Are you a trader looking to optimize and improve your trading strategies? Then you need a reliable trading journal to keep track of your trades. While spreadsheet templates and downloadable software have been the norm in the past, today’s traders have access to cloud-based trading journals that can be accessed from anywhere.
But which one should you choose? In this guide, we will break down the best trading journal apps of 2023 for analyzing stocks, options, futures, forex, and cryptocurrency trades. Don’t miss out on the opportunity to enhance your trading performance with the best trading journal for your needs and budget.
We will cover a few of the top trading journals in this guide, but for more comprehensive coverage consider this article on The Best Trading Journals of 2023.
Best Trading Journals: The Big 3
1. TraderSync
TraderSync is specifically designed for day traders who trade stocks, futures, options, and even forex. For as low as $29.95 per month, traders can set up trading journals to keep a record of their trade history.
TraderSync is capable of importing trade data from multiple trading accounts automatically. With the data provided, it can generate numerous reports like pricing reports, volume reports, and setup reports, to name a few. This eliminates the need for manual data entry and analysis, making it perfect for traders who want to have their entire trade history journaled automatically.
What sets TraderSync apart from other trading journals is its outstanding usability and features. It matches or exceeds the features of other journals, including trade importing. It also has a beta application called Playlist that allows traders to practice trading against historical market data and share their trades with a mentor. TraderSync has iOS and Android mobile apps, making it the only trading journal to include such apps.
Traders can enjoy a wide range of features, including:
- Mobile App for iOS and Android
- Trade data via manual entry and import
- Pre and post chart data
- Multiple portfolios
- Performance reports
- Trade management
- Simulator
- Artificial Intelligence insights
Key figures like overall return, risk, return per share, and options contract are supported. Notes can also be made for each trade, and commissions can be tracked. For those who want to share their trades with others, they can set up a public profile. The platform’s tagging system makes it easy to filter various categories for further analysis. New features like the Artificial Intelligence Feedback and the Trading Strategy Simulator are excellent additions. You have to respect a platform that is always improving and adding new features.
Traders can choose from different pricing plans, including Free (unlimited trades, manual entry), Pro ($29.95 per month), Premium ($49.95 per month), and Elite ($79.95 per month). It offers a free trial for seven days.
2. Tradervue
Tradervue was one of the first trading journals to appear online back in 2011, and it remains a popular choice among traders today. While it may not be the most user-friendly platform out there, its compatibility with more than 70 brokers and platforms, including industry leading brokers like Fidelity, Interactive Brokers, and E*TRADE makes it a reliable option.
Although it doesn’t offer real-time data, Tradervue shines when it comes to reporting features. The risk analysis reports allow traders to identify weak points in their trading strategies. This allows them to adjust their approach and improve their performance over time. The platform also includes loss charts that can be used in chart studies to identify positive and negative patterns in trading techniques.
Tradervue supports stocks, options, futures, and forex. The platform comes with journal and analytical features, including automatic price charts and chart studies, detailed reports and statistics, risk analysis, and sharing features with privacy settings. It also includes auto-import and trade notes, filtering, and tagging, making it easy to keep track of your trades and analyze them.
Tradervue offers a free plan that limits traders to 30 stock trades per month. There are also two paid plans available: the Silver plan costs $29 per month, while the Gold plan costs $49 per month.
If you’re looking for a way to keep track of your trading history, Tradervue is definitely worth checking out. While the free plan has some limitations, it’s still a better option than using an Excel spreadsheet to keep track of your trades.
3. Edgewonk
Edgewonk is a highly customizable trade journal that is perfect for active traders, with support for stocks, forex, and futures. The yearly payment plan allows you to track unlimited trades, run custom statistics, and even use a trade simulator to predict your future performance.
But what really sets Edgewonk apart is its psychological classifiers. You can add information about your mood, reasons for entering and exiting a trade, and more. This way, you can spot patterns related to the success of your trades and their reliance on your emotions and psychological states.
It’s important to note that while Edgewonk doesn’t support as many trade platforms and brokers as other solutions on the market for automated imports, it still offers a lot of value for active traders. Unfortunately, importing options trades is not currently supported.
Final Thoughts
In the fast-paced world of trading, having access to a quality trading journal is a crucial aspect of developing and executing a successful trading strategy. With trade notes on every journal entry, you can easily recognize and correct any liabilities in your day to day trading approach.
While different trading journal platforms offer different benefits, even the most basic journal can help you enhance your trading skills. Having access to a trading journal is essential for achieving success in trading.
But keep in mind, using a trading journal is just one aspect of a holistic trading strategy. Consider utilizing the best stock research websites and stock screeners to help you pick winners and gain the necessary advantage. With the right tools and mindset, success in trading is within reach.
