Examining your trading journals, and evaluating your trading performance, and trading strategy will help you become more successful. However, since there are many best free trading journals available in the market, which would you go for?
In this article, you’ll find a review of the ten best free trading journals.
Table of Contents
- What Is A Trading Journal?
- Benefits Of A Trading Journal
- 10 Best Free Trading Journals
- FAQ About The Best Free Trading Journal
What Is A Trading Journal?
A trading journal tracks your trading performance by documenting your transactions, which you may later examine to enhance your trading activity by studying successful and unsuccessful deals. Tracking your progress helps you to analyze errors you made when starting or closing a trade. Also, it enables you to stay in your trading plan and improves your ability to execute better in the future.
Benefits Of A Trading Journal
Let’s go over the advantages and discuss them in further depth.
1. Helps You Identify Your Strength And Weaknesses
Every trader has strengths and weaknesses. And using one of the best free trading journals may quickly help you identify yours. For instance, Monday is not a good day for some people to trade. At the same time, Friday may be their best day. Thus, keeping track of your deals might provide some valuable information.
Other instances of weaknesses or strengths include best/worst symbol, hour, duration, and time frame.
2. Helps Determine Your Setup
This is the most apparent and common benefit. For a good reason, most traders use one of the best trading journals to locate their best setup. Investing in a proper setup will significantly boost the value of your portfolio and your win rate.
Also Read: EPIC TRADING REVIEW: EVERYTHING ABOUT THE FOREX TRADING PLATFORM
So, the best free trading journals help you identify your best setup and give you some data about it. However, remember that you must have accurate statistics on the settings. A solid setup might appear poor if you mismanaged the transaction and made several errors.
3. Helps You Establish Incremental Goals
With the best free trading journals, you may create objectives for yourself. In addition, you can strive to achieve them if you track and measure specific crucial components of your trade.
Some incremental goals are; increased win percentage, reduced risk, decreased error rate, or average loss. Therefore, the idea behind the best free trading journals is to make your goals realistic and achievable.
Other benefits of the best free trading journals are;
- It helps find your market edge.
- Makes you accountable
- It manages risk
- Enhances consistency
10 Best Free Trading Journals
The first on our list of the best free trading journals is TraderVue. This program is user-friendly, and it provides all the significant investment instruments. Its free edition contains a 100-monthly trading log. The free solution will be enough for many retail swing traders.
One thing you’ll love about this tool is its conventional elements of a journal. These include data analytics tools and easy-to-digest insights on becoming a better trader.
Also Read: Amp Futures Review: Pros, Cons, Trading Platforms and How To Signup
What’s more? TraderVue excels as a risk management tool.
Risk is always present in the trading process, and it is essential to take precautions to control and limit it. The platform’s risk analysis capabilities are unparalleled, and they will provide you with recommendations on how to lower your risk while boosting your overall performance.
Price: Free, $29/Month, $49/Month
Trademetria is another of the best free trading journals that capture essential data. Also, it allows you to assess your trading performance quickly. The platform’s data analytics features are basic but simple to use. Several tools are available to assist you in analyzing potential changes to your plan.
The journal also has remarkable risk management capabilities. Indeed, when you use it, you will understand the possible risk and return before, during, and after your transactions. Trademetria is notable for its features that allow you to put yourself to the test.
When you notice trends in your performance that indicate you could do better, set challenges based on those tendencies and track your progress. This tool lets you visualize your improvement as a trader. With its free plan, you can track 30 trades monthly.
Price: Premium costs $39.95 per month or $359.40 annually ($29.95 per month)
EdgeWonk is not your typical trading application. Quantum Trade Solution created it as a digital trading logbook. It assists traders in keeping track of their routines and analyzing their trading activity.
Consider EdgeWonk to be your digital tutor. It analyzes the trade data you provide and assists you in becoming a better version of yourself. Using the software will assist you in optimizing your plan, enhancing its effectiveness, and boosting your confidence.
EdgeWonk operates in a fairly basic manner. You must first input your trade data. Almost any trading software is supported, including cTrader, Interactive Brokers, MetaTrader 4, NinjaTrader7 and 8, Saxobank, generic Excel imports, and many others. After that, you’re ready to load your data. EdgeWonk then controls and begins studying your trading activity to produce a complete analysis.
Price: $169.00 / Year
TraderSync has one of the most stunning user interfaces out there. It’s a complete trading diary solution that covers all investment vehicles except cryptocurrency. TraderSync is now one of the most versatile and comprehensive trading diary software packages available. It is also widely used by thousands of traders globally.
TraderSync is simple to use and accessible from any device. This results from its Android and iOS mobile applications and excellent online interface.
It includes a plethora of features as well as a wealth of instructional articles and video lessons to assist you in making the most of your trading diary.
Price: Free, $29.95/Month, $49.95/Month, $79.95/Month
Journalytix is a next-generation automated trading analysis and journaling application with a real-time news feed incorporated. The technologies detect trends in trading data. And this allows traders to determine what is and isn’t working for them.
Traders not only receive up-to-the-minute analytical data about their day in terms of both profit and loss and risk. But they also receive a heads-up on planned economic releases and market-moving news, customized to events likely to affect their trading.
Earn2Trade and Jigsaw (the makers of Journalytix) collaborated to incorporate the platform within the trading dashboard for GauntletTM / Gauntlet MiniTM / Trader Career PathTM prospects.
6. My FX Book
Myfxbook, created by the XM forex broker, is the best free trading journal. It is an excellent diary / social networking site for any forex trader.
Also, it is entirely free and just for FX traders. Besides, one may share their profile the same way any other social media profile, such as Facebook.
Price: Completely free
PsyQuation employs AI-driven analytics to assist in improving trading performance and making smarter trading decisions. The PsyQuation Score measures your trading ability and compares you to other FX traders.
Also Read: Top 20 World’s Richest Forex Traders
PsyQuation’s trade diary allows you to display the most critical metrics, such as S/L, T/P, Duration, Commission, Order, Swap, and Tax.
Price: Axi live trading accounts are eligible for a free standard or premium account.
8. Microsoft Excel
For traders wishing to establish their first trading journal, Microsoft Excel is the best free trading journal. Creating a spreadsheet from scratch or obtaining a free spreadsheet template from the web allows you complete freedom and many capabilities when using a trading log in Excel.
Setting up your trading journals will be simple if you are familiar with Excel. However, it will take effort for users unfamiliar with financial tools and macros. Remember to check the spreadsheet twice and three times! You don’t want any errors that might influence your trading history.
Price: Free/standard license
Looking for the best free trading journals? Tradeviz provides you with cutting-edge online trading tools. These are excellent tools, with extensive performance monitoring and stick graphing capabilities, though the best features are visualization and post-trade analysis.
This trading diary includes over 70 base charts that allow you to personalize and manage the granularity of your trade data.
The All-in-One trading platform supports all assets and features customizable stock charting. Including an integrated option flow post-trade analysis and screener improves the simplicity of use for precise analysis. This platform also provides statistics and tables.
10. Trade Bench
The Trade Bench journal is one of the best free trading journals with many advantages for free software. This trading journal has advantages other journals do not, such as the planned trade tool. And it allows you to construct customized checklists for your trade plans.
Another helpful feature is the ability to make text remarks before submitting your deal. This is especially important for inexperienced traders or traders trying a new technique. The tool allows you to go back and reconsider your thoughts before making the trade
FAQ About The Best Free Trading Journal
How Can I Determine The Best Free Trading Journal?
The best free trading journal is ultimately determined by the trader’s requirements and the degree of detail desired. An excel spreadsheet involves human trade entry but has no limit on the number of assets it can handle, making it a cost-effective manner of documenting deals. If traders want more extensive journaling capabilities, the best free trade journal with numerous outstanding features and reports is what they require.
Are Trading Journals Effective?
Yes, trading journals are among the most helpful trading tools accessible to novice and seasoned traders. The more accurate and rich the data in a journal, the greater the insights, and the easier it is to detect trends and examine trade data to optimize future trade setups.
In order to stay ahead in the trading space, you need to acquire as much information as possible and learn new trading strategies. Thus, the trading journals listed above. Keep coming back for more here on Expomaster.com.ng.