Easily connect Chartlog to your trading platform and upload all of your trades automatically, in realtime.
Let’s face it; trading is one of the trickiest ventures you can ever involve yourself in. To make it in this field, you have to do an excellent job of monitoring and interpreting performance so that you can make better decisions and boost your profits. Further, you will need to keep learning new strategies to survive in an ever-changing marketplace.
So, it would make a lot of sense for you to find a tool that gives you an easy time understanding and managing your trades. At this point, we shall introduce you to Chartlog, which is an analytics and journaling platform designed to help day traders keep track of their trading performance.
Take a look at our detailed review and decide whether or not this software is worth investing in.
What is Chartlog?
This is a journaling and analytics tool that was developed to give day traders the capability to monitor, and interpret their trading performance. It allows you to directly import trading data from your trading platform, and this will provide crucial insights into your performance.
Once you get this information, you can use it to refine your trading strategy, plus it will also help in the management and execution of the said strategies.
We were particularly impressed with the fantastic UI that is user-friendly such that once you log into the platform, you will have an easy time getting things moving.
About the Founders
The program was developed by Igor Milivojevic and Adrian Campos, who were initially members of the same trading community, i.e., Bear Bull Traders. These individuals were day traders and software developers who shared a common dream of improving the journaling and trading analytics that was in use at the time.
At the time of their interaction, they were working independently to develop their trading journal applications, and they decided to join hands and come up with a program that would provide a solution to the problem at hand.
The result of this partnership was Chartlog, whose initial launch was in 2019.
A Breakdown of the Program’s Key Features
We want you to understand what this software is all about entirely, and that is why we shall have a look at its key features in detail.
I) The Charting
An outstanding aspect of this program is the stunning interactive charts that are powered by TradingView. It features over 100 indicators ranging from the basic moving averages to RSI and Keltner Channels.
We also liked the wide variety of flexible drawing tools available on the platform, such as flags, trend lines, Fibonacci retracements, and ABCD harmonic patterns. You can use all the tools that the charting software has to offer to analyze your performance and point out the areas that call for improvement.
The other feature we shall look at is the insights tab which offers you a customized way of looking at your trading performance. The page is subdivided into four main sections that include:
This subdivision is meant to give you an easy time picking out the information you are looking for.
III) Trading Journal
It is easy for a trader to underestimate the importance of maintaining a trade journal. This software’s journal has a unique layout that enables you to have an easy time accessing a particular day’s performance, the day’s notes, a review of the total profit, and the winner’s accuracy.
In addition to that, the program also lists all the positions for the day, and upon clicking on one of them, you will get some extra details plus an interactive chart with arrows that indicate your entries and exits.
Another excellent feature of this software lies in the detailed statistics that it provides on your previous trading history. If you are a focused trader, you will review these numbers daily to fix the mistakes and improve your overall performance.
Some of the data that the program will provide for you include:
- Winner accuracy (%)
- Average P/L per position
- Average Winner/Loser profit
- Average P/L per day
- Highest win/loss
- Average scale-ins/scale-outs per position
You will also find statistics on the previous ten trading days in the dashboard area, and the information you find here includes the date, duration, number of trades, P/L, and the times of first and last trades.
V) The Dashboard
We cannot fail to mention Chartlog’s stunning and organized dashboard, which is eye-catching and very easy to navigate. With that, you can easily access all the data needed to make informed trading decisions.
VI) Trading Strategy Tracker
This software also gives you the ability to track the performance of a particular trading strategy that you employed. To make use of this feature, start by adding the strategies that you are trading under the ‘Library’ tab before tagging each trade with the appropriate strategy.
Finally, you can view the overall performance under the ‘Insights’ tab.
VII) Automatic Data Imports
Another aspect of this program that you may find appealing is the data import feature that is designed to connect to your trading platform automatically and then import the data in real-time. This way, you can say goodbye to manually importing your trade activity which can be cumbersome.
VIII) Positions Log
Lastly, the program has a feature that provides you with a list of every ticker that you traded in, and it comes with the following data:
- Date/time of trade
- Stock symbol
- Number of shares traded
- Entry/Exit price
- Gross P/L
- Scale in/out figures
With this software, you can also customize the output using filters, plus you can also load an interactive chart for each position by clicking on the position.
The pricing on this platform is relatively straightforward: Free and Pro. With the former, you can access automatic imports, a 30-day journal, and interactive charts.
The Pro membership will cost you $29.99 per month and $239.88-per year if you want to take advantage of the discounted annual plan. Here, you will get all the features found in the Free plan in addition to Insights, Strategies, and Full Access Journal.
Who is this Program Most Suited For?
Any intermediate or seasoned day trader with the desire to analyze their performance with the aim of improving their game would find this service to be quite handy. You can use all the data you derive from this program to adjust and improve your trade and strategy management.
Pros and Cons
As we conclude our discussion, let’s look at the benefits and drawbacks that we found with this program in brief.
- Has advanced charting feature with over 100 indicators
- Competent customer support always ready to listen to your queries
- Automatic real-time data imports, which many traders find convenient
- Provides an interpretation of your performance based on the data available so that you can understand how you are faring on
- Offers detailed reports on your trading performance metrics
- You need a lot of discipline in providing your journal entries so that the analysis can be done efficiently
- The automatic data imports functionality only works with DAS Trader Pro
From our analysis, we believe that Chartlog is worth trying out. Besides being cheaper than other journaling programs in the market, it will provide you with all the means to gauge your trading performance.
And if you are a smart trader, you will use the insights provided to improve your strategy and management to boost your long-term profits.