If you’re finding that you’re having a lot of trouble keeping up with journaling your trades, you’ve come to the right place. The simple fact is that something like a trading journal can go a long way in turning you from a disorganized trader, into an effective trader who tracks their trading and measures their performance effectively.

That said, there are plenty of different trading journals are out there, and they aren’t all built the same. Comparing the best trading journals is what we are here for today. By the end of today’s review, you should have a good idea of what a premier trading journal looks like.  

What Is a Trading Journal?

A trading journal is a simple yet effective tool that can be used by all types of traders, no matter what trading instruments they use to track their trades and emotions. An automated trading journal is meant to be a place where traders can record all of their trading data. It provides traders with an easy way to analyze their trading experiences and to improve on them. Trading journals are useful for helping traders identify their mistakes and to learn from them, therefore refining trading strategies over time. It’s all about having the information you need to analyze what you’ve done right and wrong so you can become a more successful trader. 

The Top 4 Trading Journals

The main goal of today’s article is to compare the top four trading journals which can help you keep track of your results, improve edge, and streamline the training process. Let’s start by looking at Swift Journal 

Swift Journal

Swift Journal is one of the newest and most modern trading journals in the world. One of its big selling points is that it is very user friendly, making it ideal for people of all trading experience levels. Not only is it easy to use, but also has advanced analytics features to help improve your trading experience, and connects with thousands of brokers and prop firms. If you trade using MetaTrader 4 or 5, this is the best option for you.

Main Features and Benefits

  • A Clean Interface: The interface of Swift Journal is very clean and simple, making it easy to navigate. Although it may not look like anything special in terms of visual appeal, it has all of the features that traders of all levels need to be successful. The simple layout makes finding all of the relevant information fast and easy. 
  • Comprehensive Trade Logs: Another prime feature of Swift Journal is the detailed trade logging system. Users can record quite literally every aspect of their trades, whether duration, size, type of assert, entry and exit points, and everything in between. It’s ideal for helping traders compare their strategies. 
  • Analytical Features: Swift Journal comes complete with a plethora of advanced analytics tools to provide you with comprehensive trading reports. With this trading journal, virtually any aspect of trading is analyzed in detail to provide you with the insights you need to be a more effective trader.
  • Customizability: Perhaps one of the best features of Swift Journal is the ability for users to customize various aspects of trading. It’s one of the most flexible trading journals out there. 
  • Real-Time Data: A prime feature of Swift Journal is its ability to integrate data into the journal in real time. It also allows you to integrate with various other trading platforms so data can be automatically shared and updated across the board. 
  • Risk Management: Finally, the other standout feature of Swift Journal is its advanced risk management toolset. There are plenty of tools to calculate risk and reward, to calculate stop loss levels, to analyze positions sizes, and so much more. 

Pros

  • User-friendly interface
  • Advanced trade logging
  • Ability to customize
  • In-depth analytics
  • Real-time data integration with various trading platforms 
  • Great for goal-tracking

Cons

  • Customer support hours are somewhat limited
  • May be slightly more expensive than other options
  • Only supports Metatrader 4 and 5

Tradezella

Tradezella is also known for being a comprehensive trading journal, one that is renowned for its advanced analytics. 

Main Features and Benefits

  • Trade Logs: Tradezella provides users with the ability to create in-depth trading logs, including a variety of important information that can be accurately and neatly recorded. 
  • Analytics: Tradezella has substantial analytic features, such as trade distribution charts and performance metrics to help users analyze their trades. 
  • Risk Management: Tradezella features a variety of risk management tools, such as take-profit tracking and stop-loss tracking. This helps to manage risk. 
  • The Mobile App: A standout feature of Tradezella is that it comes with a fully functional mobile app that allows traders to journal their results from any place. 

Pros

  • Functional mobile app
  • Good risk management tools
  • Can be customized extensively
  • Great analytic features

Cons

  • Customer support is not the best
  • The interface is complex and difficult to navigate 

Forex Book

If the name didn’t already give it away, the Forex Book is designed for one purpose, and that’s for journaling all of your Forex trades. 

Main Features and Benefits

  • Tools for Forex Trading: The Forex Book features a variety of tools designed specifically for Forex traders, with the currency pair tracker being one of the best in the business. 
  • Logging and Analytics: For all of your Forex trading needs, the Forex Book is able to produce highly detailed trade logs with all of the most important factors, which are then analyzed. Traders are provided with visual representations for easy analysis. 
  • Trading Platform Integration: Forex Books seamlessly integrates with a variety of high-class Forex trading platforms. 
  • Customization: Forex Book allows traders to to create custom notes, tags, and fields, to help enhance the overall trading experience. 

Pros

  • Ideal for Forex trading
  • Easy to customize
  • Seamless integration with Forex trading platforms
  • Several risk management tools

Cons

  • Only suitable for Forex trading
  • Difficult interface for beginners 

Edgewonk

If you’re on the hunt for a well-rounded trading journal that can be used for various markets and asset types, then Edgewonk is worth looking into. 

Main Features and Benefits

  • Psychoanalysis: A standout feature of Edgewonk is that it comes with psychological analysis features. This allows you to gain valuable insights into your emotional state while trading. 
  • Advanced Logging and Analytics: Traders are able to log a variety of conditions, such as trade rationale, market conditions, and more. This info is then processed and put into charts and graphs for easy analysis. 
  • Risk Management: If you’re looking for a trading journal with advanced risk management systems, then Edgewonk is an ideal one to consider, with stop-loss tracking being just one of them. 

Pros

  • Ideal risk management tools
  • Integrates with most trading platforms
  • Features psychological analysis 
  • Comprehensive logging 

Cons

  • Interface is not very user friendly
  • Quite expensive 
  • Not automated like the other options

How to Choose the Right Trading Journal for Your Needs

Let’s quickly take a look at the most important aspects for you to pay attention to when choosing a suitable trading journal for your needs. 

Trade Journaling

Any trading journal worth its money should allow you to log entry and exit points, trade size, various market conditions, the duration of trades and more. Being able to log this information allows you to glean valuable insights into your trading history and methods. Even better if it’s automated like Swift Journal.

Reporting and Analytics

Analytics features are always important to have. You want a system that can provide you with information on trade performance, risk and reward, wins and losses, and much more. Trading journals should provide you with this info in an easy-to-digest manner. 

Customization

A good trading journal will allow you to customize a variety of aspects, such as being able to make custom notes and tags. If you can customize a trading journal, you can make it work better for your needs. 

Risk Management

If you expect to be a successful trader, risk management is vital. Metrics like average risk and reward calculators, as well as average stop-loss/take-profit metrics, will go a long way in helping understand where you stand within your edge/strategy.

Real-Time Data

Having access to your trade journal data in real time can help inform your current trading decision, so you can make changes as needed on the fly to your strategy if necessary.

Goal Tracking

Any good trading journal should allow you to easily set and track goals. An array of goal tracking tools is always good to have if you’re still developing or even maintaining your trading edge.

Compatibility and Integration

Keep in mind that not all trading journals are compatible with all trading platforms. Make sure that your journals and platforms work with each other. This is a huge deciding factor for most traders looking for a compatible trade journal.

Security Protocols

Always look for a trading journal with a wide variety of safety and security protocols to protect your accounts. We usually recommend only sharing your investor password just for security’s sake.

Pricing

Although it’s not the first thing you should keep in mind when making a decision, the price of the trading journal in question may make a difference to you if you are operating on a tight budget. 

Comparing Trading Journals

Let’s do a real quick comparison of the four trading journals we reviewed today, just to get a better idea of which one is best for you. 

Main Features

The fact is that Swift Journal comes out on top in terms of its main features. The interface allows users to access all features with ease, which include detailed trade logging, highly advanced analytics, great customizability, and some of the best risk analysis tools in the business. There’s also the fact that Swift is one of the best since it connects directly to your trading platform, pulling your trades data in real time. Edgewonk and Tradezella are also quite comprehensive, but not like Swift Journal. 

The User Experience

Swift Journal features one of the simplest and arguably best looking user interfaces of all trading journals. It’s not complex in the least, allowing traders to quickly dive in and use the journal without a steep learning curve. Overall, the same cannot be said for any of the other three trading journals reviewed today. 

Value for the Money

There’s no doubt that Swift Journal provides users with the most value for their money. No, it’s not the cheapest trading journal, however, as the old saying goes, you get what you pay for. With Swift Journal, although the price may seem a bit steeper for some, its features are unrivaled. 

The Best Trading Journals: Final Thoughts

The bottom line is that while all four of the trading journals reviewed today are great in their own right, there is only one that stands out above the rest. That is Swift Journal, and for good reason, because it has advanced features that make trading easy, and using those features is made simple thanks to a clean interface.