best practices with peers in the community forums.

FX Blue Pricing and Subscription Options

FX Blue is offered via monthly or annual subscription plans priced according to the features needed.

MT4/MT5 Trade Tracking & Logging

  • Lite Plan – $6/month or $57/year
  • Pro Plan – $12/month or $114/year

Advanced Analysis & Alerts

  • Premium Plan – $30/month or $285/year
  • Unlimited Plan – $60/month or $570/year

Discounted 2-year packages are also available. Traders can start with a basic plan and upgrade over time if needed. FX Blue does not charge any commissions or additional fees.

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The unlimited plan unlocks all features across an unlimited number of MT4/MT5 accounts and trade journals. This offers the full suite of tools for individual traders managing multiple strategies or accounts.

Traders should select the plan that aligns with their current needs and budget, with the flexibility to upgrade if requirements evolve.

Conclusion – A Must-Have Set of Trading Performance Tools

In summary, FX Blue provides an extensive set of tools for tracking, analyzing, optimizing, and improving MetaTrader trading performance.

The detailed trade logging, advanced analytics, alerting, visualization, backtesting, and journaling features give traders unmatched insights into their trading results. This ultimately helps identify strengths to capitalize on and areas needing improvement.

For traders serious about quantifying performance, managing risk, boosting profitability, and accelerating deliberate practice – FX Blue is a must-have addition to the MetaTrader toolbox. The array of features integrated natively with MT4 and MT5 simplify the process of elevating trading strategy.

Frequently Asked Questions

What products does FX Blue offer?

FX Blue offers a suite of trade tracking, analysis, optimization, and journaling tools for MetaTrader 4 and 5. The core products include FX Blue Labs, FX Blue Trade Tracker, FX Blue Trading Simulator, and FX Blue Personal Journal.

What brokerages support FX Blue?

As an independent software vendor, FX Blue integrates with most mainstream retail forex and CFD brokerages that support MetaTrader 4 and 5. This includes platforms such as Oanda, Pepperstone, Axi, IC Markets, FXCM, and ThinkMarkets.

How is FX Blue different than MetaTrader tools?

While MetaTrader does include some basic analytics, FX Blue provides far more advanced tracking, analysis, alerts, visualizations, backtesting capabilities, and a trading journal. The tools are also web-based for accessibility.

Does FX Blue sell trading signals or Expert Advisors?

No, FX Blue focuses solely on trade performance analysis tools for MetaTrader platforms. It does not provide or sell any actual trading signals, algorithms, or EAs.

Can FX Blue connect to live trading accounts?

Yes, FX Blue integrates with live trading accounts in addition to demo accounts. It can track live trading in real-time, but also can import historical trading data as well.

Is there a money-back guarantee?

FX Blue comes with a 30-day money back guarantee, no questions asked. This allows traders to trial the software risk-free for a month.

Where can I learn more about FX Blue?

The best places to learn more are the FX Blue website documentation, YouTube video tutorials, community forum, webinars, and product blog. There are extensive free resources available.

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