Top Trading Journal Software For Recording Your Trades
Which is why I rate it the single best all in one free trade journal option. Many traders prefer to build their own journal. Building your own journal offers endless opportunities for customization. Handwritten journals are fine but they lack the ease of analysis and filtering options available with software solutions. If you prefer to create your own trade journal, a great option is Evernote.
Better trading starts with better data
Evernote is perfect for detailed note taking. Evernote has a sleek and intuitive design. Journal enters can be easily organized with filter and tagging options. Evernote is an online notebook that you can access anywhere — from your smartphone, desktop to the web, your notes are synced on all your devices. Skitch is An add-on feature tool that takes screenshots and adds them directly to your Evernote journal. Evernote syncs your data to all your registered devices. Whether you view your notebooks from your phone or laptop, the same sleek user interface will greet you along with all the set of tools.
You can then link the specific notebook to the spreadsheet for easy access. A tip, however, is you can find a template that resembles that of a journal e.
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Spreadsheet software such as Microsoft excel or google sheets function as data organization and analytics tools. Microsoft Excel, is a hugely popular software application. Likely you already have Microsoft office installed on your machine.
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It features fantastic computational capacity, graphing and pivot tables — making it a must-have piece of software for a variety of applications. Google Sheets has gained similar popularity in recent times. Goggle sheets shares the same computational capabilities as Excel. Google sheets is exclusively a web based application that lets users syncs files real time to its file storage application.
The advantage of google sheets over excel is its free to use with a google account. Both Microsoft excel and Google sheets spreadsheets organize data with the use of cells, rows and columns. Both also boast of a wide range of formulas and charting features that you can use for data manipulation and presentation.
Either spreadsheet application can be used to make a highly analytical trading journal where you can record, compile, and examine statistics of trade performance. The advantage of using either Excel or google sheets to build a trading journal is the limitless customization.
Although there are templates available, by using spreadsheets you have complete control over the design and components of your journal. To make your trading journal robust and complete , consider having these must-haves:.
Trading Journals are for Post Trade Analysis
You can learn more about these necessary components in my recent post: Best Online Trading Journal — What should be included in a trading journal. As mentioned above, data manipulation and statistical analysis will be the game changer of your trade journal. Developing to be a consistently profitable trader — like any competitive sport, requires continuous and detailed data recording and performance analysis via review — something which spreadsheets such as google sheets and excel are perfect. The following is an example of my own trading journal. I divide my own journal into two main parts: Trade Log and Trade Analysis.
Trade Log — is a strict record of trades. Also, since it is software, you only need to pay for it once; there is no monthly subscription. The downside is that the broker import tool support is nearly non-existent for US based stock traders and is instead focused primarily on a handful of popular forex brokers and platforms like MetaTrader4 MT4. Reviewing the film is critical part of professional sports, and investing is no different. Taking a screenshot of the stock chart after the trade is completed, plotting buy and sell points, writing down your notes recapping the trade, and tweaking trade rules thereafter all fall under the post trade analysis.
Trading journals provide you an easy way to figure out what went right, what went wrong, and look back at your trade history.
There is simply no better way to improve over time. You can improve your success rate, and ultimately make more money from your investing if you put in the time to conduct post-trade analysis. Tagging your trades means marking the strategy you used to make the trade.
Top Trading Journal Software For Recording Your Trades
By tagging each trade, you can assess performance over time and identify whether or not the strategy you are using is successful. Any good trading journal will allow you to filter performance by tag to view your biggest winners, losers. By looking back every so often, you can identify areas of improvement and tweak your trade rules for that strategy. By tagging your trades, you can easily create a new strategy, take a few trades with a smaller position size to start , and assess the results thereafter.
I had eight total iterations of the strategy over the course of 18 months. However, one key metric was being left out of the equation. And, even better, thanks to the tagging and strategy honing, I was able to learn A LOT about myself as a trader. Trying day trading sprouted numerous other strategies that I use now. The more you test different strategies and learn about yourself, the more successful you will be over time.
What variables do successful traders use when logging trades in their trading journal? Here are 11 to always include:. Regardless if you build your own trading journal or use one of the services recommended above, there are endless ways you can go about conducting post trade analysis. What matters most is that you take the time to use and maintain a trading journal. Without one, you are setting yourself up for failure. Have a question about trading journals? Tweet this post and tag me, InvestorBlain! Check out our free Trading Journal here on the site and join over 20, other investors!