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Online Trading Journal
What is an Online Trading Journal?
An online trading journal is where you track your day trading progress online in a free trading journal or paid service. These online trading journals are essential in your day trading profession because they track and analyze your trades for you, making it super easy and readily available for you to keep track of your progress, study from your mistakes, and look back at old trades for future reference.
This is a crucial step in your post-trade, and it is effortless. By simply joining an online trading journal, you can sync it to the brokerage you are using to trade, and the system will upload your trades and analyze them for you, making it a breeze for you to view your development and thus helping you become more successful.
Benefits of Having an Online Trading Journal
Learning from your mistakes
As previously mentioned, the benefits of an online trading journal are to maximize profits based on previous trades by learning from your mistakes. You can develop a profitable strategy based on previous trades alone. If you diligently continue to update your trading journal, then you can frequently refer to it when wanting a favorable trade.
Keeping Emotions in check
When having an online trading journal, you can take note of everything you felt and learned through a certain trade. This makes it possible for you to analyze your thoughts and emotional triggers behind every trade you make and help you keep your emotions in check and from possibly avoiding a trade you would regret.
Highlights your weaknesses and Strengths
When looking through your online journal, you can review your trading history and see your weaknesses and strengths. By having a detailed record of every trade, your strengths and weaknesses will be easy to identify, and you can focus on what needs improvement and what you are profitable on.
Prevents You From Making a Questionable Trade
Using the online trading journal makes it easy to stick to a trading plan. Since you can use the analyzed information from your previous trades, it can help you from making a trade that you maybe already did in the past and did not go your way.
Best Online Trading Journals
According to our chatroom members, these free trading journals are the ones they love to use the most. They are, TraderSync, TraderVue, and Edgewonk. These are some of the current online trading journal websites available today and they are some of the best online trading journals.
TraderSync is an online trading journal website. It is a free trading journal if you use the basic plan, there are three other tiers you can subscribe to as well, (Basic, Pro, Premium, and Elite.) It is an interactive online trading journal that allows you to analyze your past trades. The best part of this online trading journal is that you can set up categories for setups and mistakes and identify which times or days, if any, you are making the most profit.
Besides also having the basic journal abilities like being able to take screenshots or add notes, the most important tool that TraderSync has is tagging. This online trading journal lets you create two types of tags, one for trades and one for mistakes. The trade tag helps you identify what your plan was when starting a trade and the other allows you to view what went wrong, making it a great way to learn from your mistakes and better your trading profit.
TraderVue is a great beginner trading journal. The distinct thing about this online trading journal is that it is a trading journal that gives you the ability to share your trades besides analyzing them. In TraderVue, the analysis tool enables you to see how your trades performed based on liquidity, instrument behavior, and more, and giving you the ability to share them. In addition, the best tool is the ability to upload your trades straight through your brokerage making it a breeze to keep track of them, TraderVue works with most brokerages.
As well, they have a great note-taking system that rearranges your notes in chronological order, making it extremely easy to reflect on previous trade decisions. Lastly, TraderVue like TraderSync, is free with a basic plan and offers two other plans (Silver and Gold.) If you want to trade forex, options, or futures, you need at least the silver plan.
Edgewonk is an online trading journal that is quite different from TraderSync and TraderVue. One main difference is that it used to be a software you had to download but now it works like most online trading journals that you can use from any device. Another difference is there is no monthly fee but instead a one-time fee of $169.00 for the Edgewonk 3.0, which is the latest version that came out just recently in March of 2021. In addition, it is an online trading journal that can be used for all markets and currencies, making it readily useful all over the world.
This online trading journal helps traders keep an eye on their habits and analyze their trading behavior. It helps improve your trading skills by analyzing your trading information and helping you improve your trading strategy. Unlike TraderVue, with Edgewonk you do have to upload your trades yourself but afterwards, it does the analyzing for you, and like the other trading journals, it gives you a trade analysis to help you improve your trading.
Finally, these are some of the best online trading journals available but there are many other options out there that might be better for you. The key is to find the best online trading journal that works for you to help you achieve trading success. Thankfully, since there are so many trading journal websites there is an option for everyone even free trading journals, which makes it possible for you to keep every penny you can have in your trading account.
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