Many top day traders, including those working for major financial institutions and hedge funds, rely on trading journals to track their trading and optimize their success. But there are many trading journals, and some cater to different kinds of trading, like forex, for instance.
Fortunately, many of the best trading journals support forex trading. So, keep reading for an overview of the best forex trading journals, including detailed reviews of four of the top forex trading journals on the market.
What Is a Forex Trading Journal?
First, let’s cover the basics of what forex trading journals are. At their most simple, forex trading journals track forex trades chronologically. This enables traders to identify patterns in their trading, assess their win rate, and much more.
In general, trading journals tend to feature the following components at a minimum:
- The time the trade was opened and closed
- The entry and exit price of the traded asset
- The total size of the position
- The direction of the trade (i.e. long or short)
- The result of the trade (i.e. the gain or loss)
The very best forex trading journals will also offer premium features, which we’ll cover more in-depth below.
Best Forex Trading Journals Overview
Now, what should new investors look for in a top-tier forex trading journal? There are dozens of factors, but here are a handful of the most important ones to consider:
- Value – What value does the trading journal provide? How is it different, say, from setting up your own journal with Excel or Google Sheets? Since there are free options, it’s important to assess the value that you get from various forex trading journals, particularly if they are costly.
- Track record – Does a given forex trading journal have a solid track record? Is it utilized by top financial firms, as is the case with Tradervue, for example? In the world of finance and fintech, companies pop up every single day, but they’re not all worth your time. It thus never hurts to work with a company that’s shown its staying power and ability to attract big clients.
- Reliability and user-friendliness – Any service that you’re paying your hard-earned money for should be both reliable and user-friendly. After all, it’s important to be able to count on your forex trades being tracked reliably so you can identify patterns and optimize your success.
- Range of assets supported – The best forex trading journals support a variety of assets and not forex alone. This makes them more versatile as they enable you to track all your trades, not just forex alone.
- Customer support – If you have an issue with your account, the last thing you want is to spend weeks waiting for a return email. The best forex trading journals provide responsive support in a variety of ways, whether through FAQ, a knowledge resource area, live chat, email, phone support, etc.
- Educational resources – Many of the best trading journals also offer educational resources. While this isn’t necessarily as important as the other factors, it’s especially helpful for beginners and is a kind of cherry on top.
The best forex trading journals will do well in these various categories (among others). By quickly double-checking trading journals against these factors, you’ll be in a good position to pick a high-quality one.
We’ve also kept these factors in mind while assembling a list of four of the best forex trading journals. Read on to learn all about them and why they made our exclusive list.
4 of the Best Forex Trading Journals
TraderSync is easily one of the best trading journals on the market, in large part due to its support for a wide variety of brokers and many different assets (including forex, of course!).
TraderSync offers fully automated trade history imports as well as AI-powered insights. It’s particularly great for active traders who need to track a large number of trades. There’s a free plan with TraderSync, though it’s not particularly robust and will leave most serious traders wanting more.
Let’s take a look now at some of TraderSync’s top features.
- Trade journaling – This is a trade journal, after all, so of course there’s trade journaling. But it’s the fact that TraderSync supports both manual journaling and automated importing that helps set it apart from many competitors.
- Trade evaluator – TraderSync’s evaluator function enables users to survey their entire trading history at once, rather than scrutinizing every single trade one by one. For active traders who rack up large numbers of trades, this is an especially useful feature.
- Trade simulator – TraderSync also offers a simulator function that provides AI-driven insights into your trading patterns. This enables you not only to evaluate your trading history but to simulate various scenarios regarding past trades to see which would have been better.
- Trade management – Another great TraderSync feature is the ability to develop trade strategies that you intend to follow. TraderSync will then automatically track your trades and assess whether you are indeed following your plan. This is a super helpful tool to stay on track as a trader.
Taken together, TraderSync’s robust features and AI-generated insights can be a game-changer for forex traders (and really any traders). Get 7 day free trial!
Tradervue is another fantastic journaling tool that caters specifically to active traders. TraderVue allows its users to easily track and analyze their trades, whether options, futures, forex, and much more.
Tradervue is used by major financial firms and hedge funds, such as SMB Capital. It’s established a great track record as one of the most comprehensive journaling tools out there.
Here are a handful of Tradervue’s best features (among a good dozen or so):
- Auto-import – The best trading journals allow you to automatically import your trades, saving you considerable time and energy. You can even import trades from Excel if Tradervue doesn’t directly support your broker.
- Automated price charts – Whenever you record a trade in your journal, Tradervue will show charts on multiple timeframes, including your buy/sell points, even for trades years in the past.
- Notes – Whether jotting down daily notes or notes about a given trade, this is a great feature that allows you to personalize your journal and keep track of whatever is most important to you.
- Multi-currency – Trades carried out in other currencies, which happens with forex, will automatically assess price/loss data and stats for both the native currency and the default currency (USD) for aggregate reporting with other trades.
- Commissions/fees – Commissions and fees eat into profits, and traders using Tradervue can easily track their commissions and fees using either gross or net calculations.
All in all, Tradervue is a top-tier trading journal with great features for forex support.
Next up is Edgewonk, a comprehensive trading software that includes a trading journal in addition to many other features. Edgewonk has been around for nearly a decade now and continues to evolve and improve, with regular updates and new features constantly added.
Considered one of the top trading journals around, Edgewonk supports forex and many other assets. It also allows traders to set specific goals and develop detailed plans for achieving them, from risk management to key performance metrics.
Due to its many innovative features, Edgewonk stands out from many forex trading journals. Here’s a quick look at some of those top features:
- Customization – Edgewonk’s trading journal is a sophisticated tool with a high degree of customization. Users can not only track their trades but easily analyze their performance and identify areas for improvement. The journal can be customized to track specific metrics and time frames, and it includes various tools to analyze trade data and performance.
- Simulator – Like some of its competitors, Edgewonk offers a trade simulator that gives users the ability to test out various trade strategies and assess their potential for success. With access to real market data, this is as close to real trading as you can get without risking any real money.
- Trade planner – It’s vital for traders to have a trading plan if they want to achieve sustainable success. Fortunately, Edgewonk provides many tools for doing this, including a trade planner and a calendar so you can develop a trading plan and then schedule your trades.
- Custom stats – Stats nerds will love Edgewonk because it provides a wide range of custom statistics for analyzing trading behavior and performance. This is essential for identifying strengths and weaknesses and optimizing your trading.
- Educational resources – Finally, Edgewonk has a great library of educational resources so that traders can learn and continue to refine their trading strategies over time.
Edgewonk is one of our top overall picks as it’s a comprehensive trading software with robust features. Save $10 with coupon code MODESTMONEY
Last up on our list is Trademetria, which is a newer trading journal. It also allows for automated importation of trades or manually typing them in.
Although Trademetria doesn’t have quite the name recognition or track record of TraderSync or Tradervue, it’s still a worthy option.
Here are some of Trademetria’s top features:
- Performance assessment – Trademetria allows users to filter through past trades and generate a KPI (key performance indicators) report. This quickly shows you your best-performing assets and strategies.
- Multiple accounts – Have multiple accounts you want to track? Trademetria handles multiple accounts with ease and lets you see a summary of the aggregate performance of these various accounts.
- Simulator – For an additional subscription fee, users can access Trademetria’s proprietary simulator, which analyzes win-rate percentage for previous trades and applies it to potential trades. This is a great way to filter out ineffective trading strategies.
Trademetria may be newer, but it’s still a robust forex trading journal that many users appreciate.
Best Forex Trading Journals | Which Is Best For You?
Forex traders of all levels can benefit greatly from a top-tier trading journal. But with many out there, which is the best forex trading journal for you?
Fortunately, there are many great choices out there that you can’t really go wrong with. Ultimately, it comes down to your unique needs and preferences. The main thing is to ensure that the trading journal offers support for the assets you want to trade (e.g. forex). From there, you can compare costs, features, and more.