Whether you like it or not, technology is here to disrupt trading. In fact, it has been doing so ever since high-frequency trading machines, powered by self-learning algorithms, became the dominant force on financial markets a decade ago. As a retail trader, you probably don’t have the resources to invest in the best technology.
However, this shouldn’t mean you can’t take advantage of a digital trading assistant to improve your performance. In thisTraderSync Review, we will focus on the leading trading journal and discover how it can help automate your investment management process and boost your win rate.
As with every other leading solution, TraderSync was designed to solve an existing problem its founders were facing.
The platform was launched in 2014 by a team of programmers who had, at that point, invested many hours in learning about trading and taking courses, but still failing to become profitable. In the end, they figured out they needed a tool to help them track their trades.
Today, TraderSync is among the most flexible and complete trading journal software. It is also one of the most popular solutions used by thousands of different traders worldwide.
TraderSync is very easy to use and can be accessed from any device thanks to its Android and iOS mobile apps and functional web interface. It brings rich features and tons of educational materials and video tutorials to help you get the most out of your trading journal.
TraderSync’s features are designed to complement the platform’s three main functions – to journal and back-up your trades, identify trading patterns, and provide actionable feedback to boost your trading performance. It does that by covering all aspects of trade management. From suggestions on how to improve your trading plan or create more effective trade setups based on adequate entry price, target price, and stop loss management, to the analysis of portfolio specifics and generating actionable insights based on your trading data.
They are organized in a customizable dashboard where you can create a layout of your choice and add only the tools to fit your needs and trading style best.
TraderSync has over 25 helpful and advanced features. Let’s take a look at some of the most interesting ones. We will divide them into groups to better acknowledge the platform’s capabilities. The full list of features can be found here.
The trade management platform supports various helpful charting features that allow you to track your entries better and exit points, chart targets, test stop-losses, and more.
There even is an intraday charting feature that allows you to view price action developments on a minute-by-minute basis and correctly adjust your stop loss.
Analytics and feedback features
TraderSync holds a universe of analysis tools to help you improve your trade management and identify key moments in different scenarios.
You can upload screenshots and take notes to recall the specifics around the particular trade if you want to analyze it manually.
The trading journal will also generate automated trade-specific analytics, including a representation of crucial insights like return per share/contract, overall return, risk, etc.
The best thing about the platform is that it can come up with AI-generated feedback after you feed it with enough trading information. The built-in engine analyzes the available data and finds patterns in your trading activity. All the conclusions are then presented in an easy-to-comprehend report.
Traders are free to share their trading performance, ideas, custom data (returns, trade size, screenshots, notes, etc.), performance reports, and more.
That way, you can quickly grant your mentor or trading peers access to your trading style’s characteristics and receive feedback on where you can improve or where you stand out.
TraderSync can generate easy-to-digest, aesthetically-pleasing reports to help draw insights from your trading activity. The trading journal supports over 10 different reporting tools so that you can have everything you need to analyze your performance from all angles at the top of your fingertips.
The best thing about reports is that they can be filtered by even the smallest detail or variable, and you can drill-down to get essential information. There is also a calendar reporting feature that paints the days you have been on the winning side in green and those where you’ve underperformed in red.
TraderSync goes beyond the standard features of trading journals by allowing you to compare different stock setups against each other to find out under which circumstances they perform best.
This means you can simulate different trading scenarios based on your trades history to determine where you can improve the next time or the right moves you made in a particular setup.
Commission reporting features
TraderSync helps traders track the trading costs and commissions they were charged when executing a particular trade.
The costs of each trade can be added manually or imported directly from your broker. You can even automate the process by setting up rules for the platform to add fees and commissions information as soon as you add a new trade.
Now, the essence of ourTraderSync review, the price. TraderSync offers one of the most flexible pricing policies in the niche of trading journals software.
The price is defined depending on which of the four tiers of trading accounts you prefer. The best way to find out which is the best choice is to consider how each fits your trading needs, style, and preferences. Here are the TraderSync offers you can choose from:
- Basic Account – free
- Pro Account – $29.95 per month
- Premium Account – $49.95 per month
- Elite Account – $79.95 per month
All of the paid accounts have a 7-day free trial period. Here is a full list of the features each account supports to help you make a choice. The essence is you can add an unlimited number of trades for each of the paying account types.
But let’s say a few words about the free account. It is an excellent choice for traders who aren’t afraid of being active on social media. If you register with your Twitter account and are willing to tweet about each trade you make on TraderSync, you can get a free account supporting some of the platform’s basic features.
The thought of deleting each tweet right after you have posted it that has just crossed your mind won’t work. TraderSync will require you to post again, or it will cut off your free account.
You can learn more about how the Basic account works here.
In a nutshell, if not for long, the Basic account is a great choice to get a taste of the platform. If it limits you, feel free to activate the free trials to unlock the more powerful features.
Who is TraderSync Best For?
The short answer is: literally anyone.
The paid TraderSync accounts are best for stock, futures, FX, and options traders. They are suitable for professional day traders who need a hand to organize and analyze the big amounts of data they generate. The intuitive interface makes TraderSync an excellent choice for beginners who don’t know what they are doing right or wrong.
On the other hand, the free plan is suitable only for stock traders who intend to use the basic trade journal functionalities.
When it comes to brokerage support, it is worth noting that you probably won’t have any problem connecting yours to TraderSync. The reason is that it has a long list of supported brokers and trading platforms. You can find more about it here.
If you can’t find yours on the list, you can import a CSV with your exported trades and your broker’s name, and the TraderSync team claims to have it added in just a few days.
TraderSync Review Summary
TraderSync is a powerful trading journal with enhanced functionalities and features. The price is reasonable for active traders to analyze their trading behavior. TraderSync helps you to determine where your particular strengths and weaknesses are.
Similar to Trademetria, TraderSync is also based on a recurring subscription logic. The benefit of this subscription model is that you can cancel the subscription at any time without a huge upfront payment.
- 7-day free trial for all plans available
- Works with stocks, futures, forex, and options
- Interactive charts and A.I. features included.
- Subscription to Elite on the higher end of trading journal pricings
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