Keeping a trading notebook may help you monitor your deals and boost your long-term earnings. By keeping a trading log, you may learn from your successes and failures and improve your trading as a result. In this article, we’ll discuss the importance of keeping a trading diary and recommend the top six diaries for different trading styles.
A Trading Journal Is…
Maintain a trading diary to record your transactions. You should record your entry and exit prices for each transaction, along with any additional thoughts or strategies you had at the time. Your trading notebook will serve you better if you include as much specific information as possible regarding your trading methodology and state of mind.
Although keeping a paper record is an option, the vast majority of traders nowadays prefer electronic journals. To help you keep track of your trades and get back to business as fast as possible, consider using online trading diary software.
Why Keep a Trading Journal?
One of the most effective strategies to become a more consistent and profitable trader is to keep a trading log. It is difficult to evaluate your trading performance without keeping a trading log. If you modify your approach, it will be difficult to gauge your success relative to before the shift.
You can determine which of your trading techniques is most profitable, which settings regularly produce profits, and even what hours of the day you trade most successfully by maintaining precise records on all of your deals.
Your greatest and worst trading techniques may be identified over time with the use of a trading log. To make sure the modifications you make boost your profitability as promised, keep a trading log and track the results of your alterations.
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You may maintain a trading log manually, but there are also several programs available that will automate the process and make it simpler to look for trends. This article will examine the top six trading journal systems available in 2022.
TraderVue – One Of The Best Trading Journal Apps
TraderVue provides traders of stocks, options, futures, and FX with a complete trading log. You may assign whatever title you choose, such as “setup,” “strategy,” or “custom,” to each deal. These labels, together with ticker symbols, transaction length, date ranges, and more, may be used to refine your trade analysis. TraderVue provides several reports for reviewing your trading results over time. You may track not just traditional measures of success like profit and loss but also more nuanced metrics like liquidity and risk. Your progress may be compared over different periods or ticker symbols.
TraderVue’s built-in community is an additional perk. This way, you may teach and be taught by others by sharing your trade notes. A free TraderVue account allows you to track up to 30 transactions per month and provides access to basic charting and analysis tools. Unlimited trade submissions are included in the monthly fee of $29.
TraderSync – Trading Journal with the Most Features
TraderSync is a feature-rich, cutting-edge trading diary platform. Using this log, you may record your trade’s entry, exit, stop-loss, and take-profit levels on the appropriate charts. Mobile applications for iOS and Android allow you to take notes and upload screenshots from your trading platform on the move. The transactions you make on TraderSync may be organized in any way you choose using the custom tags you specify.
In terms of features and user-friendliness, TraderSync is unparalleled. Playlist, TraderSync’s beta feature, enables you to practice trading against previous market information and discuss your moves with an expert. In short, TraderSync succeeds as a user-friendly, feature-rich alternative to Excel.
TradeBench – Cost-effective Trading Journal
TradeBench’s charts and graphs let you quickly go through your trading information by colour. You may import your trading activity from any broker or trading platform into the sleek and simple user interface. The magazine provides resources for evaluating risks and analyzing trades. The product is very effective and competitive in its field. When comparing prices, TradeBench is the winner. There is no subscription or other fee to read the journal online. TradeBench makes money from advertisements. It’s free to use as a trade log, but that doesn’t mean you have to settle for fewer bells and whistles.
Chartlog – The Top Charting Software
Unlike other trading diaries, Chartlog incorporates TradingView’s powerful charting capabilities directly into the interface. TradingView’s built-in algorithms and indicators allow the platform to automatically label trades and setups. This is a huge perk for traders who rely on TradingView as their main charting tool.
You may make notes on any transactions you make and have them imported automatically from most major brokerages into Chartlog. In addition, it provides several tools for filtering and analyzing your transaction data, such as performance statistics that account for risk. It’s important to remember that the Pro membership tier is required for analyzing transactions by time frame, length, asset class, and tag combinations.
In addition to a diary, Chartlog also has other tools that might give you an advantage in the market. Backtesting methods make use of past pricing information. To ensure you don’t miss anything while assessing a setup, Chartlog also allows you to construct a checklist for each of your tactics.
Trademetria – Has Risk Assessment Feature
Trademetria is another simple trading diary that keeps track of all the important parameters and displays them in an easy-to-read format for evaluation. The platform’s data analytics capabilities may assist you identify where your approach should be strengthened.
The journal also has a risk assessment questionnaire. Before, during, and after making trades, the platform will display the possible risk and profit so that you can make an informed decision.
Trademetria stands out because of the difficulty it presents. You can learn where you can enhance your performance by setting goals and measuring your progress toward them. This tool may help you monitor your trading results over time. Trademetria’s free plan allows for the monitoring of up to 30 transactions per month. Active traders should expect to pay between $29.95 and $39.95 each month. A yearly subscription is 40% less than a monthly one.
Edgewonk – Has Psychological Categorization Features
In March 2021, the developers at Edgewonk launched version 3.0 of their online trading diary, which includes advanced statistical analysis features. The first phase of utilizing Edgewonk 2.0 required the installation of software on your computer. Tools for optimizing when to enter and leave a trade, as well as more sophisticated trade classification methods, evaluations of trade management, and analyses of holding times, are all at your disposal. To say the program provides a complete view of your profile is an understatement.
Edgewonk also lets you annotate your trades with notes and tags, among other customization options.
However, the psychological categorization features are the most fascinating ones. You may include details such as how you’re feeling and why you’re entering or departing a deal. That way, you’ll be able to see how your emotions and thoughts influence your trading performance over time.
One drawback is that, in comparison to competing automated import solutions, it does not support as many trading platforms and brokers. Unfortunately, options trade import is not currently available.
Time To Sum Up!
It’s easy to create poor trading habits without even realising it. Keeping a trading notebook may help you learn this information and develop as a trader. You may customise trading notebook software to include whichever metrics are most important to you. However, most trading software like Ethereum Code is not free; rather, their fees range widely depending on the features and levels of support you want. The benefits and services you get from each tier may vary. Take advantage of their risk-free demo versions if you’re on the fence about purchasing the full version.