A profitable trader is a person who keeps a close eye on their investments, always seeking a way to optimize and improve their trading strategies. This remains true whether you’re talking about beginner traders or professional traders. However, keeping track of your trades can be a challenge!
In the past, using a spreadsheet trading journal was an effective way to keep track of trades. However, in the fast-paced world of modern trading, using a spreadsheet template simply isn’t going to cut it.
After spreadsheets, traders were next limited to downloadable trading journal software, which only allowed them to track trades from a single device. Thankfully, nowadays, traders can use cloud-based journals, which can be accessed from anywhere!
Of course, not every trading journal is created equal, which is why we’ve compiled the list you’ll soon see below. Keep reading to learn which platforms are the best trading journals of 2023!
What Makes a Good Trading Journal?
Before we get into the recommendations, it’s important to know what features you’ll want to look for in an online trading journal. Obviously, the ability to keep track of your trade history is a necessity, but to what extent will this function work? Some journals are limited to only a few supported platforms, but the best journals can be used with multiple trading platforms concurrently for maximum efficiency.
There are also the types of trades to consider. You don’t want a journal that can only track stocks (unless that’s all you trade!). Fortunately, many journals are capable of tracking other types of trades (like cryptocurrency trades), as well as importing your forex trading activity. Make sure to get a journal that matches your trading style!
Another thing we’d consider a prerequisite for being a “good” journal is having a mobile app. With a high-quality trading journal app at your disposal, you’ll be able to keep track of your trades even when you’re away from your trading desk.
Beyond this, a good trading journal should be able to provide in-depth analytics, possess a high level of customizability, be secure from third-party intrusions, and be easy-to-use.
TraderSync
TraderSync is a platform designed for day traders trading stocks, futures, and options (it can also be used by the forex trader!). For as little as $29.95/month, traders can set up trading journals to keep detailed reports of their trade history.
The platform is capable of importing trade data from multiple trading accounts automatically, although the basic trading plan is limited to one account. Using the data provided, TraderSync can provide a wide variety of reports, such as pricing reports, volume reports, setup reports,and more!
Eliminating the need to manually enter and analyze data, TraderSync is perfect for traders who want to have their entire trade history journaled automatically!
Curious about this AI-powered tool? Click here to learn more!
Tradervue
Offering advanced features at an affordable price, Tradervue is another excellent trading journal that allows you to easily import trades from multiple online brokers.
While it’s not capable of providing real-time data, Tradevue excels when it comes to its reporting features. Using its risk analysis reports, a trader can quickly identify weak points in their trading strategy, making adjustments towards future success. It also offers loss charts, which can be used in chart studies to find both positive and negative patterns in your trading techniques.
Although the platform can be used for free with limitations, you’re much better off paying for a monthly subscription (which runs from $29 to $49 per month). Offering support for various asset classes, Tradervue is certainly a platform we can confidently recommend!
Click here to learn more about the full capabilities of the platform!
Learn More About Tradervue
Tradermetria
Tradermetria is an online trading journal platform that’s best suited to the occasional trader, rather than for active traders. Unlike other platforms, Trademetria only offers the option for manual entry of previous trades: no automated option are available to help you track your trading decisions in real time.
However, many of its key features—which are primarily analytical trading tools—will help you better navigate the financial markets, improve your trading style, and give you the insight to get the trading edge you need to make successful trades.
While the lack of automation may make this platform off-putting to some, we think that the advanced features like backtesting and the trade simulator make the platform worth considering.
You can learn more about the capabilities and limitations of this platform by clicking here!
Learn More About Tradermetria
Edgewonk
This flat-fee, highly customizable trade journal is perfect for those with lots of trading activity. With support for stocks, forex, futures, and CFDs, Edgewonk most likely has support for the asset type you trade.
The yearly payment allows you to track unlimited trades, run custom statistics, use a trade simulator (which can be an excellent way to predict future trading performance), and create new trading strategies in the Trade Planner.
Although there is a bit of a learning curve to using Edgewonk (due to its large selection of tools and features), we think that the platform is worth trying out for anyone who truly wants to become a successful trader.
You can find out more about this powerful trading journal software by clicking here.
Learn More About Edgewonk
In Conclusion
With access to trade notes on every journal entry, using a journal should make it easier for you to recognize and correct any liabilities in your day-to-day trading strategy. While different platforms offer different benefits and some may only provide limited features for free, even the most basic journal can help you take your trading skills to the next level.
Remember, having access to trading journals is an essential part of executing a successful strategy while trading. We hope you’ve found this list of the best trading journals of 2023 useful!