As a trader, being able to monitor and interpret your trading performance can be critical, and that’s where Chartlog comes in. Chartlog is a journaling and analytics tool that helps traders measure, monitor, and interpret their personal trading performance. With features such as advanced charting, performance reports, and journaling, could this be the right tool for you? Read our review of Chartlog and learn more.
Chartlog.com is a journaling and analytics tool for traders to help measure, monitor and interpret personal trading performance. This software automatically imports trading data in real-time directly from your trading platform and provides insights into your performance metrics. This information is transformed into knowledge that helps to refine trading strategy, management and execution with a data driven approach.
I like how Chartlog provides analysis through a multi-layered approach that also engages user inputs like mental and emotional state before commencing trades. Even more advanced features enable traders to analyze stats on their trading strategies to pinpoint the conditions and situations that cause performance bottlenecks and leaks. Using the data, traders can adjust strategy rules and parameters to back test outcomes before applying them in real time.
It is often said that trading is a mental game and our biggest opponent is within us. This software bestows a whole new realm of awareness into a trader’s psyche and actions that can materially impact performance.
Chartlog Pricing Options
The pricing is very simple, Free and Pro. The Free membership allows for automatic imports, interactive charts and 30-day journal. The Pro membership is $29.99-per month and a discounted annual plan is $239.88-per year and includes all the features of the Free membership plus Full Access Journal, Strategies and Insights functions. There’s no add-ons or additional packages or bundles, nice and simple.
Chartlog Features Breakdown
This easy-to-use software does most of the legwork once trading data is taken from the brokerage platform. User input is needed for journal entries, charting and strategy testing and development.
The charting is powered by TradingView, which is one of the best cloud-based charting platforms on the market. With over 100 indicators ranging from simple moving averages to RSI and Keltner Channels and On Balance Volume, TradingView is my favorite charting software.
The flexible drawing tools include trend lines, flags and parallel channels to Fibonacci retracements and extensions, Gann Angles and even ABCD harmonic patterns, it can’t be understated how deep the indicators run on this platform to accommodate every level of trader. The charting is used for traders to reflect on their performance down to types, groups and individual trades to spot the leakage and areas for improvement.
Performance Reports And Insights
Chartlog provides every combination of performance reports from crunching personal trade data. From winning and losing percentages to segmenting the time of the day that a trader historically tends to win and lose the most. Delving even deeper, users can also apply metrics to which strategies have been most effective or haven’t.
Subscribers to the Pro plan have the ability to apply adjustments to their strategies based on the data driven insights. From a change in a strategy rule to completely rewriting strategies. Chartlog provides the functionality to make the changes and the opportunity to bolster performance but quantifying trading strategy methods, spotting the leaks which provides the pathway towards improvement.
Traders are expected to enter journal entries daily. While users may feel they should keep input unbiased, these entries should be subjective to paint the psychological context for that day. Since traders are humans and not machines, the most sensitive flaws may stem from our emotional states. What makes a trader apply strict discipline one day taking quick stop losses versus neglecting their rules as losses mount the next day? It stems from the psyche and everything that influences it consciously and subconsciously. Chartlog understands this and encourages documenting mental and emotional states so they can be factored into performance outcomes. Going on ‘tilt’ is a very real mental state that traders absolutely must sidestep at the first inkling. Failing to even acknowledge the important of mental state is detrimental to longevity as a trader. Maintaining a trade journal can’t be understated and should be an essential part of the daily routine.
There are a few other competing similar products on the market including Tradervue. Chartlog is superior in areas of charting and strategy analysis, especially when utilizing charting indicators powered by TradingView charting. The platform is very easy-to-use and literally runs right out of the box, assuming your brokerage platform is compatible. Chartlog is also cheaper and presents better value overall.
Is Chartlog A Good Value?
The real value comes from not just the personal performance awareness that the metrics provide on the surface but the ability to bolster improvement if users diligently apply the insights towards their strategy and management.
What Type Of Trader Is Chartlog Best For?
This awareness tool is best for intermediate and seasoned day traders that have the passion and discipline to study their performance and make the efforts to improve. The insights derived from Chartlog can be instrumental in adjusting and improving trade and strategy management. Traders who seem themselves as true students of the markets will benefit the most.
- Robust informative reports on trading performance metrics
- Convenient automatic trade data importing and analysis and manual uploading for support platforms
- Intuitively designed for easy-to-use engagement
- Non-intrusive, cloud-based and not a resource hog as it runs in the background
- Provides personal data-driven performance interpretation and enlightenment for traders who put in the effort to seek it
- Powerful charting powered by TradingView with over 100 indicators
- Prompt and attentive customer support open to ideas for product improvement
- Currently only supports the automatic real-time data uploads on DAS Trader PRO. The other supported brokerage platforms require manual uploads.
- Requires users to also diligently provide journal entries and try to understand the analysis