As traders, we all know the importance of keeping a trading journal. It’s not just a way to track our trades but also a valuable tool for analyzing our performance and identifying patterns in our trading behavior.
But with so many options available out there, it can be hard to know which journal is the best fit for us. That’s why we’ll be taking a closer look at TraderSync, one of the best trading journals that’s got quite the attention in recent years.
TraderSync was founded in 2014 by a team of traders who, like many of us, struggled to make consistent profits despite their best efforts. They found that one of the main obstacles in their journey was the lack of a comprehensive tool to track and analyze their trades.
So, the team set out to create their own solution – a trading journal that would be easy to use yet powerful enough to provide valuable insights.
Fast forward to 2023, TraderSync has become one of the market’s most popular and widely used trading journals.
But is it the best one out there? In this TraderSync review, we’ll take a closer look at the features and functionality of TraderSync, as well as its pros and cons, to help you decide if it’s the right choice.
TraderSync Features
One of the best things about TraderSync is its variety of features. With over 25 helpful and advanced options, you’ll have everything you need to succeed. Some of the most interesting features include the following:
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Charting
TraderSync is packed with features that can help you manage your trades better. One of the most helpful sets of features is its charting capabilities. With TraderSync, you can easily track your entries and exits, chart targets, test stop-losses, and more.
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Commission reporting
TraderSync helps you keep tabs on the fees and commissions associated with each trade, making it easy to track your overall trading expenses.
You can add this information manually or import it directly from your broker, and even set up rules for the platform to automatically include this data when you enter a new trade.
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Analytics and feedback
TraderSync is packed with an array of analytical tools to help you improve your trade management and identify key moments in different scenarios.
The platform helps upload screenshots and take notes to recall the specifics of a particular trade. This allows you to analyze your trades in more detail and understand what worked and what didn’t.
The trading journal also generates automated analytics, providing crucial insights such as return per share/contract, overall return, and risk. Additionally, the platform uses AI-generated feedback to help you make better-informed decisions and improve your overall trading performance.
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Sharing
TraderSync allows you to connect with other traders, share your performance and insights, and receive valuable feedback.
You can easily share your strategies and performance with a mentor or peer group for constructive analysis and suggestions for improvement.
This collaborative feature helps to enhance your trading skills and knowledge.
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Backtesting
TraderSync provides a unique feature that allows you to analyze your trades and compare stock setups to see which performs best.
This powerful tool allows you to simulate different trading scenarios based on your trade history and identify areas for improvement or successful moves you made in a particular situation.
This feature can help you make better decisions and improve your trading performance.
How Much Does TraderSync Cost?
TraderSync offers a range of options for traders of all levels, with pricing plans tailored to fit different needs and preferences.
The Basic Account is free, giving you access to core trade management and analytics features.
For those who want more advanced capabilities, there’s the:
- Pro Account for $29.95 monthly
- Premium Account for $49.95 monthly
- Elite Account for $79.95 monthly
Additionally, the number of trades you can add increases with each paid account type. With TraderSync, you can choose the plan that best suits your trading style and goals.
Pros and Cons of TraderSync
Pros
- Suitable for traders of all levels, with support for stocks, futures, forex, and options trading.
- Interactive charts and A.I. features are included, allowing you to analyze your trades and improve your performance.
- Advanced features include a trade simulator, backtesting, and risk management tools.
- Imports trade data automatically.
Cons
- Its basic plan only tracks a single account
- You get no refunds
TraderSync Alternatives
There are some good alternatives out there when compared to TraderSync. These alternatives include Trademetria, Tradervue, and a trading education company like Earn2Trade.
They all provide invaluable resources to help you learn the ropes and thrive in your career as a trader.
Who is TraderSync Best For?
The TraderSync accounts that require payment are best for those who trade stocks, futures, F.X., and options. They are geared towards professional day traders who need help to organize and assess the vast amounts of data they produce.
The easy-to-use interface makes TraderSync an ideal choice for novices who lack knowledge of what is good or bad. Conversely, the free plan is only suitable for stock traders who want to use the fundamental trading journal features.
In terms of broker compatibility, it is worth noting that it is likely you won’t have any difficulty connecting yours to TraderSync.
Should you find your broker missing from the list, you can upload a CSV file with your exported trades and the name of your broker, with the TraderSync team declaring to add it within a few days.
Sign up for TraderSync today. You have nothing to lose, the basic account is free remember?
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