Edgewonk vs TraderVue 2023: Which trading journal app is better?
Looking for a way to effectively analyze your trading behavior and compare the success of various trading strategies? If so, then you need to try using trading journal software!
This type of software is especially useful to day traders, although it can be used with any trading style to turn you into a successful trader! Useful for generating detailed reports and running risk analysis, a trading journal is practically an essential tool for the active trader.
In the Edgewonk vs TraderVue comparison below, we’ll be pitting each service against the other to see how they stack up. Although they’re both excellent services, you may find that one fits your needs better than the other. Which one should you choose? Read on to find out!
|Edgewonk is Better for:||TraderVue is Better for:|
|Experienced traders||Multiple brokers|
|Trade simulation||Cloud users|
|Budgeting Purposes||Free users|
Rather than offering a simple spreadsheet trading journal, both services allow a streamlined, user-friendly way for users to track their trade details across a wide range of asset classes (in their choice of time frame!).
However, each service brings something unique to the table (i.e., TraderVue’s sharing feature or Edgewonk’s power trade simulator), making it necessary to compare the two against your individual needs and goals before making a decision.
|Free Features||N/A||30 trades/month, basic journaling, basic reporting, sharing|
|Paid Features||Trading journal, trade simulator, equity graph, trade planner, professional support||Unlimited trades, enhanced journaling, advanced reporting, risk analysis|
|Annual Subscription Fees||$169/year||$0-$49/month|
|Securities Analyzed||Stocks, forex, futures, crypto||Stocks, options, futures, forex|
|Best Use||Personalized trade tracking||Performance tracking and analysis|
|Modest Money Overall Rating|
Factor 1: Free Features
Generally speaking, you’ll need to pay for a trading journal if you want to maximize its potential. While most journals will allow you to document previous trades, they often place limits on your ability to import trades and trade data. This will limit your ability to use the data to effectively perfect your trading strategies.
TraderVue Offers a Decent Array of Free Features
- TraderVue offers basic journaling and reporting for free
- Edgewonk doesn’t offer its services free-of-charge
- TraderVue “Basic” supports up to 30 trades per month
Unfortunately, Edgewonk isn’t a trading journal that you can use for free. However, you can view “The Edgewonk Journaling & Development Course” without paying, which will teach you a bit about how to use the platform (should you decide to pay for it).
Thankfully, TraderVue does offer a simple trading journal that you can use for free. It allows you to import data from multiple trading accounts (including forex trading accounts), although it does impose a 30-trade limit per month for imports.
Still, for low-volume traders who want an easy way to track their day-to-day activities at the end of each trading day, this could be enough to give them the trading edge they need.
Aside from basic journaling and reporting capabilities, TraderVue “Basic” also supports “Sharing,” which allows you to share your trades with its online community.
Factor 2: Paid Features
Traders who only track a single asset type (such as stock trades) or only make individual trades occasionally may be satisfied with TraderVue “Basic.” However, if you really want to unlock trading tools and take your trade management to the next level, you’ll want to look at the premium plans.
Offering advanced features like unlimited trade tracking, risk analysis, and backtesting, the premium plans will give active traders all the resources they need to improve their trading performance.
Edgewonk is the more capable platform overall
- Edgewonk has a powerful trade simulator
- TraderVue can track options trades
- Edgewonk supports cryptocurrency
As a downloadable trading journal software, it’s fair to expect Edgewonk to be a bit more capable than a cloud-based trading journal. Fortunately, this platform doesn’t disappoint!
It’s capable of tracking trading activity for nearly any trading style across a wide range of asset classes. A few notable features include a full-customizable trading journal, a trade planner/calendar, and an equity graph (which is especially useful for the professional trader!).
While it may not be quite as powerful as Edgework, the cloud-based TraderVue platform still offers enough support for the average trader. Different paid plans unlock different features, but even the “Silver” plan allows you to import an unlimited number of trades into your trading history, use charts (Intraday, running P&L, Renko, Volume Bar, and Range Bar), create advanced reports, and use multiple trading accounts.
The “Gold” plan expands upon these features to include additional functions like risk tracking and liquidity reports.
Factor 3: Subscription Costs
It’s important to prepare for any expenses you may incur moving forward. Unlike brokerage platforms or trading systems, most trading journals won’t hit you with any unexpected fees. Still, you’ll want to know how much you’ll need to set aside before you commit to a particular platform.
Edgewonk makes it easy to budget for the future
- Edgewonk bills annually
- TraderVue offers two paid monthly plans
- Edgewonk has a single membership plan
Offering only a single annual plan, Edgewonk “Pro” unlocks every feature for a yearly payment of $169. In previous years, Edgewonk also offered a reduced-rate, ad-supported “Light” plan, but that has since been discontinued.
Learn More About Edgewonk
Aside from its free “Basic” plan, TraderVue has two premium plans for you to choose between: “Silver” and “Gold.” The Silver plan will cost you $29 per month, while the Gold plan will set you back $49 per month. Fortunately, both premium plans are currently offering a 7-day free trial, which will allow you to try out the plans for yourself.
Edgewonk vs TraderVue: Summary
Although both services are invaluable tools to any trader, we’d ultimately recommend choosing the one that closest matches your trading experience.
Edgewonk is a powerful trading journal that offers many advanced features, but newer traders are unlikely to comprehend—or be able to take advantage of—its full capabilities.
TraderVue, on the other hand, isn’t quite as powerful, but it does offer enough features to help the average trader monitor high trade volumes and adjust their trading strategies based on the data provided.
Regardless of which one you choose, you’ve made the right choice: both platforms are excellent resources for journaling, analyzing, and perfecting your trades!