3 Best Trading Journals and How to Trade Successfully
Author: George Davis
A trading journal can help you make informed decisions about your present and future trades. Read this article to discover the 3 best trading journals and how to journal a trade
Using a trading journal is one of the most underutilized tools by beginner traders. Recording your trade helps in understanding what went wrong and what mistakes you should avoid in the future. These trading journals are essential tools for successful traders because they are easy to use and offer robust features and functionalities. Here is a list of the 3 best trading journals you can use in stock trading to help you learn from your past trades.
3 Best Trading Journals
Some of the best trading journals have an exhaustive list of features and support stock trading, Forex trading, and cryptocurrency trading. Here are our top picks for 2021.
TraderSync is the best trading journal with its unique features and excellent functionality. It's a perfect replacement for Excel, and you can record multiple traders conveniently. However, beyond its slew of features, TraderSync has a fantastic user interface that impressed us the most. Moreover, TraderSync is the only trading journal that supports an iOS and Android app so you can record or recall your trades on the go.
Tradervue is one of the very few trading journals we enjoy working with. It has a fantastic user interface and some of the best features for trading. Moreover, this trading journal has the best broker importing support out of all the trading journals our team reviewed. Moreover, its features include automatic trade making and community sharing.
3. Power E*Trade
Out of all the trading journals our team reviewed, Power E*Trade had the best trading simulator with a user-friendly experience. It's an excellent trading journal for beginners. Power E*Trade is available to US residents only and requires no minimum deposit. Moreover, the Power E*Trade platform is immediately available for use.
How to Journal a Trade
Journaling your trade is crucial to improve your success ratio in the Stock market. By taking your time to conduct a post-trading analysis, you can learn from your mistakes and improve your future trades. Here is how to journal a trade.
1. Log Trade Details
Logging trade details, such as price, return, total share, and return percentage, determine what went wrong if the trade results in a loss. However, it's unnecessary to log trade details in case of a loss; most traders log successful trades to develop winning strategies.
2. Download Stock Chart
Downloading and marking stock trade charts helps paint a visual picture of a stock's selling point. These marks help determine sell points alongside trade lines and resistance.
3. Jot Down Trade Notes
Either on the trade chart or a paper, note down what you did write or how it affected your trade. It's essential to note down everything that happened before, during, and after the trade to understand where you went wrong.
The Bottom Line
Trading is challenging, and keeping track of everything that went down before, after, and during the trade is crucial. Using a trading journal helps in understanding what went wrong or what strategy worked best. After you have collected data of multiple successful trades, make a strategy out of it and then implement it on your future stock purchases.
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