Sometimes you work on something for a long time, and it still doesn’t work out. You attempt different tactics and pursue other paths, but you can’t seem to solve the problem the way you desire. It occurs in all aspects of life.
In this article, I’ll go through the five most excellent trading tools for examining stocks, options, futures, forex, and cryptocurrency trades that are currently accessible.
In 2014, a group of programmers created Tradersync, a customizable and feature-rich trading journal. The founders encountered the same issues that we do. They took various trading classes but had no way of knowing which ones taught the most profitable notion because they didn’t keep track of their trades correctly. Subscribers may see their transactions on a chart and their targets and stop losses. Interactive charts and intraday graphing are also available.
Trademetria is relatively basic regarding what data is tracked and what you can analyze; however, commercial subscriptions offer real-time quotation data. As a result, Trademetria may function as both a watch list and a trading notebook. Although this is arguably what your online stockbroker is for, it is still a unique function. It also supports cryptocurrency, which I’m sure will please some traders.
One of the first trading journals was Tradervue. It was even in the centre of the niche’s development. However, we should point out that its features aren’t as advanced as EdgeWonk.
It does, however, provide journaling, analysis, and even a unique sharing tool. Users of Tradervue can share their historical performance data and insights with their colleagues in the community. They will be able to brainstorm, analyze, and discuss deals and tactics in this manner.
Chartlog’s lite subscription allows unlimited trade uploads (30-day history limit) and dynamic charts. At the same time, the pro plan adds strategy analysis, insights, pre/post-market data, and a few additional premium tools for active traders. Even though dozens more brokers are reportedly “coming soon,” Chatlog presently only supports a few major brokers and trading platforms, including Interactive Brokers, TD Ameritrade, TradeStation, and Webull. At the same time, it doesn’t have as many capabilities as TraderSync; Chartlog’s clean user interface and comfort of use make it a good option.
You can develop a spreadsheet trading diary from scratch if you don’t want to pay for third-party solutions and complete control over the features and functionalities. Microsoft Excel enables the creation of a variety of features. A free spreadsheet template might provide a good foundation if you don’t want to start from scratch. There are several pre-made templates available to utilize as a starting point. Stay updated by visiting the trade245 broker.
We have learned the five best tools for keeping a trading journal in this guide. Therefore, there are two things you should keep in mind if you choose this choice. The first is that it will take some time for you to complete. If you don’t have the essential understanding, you’ll need to familiarise yourself with the program’s financial functions, such as VBA for macros.