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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Best Trading Journal – Top 5
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.
You can also expect one of the highest data security standards, since the company’s headquarters is in Germany, within the EU. The EU is known for being one of the strictest with its General Data Protection Regulation (GDPR).
Price: One of the most significant advantages is the price, which is $169 per year. The $10 coupon “DT10” reduces the costs to $159, which equals $13.25 per month and reflects the lowest costs across all trading journals in the list.
Asset classes supported: Forex, stocks, futures, crypto, CFDs
See Also: Edgewonk Review
2. 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: Pro plan ($29.95 per month, or $312.60 per year), Premium plan ($49.95 per month, or $521.40 per year), Elite plan ($79.95 per month, or $834.60 per year).
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.
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: Basic plan ($29.95 per month, or $215 per year), Pro plan ($39.95 per month, or $279 per year).
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.
In the past 2 years, TradeZella saw a stunning increase in popularity and monthly searches. The newly integrated backtesting features make it an overall interesting choice for traders who are okay with paying over the average for a trading journal, honoring the additional features.
Price: TradeZella Basic costs $29 per month, or $288 per year, TradeZella Premium 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.
The most popular ones are TD Ameritrade, Robinhood and MetaTrader, but also less-known platforms like cTrader and CQG Trader are supported. 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
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.
Trading Journal Comparisons
Monthly and Annual Costs
Edgewonk is the clear winner in the annual costs comparison. With the promo code DT10, you can reduce the costs further from $169 to $159. Edgewonk works for forex, futures, stocks, CFDs and even crypto & options.
| Trading Journal | Monthly Subscription | Annual Subscription |
|---|---|---|
| Edgewonk | – | $169 🥇 |
| TraderSync | $29.95 – $79.95 | $312 – $834 |
| Trademetria | $29.95 – $39.95 | $215 – $279 |
| TradeZella | $29 – $49 | $288 – $399 |
| Tradervue | $29 – $49 | $288 |
Founding Date & Headquarters
| 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 |