Sometimes, you invest endless hours in something that does not work and don’t know why. You did everything possible to improve things and try different approaches, but it always ends the same. The same is true for trading and investing, where we often spend hours by hours developing new trading strategies and trying different trade entry and exit methods with uncertain outcomes.
Analyzing past performance can help in understanding the effectiveness of different trading strategies. What strategy works best, and what type of trading setup should I focus on? How does my trade result look like when differentiating between days of the week and times of the day, and how is the difference in the profitability of long vs. short trades?
The best way to identify the most profitable strategies, strengths and weaknesses in your trading style is by using the best trading journal for detailed trade analysis.
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Top 7 Trading Journals
Below I’ve added my five favorite trading journal apps that help you with detailed analysis, and also included comparison tables and a starter guide.
1. EdgeWonk
EdgeWonk is a feature-rich online trading journal with in-depth trade analytics tools and features. It is the best choice if you want to get as many features as possible for the lowest possible price.
EdgeWonk can be a critical component of a trader’s trading system, helping them track performance and refine strategies. The newest version, Egewonk 3.0, works on any device and is especially an excellent choice for forex traders due to the auto sync feature for MT4 and MT5.
In addition, you can easily import trades from brokers like Fidelity, Interactive Brokers, Saxobank, and IG, and platforms like DAS Trader, NinjaTrader, Optimus Flow, and Quantower via CSV file upload or input your trades manually.
You can take advantage of entry/exit optimization tools, a trade simulator, advanced trade classifiers, trade management evaluation, holding time analysis, and more. You can also backtest strategies and use a future simulator with growth scenarios.
Edgewonk also allows you to customize the input information, including adding notes and tags for each trade. But the most exciting feature is the psychological classifiers. You can add information about your mood, reasons for entering/exiting a trade, and more. That way, you can spot patterns related to the success of your trades and their reliance on your emotions and psychological states.
Price: One of the most significant advantages is the price, which is $169 per year. The $10 coupon reduces the costs to $159, which equals $13.25 per month.
Asset classes supported: Forex, stocks, futures, crypto, CFDs
Special Offer: Click Here for a 14-Day Edgewonk Trial and Get $10 off With Coupon Code DT10
See Also: Edgewonk Review
Click Here and Try Edgewonk for Free or Use The Promo Code DT10 To Save $102. TraderSync
Tradersync is a flexible and good trading journal app and over 100,000 traders use it via their web platform and mobile apps for iOS and Android.
With TraderSync, you can see your trades on a chart, including entries, profit targets, and stop-loss level visualization. Trades can be analyzed with interactive TradingView charts using various time frames, which is especially helpful for day traders.
TraderSync also supports options trades, helping traders analyze their options trading activities to understand historical performance and improve future strategies.
TraderSync is especially an excellent choice for retail traders. That’s because the auto-sync feature is available for Interactive Brokers, Robinhood, TastyWorks, TD Ameritrade, CenterPoint Securities, and CMEG. In addition, MetaTrader 4 and MetaTrader 5, Binance, ByBit, Kucoin and PropReports are also supported for autosync.
Key figures like overall return, risk, return per share and options contract are supported, notes can be made for each trade, and you can tag trades and track commissions. In total, over 100 insightful stats are available. Those who want can set up a public profile and share their trades with others.
Users of the Elite Plan can use the stock market replay feature, review the tape, level 2 data, and price action, and evaluate trading performance in detail, which are excellent additions to the basic functionalities.
Price: Free trial (7 days), Pro plan ($29.95 per month), Premium plan ($49.95 per month), Elite plan ($79.95 per month). Annual subscriptions come with a 13% discount.
Asset classes supported: Stocks, options, futures, forex, crypto, CFDs
See Also: TraderSync Review
3. Trademetria
Trademetria is an reliable trading journal with remarkable functionalities. You can track up to 50 trading accounts with unlimited order imports by using the Pro-version for $39.95 per month.
Unlimited delayed quotes for equities and forex, key metrics, a trade history calendar, buys and sells visualized on a chart, a PnL simulator, and strategy rankings are just some of the featured supported. More than 100 different online brokers are already supported, and the list is growing further.
An auto-sync API is available to import trading data from leading brokers to journal trades of the trading day. All your trades of the trading session can then be analyzed to identify trading mistakes and become a better trader.
Price: Free plan, Basic plan ($29.95 per month), Pro plan ($39.95 per month). Annual subscriptions are 40% Off.
Asset classes supported: Stocks, options, futures, forex, cryptos, CFDs
See Also: Trademetria Review
4. TradeZella
TradeZella impresses with a great mix of features, making it an all-in-one trading journal and analytics tool, enabling users to access in-depth trading analytics and detailed reporting. The implemented features include trade replays, trade tacking, advanced charting, powerful journaling functionalities, and educational elements with the Zella Bootcamp.
Autosync is available for forex traders, large brokerage platforms like Interactive Brokers, but also for smaller brokerage houses and tools. Trades from other brokers can be imported via CSV file.
Price: TradeZella costs $49 per month or $399 per year.
Asset classes supported: Stocks, options, futures, forex, crypto
See Also: TradeZella Review
5. Tradervue
Tradervue was one of the first trading journals, and works well for journaling stock, forex and futures trades, helps analyze the profitability scores, and you can also share your expertise with other traders in the community. Currently, 82 different trading platforms are supported, ranging from the most popular ones like TD Ameritrade, Robinhood and MetaTrader to less-known platforms like cTrader and CQG Trader.
However, the upload process only works with a CSV file. An integrated auto-sync feature is currently not available. Still, you can use the Tradervue API to code automated imports on your own. Note: On their website, they note an auto-import feature, but the link with “here’s the list” has no target right now. That might mean that an auto-import feature is on its way.
You can use Tradervue for free with some limitations. For example, you won’t have access to the advanced charting and analytics features, and you will have a cap of 30 trade imports per month. If you want to unlock the full potential of the platform, you should choose between the Silver or the Gold plans, depending on your needs.
Price: Free plan, Silver plan ($29 per month), Gold plan ($49 per month). Annual plans are not available.
Asset classes supported: Stocks, options, futures and forex
See Also: Tradervue Review
6. TradesViz
In terms of features, TradesViz also integrated TradingView charting capabilities, which visualize trade entries and exits. Besides charting, TradesViz has everything you’d expect from a trading journal. Comprehensive statistics, trade analysis, various calendar views, tables and trade notes are available.
TradesViz offers advanced trading analysis features, allowing traders to derive insights from their trading data and improve performance.
Also, TradesViz has an integrated trading simulator, options flow analysis, seasonality charts, and options simulator in the highest-tier subscription plan.
In addition, auto-sync is available for multiple platforms, including Interactive Brokers, Robinhood, TastyWorks, TradeStation, and TD Ameritrade on the retail US broker side, but also supports platforms like Tradier, TradingView, Tradovate, and NinjaTrader. Forex traders should be aware of the fact that only MetaTrader 5 is supported for auto-sync, not MT4.
The fact that TradesViz is the only tool that supports Zerodha, India’s biggest stockbroker, makes it an excellent choice for Indian traders and investors.
Price: Free plan, annual plans for Pro ($179 per year) and Platinum ($269 per year). Monthly plans are not available.
Asset classes supported: Stocks, options, futures, forex, CFDs, Crypto
See Also: TradesViz Review
7. Microsoft Excel
Not every trade analysis and trade documentation requires a paid subscription to one of the best trade journaling apps. So, it is absolutely understandable that you might not want to pay for 3rd-party solutions, and this is where Microsoft Excel comes into play.
With this tool, you can start with a new spreadsheet and define the parameters you want to analyze. Typically, it is best to download trade executions from your broker and import them in a separate data tab. Then, you start evaluating and calculating the key statistics you require for analysis and add a pivot table to another tab for comparison purposes.
The out-of-the-box finance-related functions are kind of limited, so it will be beneficial if you have in-depth knowledge about VBA for macro development.
If you buy an older version, you can limit your expenses to the purchasing costs. However, if you go with the M365 version, there are recurring costs, making the tool not better than pre-developed trading journals from the expense side.
Price: $100 one-time for older versions, $69.99 per year for M365 Personal
Asset classes supported: Unlimited
Conclusion
EdgeWonk is the best choice for traders who want powerful trade analytics features at their fingertips. TraderSync is great too, but more expensive. Trademetria has a robust user interface but only comes with delayed quotes.
Detailed trading journal data analyzed with the best trading journals is at least as important as having a good trading platform because it gives traders and investors a trading edge.
Trading journal software does not have to be expensive. It’s more important that the chosen trading journals provide the data insights you need to become a profitable trader.
Keep in mind that you need a trading plan before getting started. Only with a trading plan and data driven decisions, you’ll be able to identify the best-performing trading strategies, adjust trade rules, and compare and replay trades with the best possible outcome.
Comparisons
Asset Classes
| Asset Class | Edgewonk | TraderSync |
|---|---|---|
| Stocks | ✅ | ✅ |
| Crypto | ✅ | ✅ |
| Options | ❌ | ✅ |
| Forex | ✅ | ✅ |
| Futures | ✅ | ✅ |
| CFD | ✅ | ✅ |
| Asset Class | Trademetria | Tradervue |
|---|---|---|
| Stocks | ✅ | ✅ |
| Crypto | ✅ | ❌ |
| Options | ✅ | ❌ |
| Forex | ✅ | ✅ |
| Futures | ✅ | ✅ |
| CFD | ✅ | ❌ |
Costs
| Trading Journal | Free Trial* | Month | Year |
|---|---|---|---|
| Edgewonk | ✅ | ❌ | $169 |
| TraderSync | ✅ | $29.95 – $79.95 | $312 – $834 |
| Trademetria | ✅ | $29.95 – $39.95 | $215 – $279 |
| TradeZella | ❌ | $49 | $399 |
| Tradervue | ✅ | $29 – $49 | ❌ |
| TradesViz | ✅ | ❌ | $179 – $269 |
| Microsoft Excel | ✅ | ❌ | $69 |
*Free Trial: Includes free versions, free trials, or offers with money back guarantee.
Company Info
| Trading Journal | Founded | HQ |
|---|---|---|
| EdgeWonk | 2014 by Moritz Czubatinski | Germany |
| TraderSync | 2014 by David Olivares | Canada |
| Trademetria | 2016 by Thiago Ghilardi | USA |
| TradeZella | 2021 by Umar Ashraf | USA |
| Tradervue | 2011 by Greg Reinacker | USA |
| TradesViz | 2020 | India |
| Microsoft (Excel) | 1975 by Bill Gates | USA |