TraderSync Review 2023
|By: Jeremy Biberdorf||Dec 19, 2022|
In a nutshell: TraderSync makes it easy for day traders to monitor, track, and analyze their trading habits through its online trading journal.
The platform offers fully automated trade history imports and AI-powered insights, making TraderSync an invaluable tool for the active trader.
Read our TraderSync review to find out if this online trading journal could help you gain a trading edge over the competition.
|$0-$79.95/month||Online trading journal||7-day trial|
- Automatically imports trade data
- Supports multiple asset types
- Offers AI insights
- Free plan is essentially useless
- Basic plan only tracks one account
- No refunds
Compare to Other Investment Platforms
Fees$0-$39.95 per month
Fees$0 - $49/mo
Anyone can create promising trading strategies, but sticking to them is another thing. When emotions run high during trading, it’s easy to abandon your strategies in what seems like a good move.
Furthermore, if you’re making hundreds—or even thousands—of trades per month, it can be very hard to track what works and what doesn’t. Unfortunately, it’s impossible to correct bad trading habits if you have no way of identifying them.
That’s where TraderSync comes in! This online trading journal allows active traders to track their trading behavior and trading behavior, enabling them to identify the winning strategies.
With services offered for stock, FX, options, and futures trades, TraderSync seems to make it possible for anyone to optimize their trading strategy. So, what’s the catch? Let’s take a closer look and find out!
TraderSync is best for…
Active traders who want to monitor their personal trades on various trading platforms. Allowing traders to track their trading strategies, trading patterns, and overall trading performance, TraderSync makes it easy to analyze your trading history.
Traders can pull data from various financial markets and brokerages using this complete trading journal software. This completely eliminates the need to manually enter data, as trade data is automatically imported once a trade is made.
Pricing and Plans
Although TraderSync does offer a free plan, most users will find that this plan lacks the features they require. Below, we’ve provided a brief overview of the various plans (as well as the services they unlock).
This plan won’t cost you anything, but it’s missing most of the key features you’d use TraderSync for. To open a free TraderSync account, you will also need to open a Twitter account.
We recommend opening a new Twitter account (rather than using an existing one), as this account type requires you to share your trade journal via Tweets.
The free plan doesn’t automatically import trades and it will always ask before sharing a trade, so you’ll never have to worry about unauthorized Tweets.
Nonetheless, since it doesn’t automatically import trades—and only provides support for stocks—this plan seems like more of a hindrance than a help.
A subscription to the “Pro” plan will set you back $29.95 per month. However, you get access to the majority of the platform’s services for this price.
The Pro plan includes a wide variety of features including your own trade journal (with automatic trade imports), trade charting, setups & mistakes tracking, and the ability to track multiple portfolios.
You’ll also be able to use the mobile app, view an overview of your accounts via the Dashboard, and have access to various report types. Currently, the Pro plan supports:
- Pricing report
- Volume reports
- Setup reports
- Mistake reports
- Weekly reports, and
- Hourly reports
A “Premium” plan subscription costs $49.95 per month and includes all of the features of the “Pro” plan. However, for the increased monthly expense, you’ll gain access to more advanced features.
Sector, market cap, evaluator, and simulator reports are included with the Premium plan. You’ll also be able to track your running PnL, which can help you instantly identify trading mistakes and adjust your trade setups to compensate.
At $79.95 per month, the “Elite” plan is the most expensive subscription currently offered by TraderSync. However, it’s also the only one to incorporate artificial intelligence into the available features! The AI offers a unique opportunity to improve your trading skills by offering AI-powered insights and assessments of your trades.
In addition to AI and the other aforementioned features, “Elite” also includes automatic target/stop losses tracking, automatic spread detection, “Stock Market Replay”, and trading management features.
TraderSync Features Overview
With a wide range of powerful features, TraderSync equips traders with the tools they need to gain valuable insights into their trading habits and strategies. Let’s take a closer look at some of the key features offered by TraderSync:
- Interactive Trade Charting: TraderSync allows you to track your entries and exit points using interactive charts. Intraday charting provides a minute-by-minute view of price action, helping you better understand your execution timing.
- Automatic Target and Stop Loss Tracking: The platform enables you to automatically chart targets and stop losses, providing a visual representation of your trade planning. You can also set rules to automatically apply targets and stop losses for each trade or add them manually.
- Trade Specific Analytics: TraderSync automatically tracks and displays trade-specific analytics, such as return per share/contract, overall return, risk, and more. This information helps you make informed decisions and fine-tune your trading strategy.
- Notes and Screenshots: You can take notes on each trade, reflecting on the reasons behind your decisions, and upload screenshots of your trading platform to recall the exact context of the trade.
- Share Trading Performance: TraderSync allows you to share your trading performance with mentors, friends, or the trading community, giving them access to your trade history, executions, and performance reports. Custom data sharing options enable you to control which details you share with others.
- Reporting and Filtering: With over 10 flexible reporting tools, TraderSync offers easy-to-digest reports that help you analyze your trading performance from various angles. The filtering feature allows you to refine your reports down to granular details, and drill-down reports provide deeper insights into specific report items.
- AI Feedback: TraderSync’s Artificial Intelligence (AI) engine analyzes your trading data for patterns and provides insights in a simple, easy-to-understand format. This AI-driven analysis helps you identify trends and areas for improvement in your trading strategy.
- Simulate New Trading Strategies: The platform allows you to simulate different trading scenarios based on your trading history, enabling you to test and refine your strategies before applying them to real trades.
- Worldwide Market Support: TraderSync supports any market for trade journaling, with the exception of trade charting, which is only for U.S. equities.
- Automatic and Accurate P/L Calculation: TraderSync calculates your profit/loss for each trade automatically and accurately, ensuring you have an up-to-date overview of your trading performance.
- Customizable Dashboard: With over 20 widgets available, you can easily customize the TraderSync dashboard to display the data most relevant to you.
- Accessible From Any Device: TraderSync is fully optimized to work on any device, using responsive frontend technology to adapt to different screens and provide the best user experience.
- Trade Risk Tracking: Keep track of your stop losses for every trade and analyze whether you are following your ground rules for risk management.
- Real-Time Stats: TraderSync’s real-time trading performance indicator helps you understand your winning potential before placing a trade.
- Manual and Import Stock Entry Tracking: The platform supports both manual entry of stock trades and importing stock trades from your trading history, making it easy to keep your trading journal up-to-date.
The Value of a Trading Journal
A trading journal serves as a powerful tool for traders who aim to improve their skills, enhance their decision-making processes, and ultimately, achieve better results in the market. This comprehensive record of your trading activity provides invaluable insights and analysis that can significantly impact your trading performance. Here are some of the key benefits of maintaining a trading journal:
- Accountability and Discipline: A trading journal holds you accountable for your trading decisions, encouraging you to stay disciplined and adhere to your trading plan. By consistently recording your trades, you are more likely to stick to your rules and avoid impulsive, emotionally-driven decisions.
- Identifying Strengths and Weaknesses: A trading journal allows you to spot patterns in your trading behavior, revealing both your strengths and weaknesses. By analyzing your trading data, you can identify the strategies that work best for you and the areas where you need improvement. This empowers you to make informed adjustments to your trading approach and eliminate bad habits.
- Performance Measurement: A trading journal enables you to objectively assess your trading performance over time. By tracking various metrics, such as win rate, risk-reward ratio, and average profit per trade, you can gauge your progress and determine whether your strategies are effective or require modification.
- Emotional Management: Documenting your emotions and thoughts alongside your trades can help you better understand the psychological aspects of trading. Recognizing the emotional triggers that lead to poor decisions enables you to develop techniques to manage these emotions, fostering a more rational and disciplined approach to trading.
- Learning from Mistakes: A trading journal serves as a valuable resource for learning from past mistakes. By reviewing your losing trades and identifying the factors that contributed to the losses, you can make necessary adjustments to avoid repeating the same errors in the future.
- Continual Improvement: A trading journal promotes a mindset of continuous learning and development. By regularly reviewing and analyzing your trading activity, you can fine-tune your strategies, adjust your risk management, and ultimately, grow as a trader.
A trading journal is an essential tool for any serious trader seeking to elevate their trading performance. By providing a comprehensive record of your trading activity, a trading journal offers insights and analysis that can lead to more informed decisions, improved discipline, and better results in the market.
TradingSync may claim to help you perfect your trading skills, but its primary purpose is to document your trades. How much can a platform that mainly serves as a trading journal really offer investors? Here are the key takeaways to remember about this platform.
- Automatic trade data imports with a paid trading plan
- Data is imported within 30 seconds
- Beyond documentation, TraderSyn also offers charting, backtesting, and AI-generated feedback features
- 7-day free trial is offered for all membership levels
- Profiles default to private, but you can also change it to a public profile to share trade results
- Platform doesn’t support making trades, only documenting them
- There is a free membership available, but it requires a Twitter account to use
- You must allow TraderSync to post Tweets about your trades to utilize a free account
Is TraderSync Right for You?
We think TraderSync is a worthwhile interactive trading journal if you’re willing to pay for the service. While a basic account may work for the occasional trader, needing to manually import trades for trading analysis is detrimental to swing and day traders alike.
However, a premium subscription for this online trading journal software offers many promising benefits. Aside from the Elite plan, the pricing plans are very affordable, and the ability to instantly track your trading activity—within 30 seconds—is an invaluable asset.
We also like that every plan (aside from the free plan) supports the tracking of multiple types of trades, not just stocks. This means the platform can give investors the trading edge in various types of trading, rather than being limited to more traditional trading scenarios.
We’ve covered most of the key features of this solid trading journal in this article, but if you’re still on the fence, we encourage you to test the platform out for yourself. Click here to start tracking trades and improving your trading skills with a free, seven-day trial!