Start recording your trades with TraderSync and let our powerful journaling show you the path to maximize your profits.
How important is a trading journal to you? This is a question that most stock market traders often get wrong and end up underestimating the significance of journals altogether.
The truth is that a trading journal is an essential aspect of your trading success, and it is vital that you review and maintain it daily.
There are different forms of trading journals out there, ranging from physical notebooks to specialized software. According to us, the software version is the best option as it can provide a more accurate picture of your trading history.
At this point, we will introduce you to TraderSync, and our detailed review of the program should help you decide whether it is the trading journal you have always been looking for.
- What is TraderSync?
- Who Is Behind the Program?
- Key Features of The Program
- The Pricing
- Who Is TraderSync Best For?
- Pros and Cons
- Final Verdict
What is TraderSync?
In simple terms, TraderSync is a trading journal that gives you the capability to analyze your past trades. Besides allowing you to make notes concerning your trades, this program also enables you to create different categories for setups and mistakes so that you can easily identify the specific times, days, and types of trades that deliver the highest yields.
Further, with this journal, you can quantitatively model how pursuing a particular strategy or eliminating a certain mistake could alter your profits or losses.
Who Is Behind the Program?
This service was developed by Davida and Javier Olivarez, who are both day traders. The program’s idea was for the traders to have a reliable way to track, journal, and analyze their personal trades.
In the beginning of their trading journey, David and Javier recorded great success in their trades. However, when the losses started kicking in, and the two realized the need to point out their mistakes and rectify them before things went further south.
With time, they realized that the solution to the problem lay in closely tracking and reviewing each trade. And just like that, TraderSync came into existence.
Key Features of The Program
A glance at the program would tell you that it has a very friendly user interface designed to give you an easy time navigating the system. Let’s now see what other features you will find in this program and their significance in your development into a world-class trader.
Here we go!
1. Trading Journal
This is the main and basic feature that you will get from this program. With the journaling tools, you can write notes for a particular trade and take screenshots of the price chart that you could attach to the notes.
Another thing is that TraderSync is designed to automatically annotate charts with your entry and exit points and your stop loss level.
2. Trade Importer
With a few clicks of the mouse, this program allows you to import your trades with minimal effort. In our experience, this program offers one of the smoothest and flawless trade import processes as compared to other platforms.
To start the importation process, click the “Add Trade” button located at the top right-hand corner of the dashboard. From there, you should choose your broker from the dropdown menu and then select the portfolio you’d like to import your trades to.
Finally, click the “Import Trades” button, and you will have completed the process.
3. Setup and Mistake Tagging
This is one of the outstanding features that is associated with TraderSync. Here, you have the option of creating two categories of tags, i.e., for trade setups and mistakes.
With the setup tag, you can identify what your target was when you entered a trade. The mistakes tag enables you to point out the exact problem with your lost trades.
We insist that you use the setup and mistake tags within the program as they could be pivotal in the advanced evaluator and simulator.
An important point to note is that there is no limitation on the number of tags you can create, and one trade can accommodate numerous tags.
4. Evaluator and Simulator
The significance of these two modules is that they allow you to check out all your trade data at once rather than analyze individual variables. The evaluator allows you to compare the different setups’ performance before combining with performance data by entry volume, day of the week, or entry price.
The plot that comes up signifies how your portfolio changes over different combinations of variables based on performance over a certain duration.
The simulator is not that far off, only that you can see how your profits and losses are affected by your trading habits.
5. In-Depth Reports
Another impressive bit of this program is that every trade comes with loads of data, including the specific day it took place, the hour it was opened, the specific market sector of the underlying asset, and your trading volume.
You can use this data to gauge your trading performance, and you could easily spot useful patterns in your trading. For instance, you can note a particular market sector earning you great profits or a certain time when you are making losses. With this information, you can make the necessary adjustments that you deem fit.
6. Trade Management
Only the Elite subscribers can access this feature, and it has some similarities to the simulator, only that you should not expect it to be that user-friendly.
With the Trade Management module, you can create a set of rules that you intend to follow as you trade. From here, TraderSync will track whether you are following your rules, both in the past and present going onwards.
Then, the program will plot your trades on a profit and loss chart and use color-coding to point out the trades that stuck to your rules and which ones did not.
7. Customization and Layout
We can tell you with confidence that TraderSync’s display and journaling tools are highly customizable. When you log into the platform, the dashboard gives you a data overview. Then, you can sort the trades as per the software’s different data categories.
Let’s also touch on the customizable widgets on the dashboard that could help spot any patterns in your trading.
8. Artificial Intelligence (AI)
We cannot leave out the AI engine that analyzes your trades, spots any patterns, and eventually reports back to you. The aspect we liked most with this feature is that it presents everything in a simple format that is easy to follow.
9. Mobile App
This mobile app is available for both android and IOS systems, and although it may not be a direct replacement for the browser version, it ensures that you do not have to be stuck on your desk to review your trades.
The app has most of the features that are found on the regular version, and this makes it super convenient and useful.
10. Video Tutorial Library
These video tutorials are part of the developers’ initiative to ensure that you reap maximum benefits from the program. The high-quality educational materials cover a wide range of topics so that you can develop your trade skills in different ways.
The last feature that we shall look at is how this software lets you share your trading experience with others. Although the default setting is private, you could always alter the settings from the privacy tab in the admin area.
Once you activate a public profile, you can now choose the information you wish to share with the public.
This program offers you four pricing plans to choose from. Let’s check them out briefly.
I) Basic Plan
The subscription here is free, and you will get access to some of the program’s basic features, including several analysis tools to help you boost your game. Additionally, you can also tag setups and mistakes, although you have to enter all the trades manually.
II) Pro Plan
At $29.95 a month, there are a lot of handy features that you could make use of. For instance, you can track your profits and losses, import trades, and track commissions and fees.
III) Premium Plan
This package will cost you $49.95 per month, and it has all the features in the Pro plan in addition to the evaluator and simulator.
IV) The Elite Plan
As you would expect, this is the priciest tier that TraderSync has to offer. It costs $79.95 per month, and it contains all the features in the premium plan plus trade management.
An important point to note is that the Pro, Premium, and Elite plans have 7-day free trial periods.
Who Is TraderSync Best For?
If you are a day or swing trader, this is a program that you may find to be of great use. This is because it offers you a smart way to reflect on your trades so that you can boost your winning rate over time.
However, if you want to make full use of this platform, you need to have a strong liking for data analytics, so that everything turns out to be smooth and flawless.
Pros and Cons
As we conclude, we shall briefly list the advantages and drawbacks that we found with TraderSync. Here they are:
- Offers basic trade journaling at no cost
- No limit in the setup and mistake tags
- Allows for automatic trade imports from your brokers
- Tells you how your behavioral change has an impact on your profits and losses
- The three paid plans are quite pricey
- The axes in the Evaluator could have been customizable
If you have been wondering what the TraderSync program is all about, we hope our detailed article has made everything clearer. The software would be an asset in helping you track your trading behavior so that you know where the profits and losses are coming from.
The paid plans may be costly, but we believe that this software is worth every cent you spend on it from the features you will be accessing.