Ease of Use
Having a solid trading journal can benefit your trading analysis in a variety of ways. TraderSync is a trading journal that provides a variety of tools for analyzing your past trades. With TraderSync you can not only make notes about trades, but you can also create categories for setups and mistakes as well as see whether there are days, times, or types of trades that have been the most profitable. Read our in-depth review of TraderSync to see if this trading journal is the right pick.
TraderSync is a highly interactive trading journal that enables you to analyze your past trades. The software goes far beyond simply allowing you to make notes about your personal trades. You can create categories for setups and mistakes and quickly see whether there are days, times, or types of trades that are delivering the most profit. You can also quantitatively model how your profit and loss would change by pursuing a specific trading strategy or eliminating a specific type of mistake.
So, is TraderSync right for you? In our TraderSync review, we’ll take a closer look at all the features this trading journal has to offer.
TraderSync has four pricing tiers. The Basic plan is free, but only gives you access to the software’s most fundamental features. You can tag setups and mistakes, but all trades must be entered manually, and there are few analysis tools to help you improve over time. In addition, in order to use this free account, you have to link your Twitter account and allow TraderSync to post on your behalf every time you close a trade.
The Pro plan costs $29.95 per month or $312 per year and adds a lot of key features. You can import trades automatically from most trading platforms, track your profit and loss by a host of variables, and track commissions and fees.
The Premium plan, for $49.95 per month or $521 per year, adds the evaluator and simulator features. This enables you to dive deep into your trading data and quantitatively model potential profit and loss if you were to change your trading behavior.
The Elite plan costs $79.95 per month or $834 per year and offers trade management, which allows you to create a rules-based trading plan. Additional data insights are provided by artificial intelligence. The Elite plan also comes with the ability to set automated stop loss and profit target levels for your trades.
The Pro, Premium, and Elite plans each come with a 7-day free trial. TraderSync works for multiple financial markets, including stocks, options, futures, and forex.
Before diving into some of the advanced features that TraderSync offers, it’s worth pointing out that this software offers all the basic tools you’d expect from an online trade journal. You can write notes on any trade and take screenshots of the price chart to attach to your notes. TraderSync will also automatically annotate charts with your entry and exit points and track individual trade details like stop loss or price target levels.
Setup And Mistake Tagging
One of the key features of TraderSync that helps set it apart from other trading journals is tagging. The platform allows you to create two sets of tags – one for trade setups and one for trade mistakes. The setup tag enables you to identify what your aim was when you entered a particular trade, while the mistakes tag offers a chance for reflection and to mark what went wrong with your lost trades.
It’s important to use the setup and mistake tags within TraderSync. They play a major role in the advanced evaluator, simulator, and trade management modules. There’s no limit to how many setup and mistake tags you can create, and you can add multiple tags to any one trade.
A neat thing about TraderSync is that it tracks a lot more about your trading history than just what setup they were based on and whether they were wins or losses. The software automatically attaches a wealth of metadata to every trade, including what day of the week it took place, what hour it was opened, what market sector the underlying asset is in, and even the volume you traded.
All of this data can then be used to evaluate your trading performance. Say you want to look at trading performance by day of the week. You can see your total profit and loss across all trades for each day of the week, your number of trades per day, and even the number of mistake tags you’ve added by day.
This data can be helpful because it enables you to trading patterns. If a certain day or market sector is working well for you, you can double down on it. If you are consistently losing money trading before, say, 11 am, then you can switch to trading primarily in the afternoon.
Evaluator And Simulator
The evaluator and simulator modules allow you to dig into all of your trade data at once, instead of looking at individual variables.
With the evaluator, you can compare the performance of different setups and combine that with performance data by day of the week, entry volume, entry price, and more. The resulting plot shows the change in your portfolio across combinations of variables based on performance over time.
Unfortunately, you cannot change the axes for the evaluator plots. This would make it a bit easier to dive into the data as it would enable you to plot one variable against another. The way the evaluator module is currently set up, the plots can be somewhat difficult to interpret once you start including multiple data categories.
The simulator works similarly to the evaluator, except that you can see how your profit and loss would change by changing your trading behavior. For example, you could see how much your profits would increase if you eliminate all trades that are tagged with a specific mistake. You can also see how your profits would change if you only traded a specific subset of setups, or on certain days of the week. It’s a great way to see what’s working well, what’s not, and what trading strategies you should stick to for future trades.
The trade management feature is only available to Elite subscribers. This feature is comparable to the simulator but isn’t as user-friendly as some of TraderSync’s other modules.
Effectively, the trade management module lets you create a set of rules that you are trying to follow when trading. TraderSync will then automatically track whether you followed your own rules for your trades, both in the past and going forward in time. The software will then plot all of your trades on top of a profit and loss chart and use color-coding to identify which trades followed your plan and which trades broke some of the rules.
TraderSync Customization And Layout
TraderSync is highly customizable, both in its reporting tools and its display. The software gives a data overview in the main dashboard when you log in to TraderSync. You can sort all the trades you’ve made according to any of the platform’s data categories and add filters right inside the dashboard.
Plus, the dashboard is filled with customizable widgets that you can use to quickly spot patterns in your trading. These widgets are similar to in-depth data reports, but it can be nice to have them instantly available on your dashboard.
TraderSync has a web interface as well as a mobile app for iOS and Android devices. The platform also offers dozens of video tutorials to help you get started with the online trading journal.
Paid TraderSync users can automatically import trade data from more than 100 brokers. If you’re using a mainstream US broker, your chances are good that the platform supports it. Of course, you can always add trades manually, too.
TraderSync Platform Differentiators
TraderSync offers flexible trade analysis for active traders that goes far beyond standard journaling. Trade notes play a small role in this platform. Instead, the emphasis is on categorizable metadata like setup tags, mistake tags, day of the week, entry price, market sector, and more. This data-centric approach allows you to slice and dice your trade data to spot strong points and weaknesses.
It would be possible to mimic most of TraderSync’s features using pivot tables in Excel or a similar program. Also, there are other trade journals out there, such as TraderVue and EdgeWonk, that offer useful tools for strategy tracking. However, there is a lot to be said for TraderSync’s simple data visualizations and the fact that it also allows you to add notes and screenshots to your trades like a standard trading journal.
What Type Of Trader Is TraderSync Best For?
TraderSync is designed for the day trader or swing trader who needs a way to reflect on their trades and improve their trading success over time. Importantly, this software also requires a love for data analytics. TraderSync keeps track of your data and puts analysis tools at your fingertips. But it’s up to individual traders to take advantage of the evaluator, simulator, and trade management modules and to play around with different trading behavior changes.
- Wide range of metadata tracked for every trade
- Unlimited setup and mistake tags
- Automatic import from 100+ brokers
- Evaluate how trading habits can affect P&L
- Basic trade journaling available for free
- Evaluator doesn’t offer customizable axes
- Trade management module isn’t very user-friendly
- Paid plans are very expensive
- Many features can be replicated in Excel