Trading journals are an essential tool for top day traders. From independent day traders to those working for major financial institutions, a trading journal is a must have. With so many trading journals available, it can be overwhelming to find one that caters specifically to forex trading.
Luckily, some of the best trading journals on the market today support forex trading. These journals help traders track their trades and increase their success by recognizing patterns in their trading behavior. They provide a clear record of trades, enabling traders to see through all the noise and adjust their strategies moving forward.
In this article, we will provide an overview of the best forex trading journals, including detailed reviews of the top 3 journals available. We will also explain what a forex journal is and show you how to use them to get the edge you need over the competition.
Table of Contents
What Is A Forex Trading Journal?
At its core, a forex trading journal is simply a record of the trades you make in chronological order. It typically includes important information such as the time when you opened and closed a trade, the entry and exit price of the asset traded, the size of the position, the direction of the trade (long or short), and the result of the trade (whether it was profitable or not, and by how much).
But a comprehensive forex trading journal can also include more personal details that can help you improve your trading performance. This might include your rationale for opening and closing a particular trade, such as the trading strategies you used, aspects of technical and fundamental analysis, and any other market-moving news that influenced your decision.
In addition, a great forex trading journal can include a screengrab of the market trend before you opened the position and after closing it, as well as your personal assessment of the trade. By looking back and reflecting on your trading performance, you can assess if your approach to trading needs some tweaking.
Best Forex Trading Journals: The Top 3
TraderSync
TraderSync offers a range of features that make it one of the best trading journals on the market, for forex. One of the core features is trade journaling, which allows users to import trades from their broker or manually enter trades into the platform. Manual entry even allows you to upload screenshots of price charts to your notes, which will be automatically annotated with relevant entry and exit points, stop loss and profit levels.
The dashboard is customizable with over 20 widgets and data filters, such as setup, side, mistakes, status, portfolio, entry price, asset, percentage change, and volume change. This allows you to sort and view your past trades based on specific parameters.
TraderSync’s trade evaluator and simulator functions are powered by AI. The evaluator feature automatically analyzes your trading history and identifies patterns. The simulator enables you to simulate different trading scenarios based on your trading history to determine which one would have been more profitable.
TraderSync also automatically generates a performance report of your trading account, including metrics such as profit factor, percentage of average return, the average return, and win ratio.
In terms of pricing, TraderSync ranges from a free basic plan to the more comprehensive pro, premium, and elite plans, priced at $29.95, $49.95, and $79.95 per month, respectively. With its robust features and AI-generated insights, TraderSync can be a game-changer for forex traders and other active traders who need to track large numbers of trades.
Tradermetria
Now let’s take a look at Trademetria, a newer trading journal option that provides some unique features to help traders improve their performance. One of the standout features of Trademetria is its ability to automatically import trades or allow traders to manually input them. The available fields include crucial trade details such as trade side (long or short), date, quantity, price (entry and exit), commission, trade time, notes, and tags.
Trademetria also offers a performance assessment tool that allows traders to filter through past trades and generate a Key Performance Indicators (KPI) report. This report quickly identifies the best performing assets and strategies, providing valuable insights for future trades.
If you have multiple accounts to track, Trademetria can easily handle that. It accomplishes this by aggregating all your accounts with different brokers and displaying a summary of their collective performance.
Trademetria offers a free monthly trial account for all users. Afterward, the basic package costs $19.95, while the pro package costs $29.95. The primary difference between these packages is the number of accounts you can add and real-time quotes.
Although Trademetria is a newer trading journal, it offers a robust set of features that can help traders improve their trading performance. With its easy-to-use interface, multiple account tracking, performance assessment tools, and simulator, Trademetria is an excellent choice for traders of all levels.
Edgewonk
Next up on our list of the best forex trading journals is Edgewonk, which has been around for almost a decade. Despite being around for a long time, they continue to improve with new features and regular updates. It is considered one of the top trading journals available and supports forex and many other assets.
One of the key features of Edgewonk is its high degree of customization, allowing users to track and analyze their performance and identify areas for improvement. The journal can be tailored to track specific metrics and time frames, with numerous tools available to analyze trade data and performance.
Just like the other trading journals on our list, Edgewonk also offers a trade simulator. Another unique feature of Edgewonk is its “gamification” element, allowing traders to set pre-programmed milestones and trophies to motivate themselves and track their progress.
Edgewonk’s AI testing tools are robust, offering strategic backtesting and future account projections based on your trading strategy. Traders can even input trades they chose not to take and see how they would have performed. This helps refine your strategy by showing what might have happened if you had pulled the trigger on those trades.
Edgewonk offers a free blog section to help educate traders on markets, trading strategies, and navigating the platform itself.
What Is The Best Forex Trading Journal For You?
If you’re wondering which forex trading journal is the best for you, there are a few things to consider. Firstly, it’s important to make sure that the journal supports the assets you want to trade, such as forex or stocks. After that, you can compare features and costs to make an informed decision.
If cost is your major consideration, check out this best free trading journals article. By tracking your performance and analyzing your behavior, you can gain valuable insights and make informed decisions for future trades. So, if you’re looking to improve your forex trading skills, consider incorporating a trading journal into your routine.
About Carson Derrow
