TraderSync Review – Is This an Effective Trading Journal?

About TraderSync

TraderSync is a highly interactive trading journal that enables you to analyze your past trades. The software goes far beyond simply allowing you to make notes about your personal trades. You can create categories for setups and mistakes and quickly see whether there are days, times, or types of trades that are delivering the most profit. You can also quantitatively model how your profit and loss would change by pursuing a specific trading strategy or eliminating a specific type of mistake.

So, is TraderSync right for you? In our TraderSync review, we’ll take a closer look at all the features this trading journal has to offer.

TraderSync Pricing

TraderSync has four pricing tiers.

The Basic plan is free, but requires you to post the trades you log on TraderSync to Twitter. In effect, this is an ad-supported account with your Twitter account serving as the advertising platform. The free account lets you tag setups and mistakes, but all trades must be entered manually, and there are few analysis tools to help you improve over time.

The Pro plan costs $29.95 per month or $312 per year and adds a lot of key features. You can import trades automatically from most trading platforms, track your profit and loss by a host of variables, and track commissions and fees.

The Premium plan, for $49.95 per month or $521 per year, adds the evaluator and simulator features. This enables you to dive deep into your trading data and quantitatively model potential profit and loss if you were to change your trading behavior.

The Elite plan costs $79.95 per month or $834 per year and offers trade management, which allows you to create a rules-based trading plan. Additional data insights are provided by artificial intelligence. The Elite plan also comes with access TraderSync’s market replay feature and the ability to set automated stop loss and profit target levels for your trades.

The Pro, Premium, and Elite plans each come with a 7-day free trial. TraderSync works for multiple financial markets, including stocks, options, futures, and forex.

TraderSync Features

Trading Journal

Before diving into some of the advanced features that TraderSync offers, it’s worth pointing out that this software offers all the basic tools you’d expect from an online trade journal. You can write notes on any trade and take screenshots of the price chart to attach to your notes. TraderSync will also automatically annotate charts with your entry and exit points and track individual trade details like stop loss or price target levels.

TraderSync supports data tracking and trade imports for multiple asset classes, including:

• Stocks
• ETFs
• Options
• Futures
• Forex
• Cryptocurrencies

You can also track multiple accounts and segregate them when analyzing trade data within TraderSync.

It offers interactive charts from TradingView, enabling you to visualize your trade entries and exits for any symbol. You can also monitor your current portfolio, generate overall performance reports, and track your commissions and fees.

Setup And Mistake Tagging

One of the key features of TraderSync that helps set it apart from other trading journals is trade tagging. The platform allows you to create two sets of tags – one for trade setups and one for trade mistakes. The setup tag enables you to identify what your aim was when you entered a particular trade, while the mistakes tag offers a chance for reflection and to mark what went wrong with your lost trades.

It’s important to use the setup and mistake tags within TraderSync. They play a major role in the advanced evaluator, simulator, and trade management modules. There’s no limit to how many setup and mistake tags you can create, and you can add multiple tags to any one trade.

Data Reports

A neat thing about TraderSync is that it tracks a lot more about your trading history than just what setup they were based on and whether they were wins or losses. The software automatically attaches a wealth of metadata to every trade, including what day of the week it took place, what hour it was opened, what market sector the underlying asset is in, and even the volume you traded.

All of this data can then be used to evaluate your trading performance. Say, for example, that you want to look at trading performance by day of the week. You can see your total profit and loss across all trades for each day of the week, your number of trades per day, and even the number of mistake tags you’ve added by day.

This data can be helpful because it enables you to identify patterns in your trading results. If a certain day or market sector is working well for you, you can double down on it. If you are consistently losing money trading before, say, 11 am, then you can switch to trading primarily in the afternoon.

Evaluator And Simulator

The evaluator and simulator modules allow you to dig into all of your trade data at once instead of looking at individual variables one at a time.

With the evaluator, you can compare the performance of different setups and combine that with performance data by day of the week, entry volume, entry price, and more. The resulting plot shows the change in your portfolio across combinations of variables based on performance over time.

Unfortunately, you cannot change the axes for the evaluator plots. This would make it a bit easier to dive into the data as it would enable you to plot one variable against another. The way the evaluator module is currently set up, the plots can be somewhat difficult to interpret once you start including multiple data categories.

The simulator works similarly to the evaluator, except that you can see how your profit and loss would change by changing your trading behavior. For example, you could see how much your profits would increase if you eliminate all trades that are tagged with a specific mistake. You can also see how your profits would change if you only traded a specific subset of setups, or on certain days of the week. It’s a great way to see what’s working well, what’s not, and what trading strategies you should stick to for future trades.

Trade Management

The trade management feature is only available to Elite subscribers. This feature is comparable to the simulator, but isn’t as user-friendly as some of TraderSync’s other modules.

The trade management module lets you create a set of rules that you are trying to follow when trading. TraderSync will then automatically track whether you followed your own rules for your trades, both in the past and going forward in time. The software will then plot all of your trades on top of a profit and loss chart and use color-coding to identify which trades followed your plan and which trades broke some of the rules.

The idea is that some trades fail not because your strategy is bad, but rather because you didn’t perfectly execute on your strategy. TraderSync’s trade management tool helps you identify when you’re making execution mistakes, see the impact these mistakes have on your profitability, and adjust accordingly.

Market Replay

TraderSync recently added a market replay function for Elite subscribers. This allows you to replay price action for any symbol on any day in the past. You can speed up or slow down the playback speed.

One aspect of the replay function that’s especially nice is that you can replay any trade from your journal. Just click on the replay button and TraderSync will jump to the chart at the time you opened your trade. You can also create “playlists” of trade replays for specific strategies, which is helpful for visualizing mistakes that you identify using the trade management tool.

Artificial Intelligence

Another new feature available to Elite subscribers is an AI “coach” named Zukzu. The AI can point out actionable takeaways from your trade data, like the fact that most of your profits are coming from one strategy or that a specific mistake is costing you repeatedly.

The AI coach seems to be a step by TraderSync to reduce the amount of data analysis required to get value from the software. However, it’s only available to Elite subscribers, who are also the traders most likely to want to use TraderSync’s advanced tools to dig into the data themselves. We didn’t find the AI to be particularly helpful, but it will be interesting to see how this feature evolves over time.

TraderSync Customization and Layout

TraderSync is highly customizable both in its reporting tools and its display. The software gives a data overview in the main dashboard when you log in to TraderSync. You can sort all the trades you’ve made according to any of the platform’s data categories and add filters right inside the dashboard.

Plus, the dashboard is filled with customizable widgets that you can use to quickly spot patterns in your trading. These widgets are similar to in-depth data reports, but it can be nice to have them instantly available on your dashboard.

TraderSync has a web interface as well as a mobile app for iOS and Android devices. The platform also offers dozens of video tutorials to help you get started with the online trading journal.

TraderSync also makes it easy to share your trade data or reports. This can be very helpful if you work with a trading coach.

Compatible Brokerages

Paid TraderSync users can automatically import trade data from more than 100 brokers and crypto exchanges. If you’re using a mainstream US broker or trading platform, your chances are good that the platform supports it. Of course, you can always add trades manually, too.

For most brokers, you have to manually sync trades at the end of each day or every few days. However, TraderSync has introduced an auto-sync function for a growing number of brokers.

Note that while TraderSync offers real-time charts, you can’t trade directly from the platform.

TraderSync Platform Differentiators

TraderSync offers flexible trade analysis for active traders that goes far beyond standard journaling tools. Trade notes play a relatively small role on this platform. Instead, the emphasis is on categorizable metadata like setup tags, mistake tags, day of the week, entry price, market sector, and more. This data-centric approach allows you to slice and dice your trade data to spot strong points and weaknesses.

It would be possible to mimic most of TraderSync’s features using pivot tables in Excel or a similar program. Also, there are other trade journals out there, such as TraderVue and EdgeWonk, that offer useful tools for strategy tracking. However, there is a lot to be said for TraderSync’s simple data visualizations and the fact that it also allows you to add notes and screenshots to your trades like a standard trading journal.

TraderSync has also done a good job of adding unique features for Elite subscribers. The trade management feature is a little complex, but we haven’t seen anything like this from other trade journaling software. It’s highly actionable and works especially well with the new market replay tool.

Check out reviews of other online trading journals to see which is best for you:

• Tradervue Review (Comprehensive Reporting)
• Chartlog Review (Great Charts)
• Edgewonk Review (Desktop Platform)
• Profit.ly Review (Great Community)
• Trademetria Review (Multiple Assets)
• Kinfo Review (Great Social Features)

What Type Of Trader Is TraderSync Best For?

TraderSync is a complete trading journal software designed for the day trader or swing trader who needs a way to reflect on their trades and improve their trading success over time. You can use the trade to track the success of multiple strategies, catalog your mistakes, and make changes to your trading execution based on hard data.

Importantly, this software requires a passion for data analytics. TraderSync keeps track of your data and puts analysis tools at your fingertips. But it’s up to individual traders to take advantage of the evaluator, simulator, and trade management modules and to play around with different trading behavior changes.

TraderSync supports a wide range of asset classes and more than 100 brokers, so you’ll be able to use this software almost no matter what assets you trade.

Pros

• Wide range of metadata tracked for every trade
• Unlimited setup and mistake tags
• Automatically import data from 100+ brokers
• Evaluate how trading habits can affect P&L
• Simulator and market replay help you identify execution mistakes

Cons

• Evaluator doesn’t offer customizable axes
• Trade management module isn’t very user-friendly
• Paid plans are expensive and Basic account is limited
• Many features can be replicated in Excel