A profitable trader is one who closely monitors their investments, always looking for a way to improve and improve their trading strategies. This remains true whether you are talking about novice traders or professional traders. However, keeping track of your trades can be a challenge!
In the past, using a trading journal was an effective way to keep track of trades. However, in the fast-paced world of modern trading, simply using a spreadsheet template won’t cut it.
After the spreadsheets, traders were then limited to downloadable trading journal software, which only allowed them to track trades from one device. Fortunately, nowadays, traders can use cloud-based journals, which can be accessed from anywhere!
Of course, not every trading book is created equal, which is why we’ve put together the list you’ll soon see below. Keep reading to find out which platforms are the best trading magazines for 2023!
What makes a good trading journal?
Before we get into the recommendations, it is important to know what features you want to look for in an online trading journal. Obviously being able to track trade history is essential, but how well will this functionality work? Some journals are limited to a few supported platforms, but the best journals can be used with multiple trading platforms at the same time for maximum efficiency.
There is, too Species of deals to consider. You don’t want a journal that can only track stocks (unless that’s all you trade!). Fortunately, many journals are able to track other types of trades (such as cryptocurrency trades), in addition to importing your forex trading activity. Make sure to get a journal that matches your trading style!
Another thing that we consider to be a prerequisite for being a “good” magazine is having a mobile app. With a quality trading journal app at your disposal, you will be able to keep track of your trades even when you are away from your trading desk.
Furthermore, a good trading journal should be able to provide in-depth analytics, possess a high level of customization, be safe 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 a forex trader!). For as little as $29.95 per month, traders can set up trading journals to keep detailed reports on their trading history.
The platform is able to automatically import trade data from multiple trading accounts, although the basic trading plan is limited to a single account. With the data provided, TraderSync can provide a wide variety of reports, such as pricing reports, volume reports, setup reports, and more!
Eliminating the need for manual data entry and analysis, TraderSync is ideal for traders who want to automatically record their entire trading history!
Curious about this AI powered tool? Click here to find out more!
Learn more about TraderSync
Tradervue
Offering advanced features at an affordable price, Tradervue is another excellent trading journal that allows you to easily import trades from many online brokers.
Despite not being able to provide real-time data, Tradevue excels when it comes to its reporting features. Using its risk analysis reports, a trader can quickly identify weaknesses in their trading strategy, and make adjustments towards future success. It also offers loss-making 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 are better off paying for a monthly subscription (ranging from $29 to $49 per month). Tradervue offers support for different asset classes and is definitely a platform we can recommend with confidence!
Click here to learn more about the full capabilities of the platform!
Learn more about Tradervue
tradermetria
Tradermetria is an online day trading platform that is more suited to the casual trader than the active one. Unlike other platforms, Trademetria only offers the option of manual entry of past trades: there is no automated option available to help you track your trading decisions in real time.
However, many of its key features – which are essentially 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 unsuitable for some, we think advanced features like backtesting and a 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 Trademetria
edgewonk
This highly customizable, fixed-fee trade journal is perfect for those with a lot of trading activity. With support for stocks, forex, futures, and CFDs, Edgewonk most likely supports the type of asset you’re trading.
An annual payment allows you to track an unlimited number of 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 wide range of tools and features), we think the platform is worth a try for anyone who really wants to become a successful trader.
You can learn more about this powerful journal software by clicking here.
Learn more about Edgewonk
In conclusion
With access to the trade notes in each journal entry, using the journal should make it easier for you to recognize and correct any commitments in your day trading strategy. While different platforms offer different benefits and some may only provide limited features for free, even the most basic can help you take your trading skills to the next level.
Remember that access to trading journals is an essential part of implementing a successful strategy while trading. We hope you found this list of the best trading magazines for 2023 helpful!