Which is the Best Trading Journal? That question seems a bit hard to answer. Sometimes you work on something for a long time and it still doesn’t work out. You attempt different tactics and pursue different paths, but you just can’t seem to solve the problem the way you desire. It occurs in all aspects of life. The only remedy is to take a breather, step aside from the issue, and spend some time thinking about it. Examine your methodology, consider the mistakes you’ve made along the way, and devise a new, more refined strategy. You’ll be amazed at how simple things may become if you don’t rush and instead concentrate on what you’ve accomplished and what you can improve.
Trading and investing are the same way. Many traders spend hours designing and fine-tuning their methods, but something still doesn’t work in the end. If you don’t try to locate the weak points first, it’s futile to keep doing this. Starting with the best trading notebook for your goals and budget is the greatest approach to differentiate the most lucrative tactics from the rest.
1. Edgewonk – Best Trading Journal All-in-one
Choose this choice if you want the best product on the market. It’s a great blend of a notebook and a platform for trading analytics.
Edgewonk 3.0, which was released in March 2021, is now an online trading journal with advanced analytics. Edgewonk 2.0 used to require a PC installation, but now all functions are accessible via the internet from anywhere. Other features include entry/exit optimization tools, a trade simulator, advanced trade classifiers, trade management evaluation, holding time analysis, and more. It’s safe to state that the software contains all of the features you’ll need to acquire a complete view of your profile.
Edgewonk also allows you to personalize the input data by adding notes and tags to each deal. The psychological classifiers, however, are the most intriguing element. You can provide details such as your current attitude, the reasons for entering or departing a deal, and more. That way, you’ll be able to notice trends in your trades’ success and their dependency on your emotions and psychological states.
The disadvantage is that it does not support as many trade platforms and brokers as other automatic import solutions on the market. Importing options trades is currently not possible.
Price: $169 per year for the Pro plan (with a $10 voucher).
Stocks, futures, FX, cryptocurrency, and mutual funds are among the asset classes supported.
2. Best Trading Journal: TraderSync
In 2014, a group of programmers created Tradersync, a customizable and feature-rich trading journal. The founders encountered the same issues that we do. They took a variety of trading classes but had no way of knowing which ones taught the most profitable notion because they didn’t keep track of their trades properly. Subscribers may see their transactions on a chart, as well as their targets and stop losses. Interactive charts and intraday graphing are also available.
Key metrics such as overall return, risk, return per share, and options contract are supported, and you can keep track of fees by making notes for each trade. Those who choose to create a public profile and share their trades with others can do so. A tagging system aids in the classification of distinct categories for further investigation. Artificial Intelligence Feedback and the Trading Strategy Simulator are wonderful improvements to the core functionality.
Pro plan ($29.95 per month), Premium plan ($49.95 per month), and Elite plan ($79.95 per month) are all available for a free trial period of seven days.
Stocks, options, futures, and currency are all supported, asset classes.
3. Tradervue – The very first Best Trading Journal
One of the first trading journals was Tradervue. It was even in the center of the niche’s development. However, we should point out that its features aren’t as advanced as those of EdgeWonk.
It does, however, provide journaling, analysis, and even a unique sharing tool. Users of Tradervue can share their historical performance data and insights with their colleagues in the community. They will be able to brainstorm, analyze, and discuss deals and tactics in this manner.
Tradervue is available for free, however, there are certain restrictions. You won’t have access to complex charting and analytics options, for example, and you’ll be limited to 100 trade inputs every month. It is, however, a more superior and more practical tool than, say, recording your transaction history on an Excel spreadsheet.
Depending on your needs, you need to pick between the Silver and Gold plans to fully utilize the platform’s capabilities.
Free plan, Silver plan ($29 per month), and Gold plan ($49 per month) are all available.
Stocks, options, futures, and currency are among the asset classes supported.
Thiago Ghilardi, a computer science graduate and full-time trader, created Trademetria, a strong trading journal. Trademetria is a global tool with tens of thousands of users. The features are impressive, and the Pro version costs $29.95 a month and allows you to track up to 50 accounts with unlimited order imports. Only a few of the features provided include unlimited delayed quotes for equities and currencies, essential metrics, a trade history calendar, buys and sells represented on a chart, a PnL simulator, and strategy rankings. More than 100 different online brokers are already supported, with more on the way.
Price: Free plan, Basic plan ($19 per month), Pro plan ($29 per month)
Asset types supported: Stocks, futures, forex, CFDs
5. Microsoft Excel
You can develop a spreadsheet trading diary from scratch if you don’t want to pay for third-party solutions and want complete control over the features and functionalities. Microsoft Excel enables the creation of a variety of features. If you don’t want to start from scratch, a free spreadsheet template might provide a good foundation. There are several pre-made templates available to utilize as a starting point.
However, there are two things you should keep in mind if you choose this choice. The first is that it will take some time for you to complete. If you don’t already know how to use the program’s financial capabilities, VBA for macros, and other features, you’ll need to learn them. You’ll also need to spend some time double-checking the template to make sure everything is in working order. You don’t want a tiny error here and there to affect your results.
The next thing to remember is to make it a habit to manually enter your trading history every day. This necessitates staying consistent.
The next thing you should be conscious of is establishing the habit of manually inputting your enterprise history every day. This demands maintaining consistency.
Price: A standard arrogance/free
Asset classes helped: Unlimited
Conclusion of the Best Trading Journal
Our guide’s purpose was to do all of the legwork for you and filter down the top trading journals. You can now experiment with the free plans of the journals mentioned above to see which one best suits your needs. Of course, if you want to develop something on your own, roll up your sleeves and fire up Microsoft Excel.
In conclusion, EdgeWonk, TraderSync, and Tradervue are the Best Trading Journal for advanced analytical tools at their fingertips. TraderSync offers the bonus of allowing you to try out all of the services for free for seven days. Trademetria features a well-designed user interface, but it only offers delayed quotations. Finally, if you have the appropriate abilities and wish to circumvent all limits and develop a robust trading diary system (including portfolio analysis, backtesting, and other features), Excel will do the job for you.