Embarking on a trading journey can be both exhilarating and daunting, especially when finding a reliable approach that consistently delivers results.
It’s not just about devising a solid trading strategy; maintaining discipline and tracking progress are equally crucial.
However, tracking countless trades and identifying the most effective methods can be overwhelming. TraderSync is a promising option among the myriad trading software available.
In this review, we will dive deep into the features, pros, and potential drawbacks of TraderSync to determine if it is a worthwhile tool for day traders.
We will evaluate its user-friendliness, data analytics capabilities, and trading journal functionalities, comparing it to other popular trading platforms.
By the end of this TraderSync review, you will have a comprehensive understanding of whether TraderSync is the perfect companion for your day trading journey or if you should continue searching for a better-suited alternative.
What is TraderSync?
TraderSync is a trading journal that helps you analyze your previous trades. It’s not just your average trading journal; this tool lets you dive deep into your past trades and analyze them.
Instead of just jotting down notes about your trades, you can create categories for different trade setups and blunders.
This helps you quickly figure out which days, times, or trade types make you the most money.
You can even calculate how your profits and losses might shift if you follow a certain trading strategy or ditch a particular error.
Features of TraderSync
TradingSync says it’s all about helping you improve your trading skills, but it’s mainly a tool to keep track of your trades.
So, you might be wondering how much a trading journal-focused platform can bring to the table for investors, right? Well, let me break down some of the main features for you.
1) Trading Journal
TraderSync has all the essentials you’d want from an online trading journal. You can write notes for each trade, take screenshots of price charts, and attach them to your notes.
It automatically marks your charts with entry and exit points and keeps track of details like stop loss or price target levels.
2) Tagging Setups and Mistakes
Here’s something unique about TraderSync – it lets you create tags for trade setups and mistakes. The setup tags help you remember your goals when you enter a trade, while the mistake tags let you reflect on what went wrong in those not-so-great trades.
3) Evaluator and Simulator
These two features let you analyze your trade data, not just individual aspects. The evaluator helps you compare setups and other factors like the day of the week, entry volume, and entry price.
The result? A plot showing how your portfolio changed over time based on various variable combinations.
4) Trade Management
Available only to Elite subscribers, this feature is similar to the simulator, but it’s not as user-friendly as other TraderSync tools.
Trade management lets you create rules to follow when trading, and then the platform tracks if you’ve stuck to those rules.
It even plots all your trades on a profit and loss chart, color-coding them to show which ones followed your plan and broke the rules.
5) Data Reports
TraderSync doesn’t just track your trades based on setups and wins or losses. It also gathers a ton of metadata, like the day of the week, the hour of the trade, the market sector, and the volume traded. You can use this info to evaluate your trading performance.
6) Customization and Layout
TraderSync is easily customizable. You can tweak both the reporting tools and the display. When you log in, the main dashboard gives you a data overview, and you can sort and filter your trades using the platform’s data categories right from the dashboard.
TraderSync Pricing
Alright, let’s have a look at what the pricing is like here. TraderSync has four different plans for traders to choose from.
1) Free plan
The free plan is free but only gives you access to the most basic features.
You can tag setups and mistakes, but you’ve got to enter all your trades manually. And honestly, the analysis tools are kind of limited.
You’ll also need to connect your Twitter account and let TraderSync post whenever you close a trade – just a heads up.
2) Pro plan
They have the Pro plan, which costs $29.95 a month or $312 a year. It’s got some neat features like automatic trade imports from most platforms.
This helps you to track your profit and loss using various variables and keep tabs on commissions and fees.
3) Premium plan
The Premium plan is $49.95 a month or $521 a year if you want even more. With this plan, you get the evaluator and simulator features.
Both features let you dive deeper into your trading data and see how your profits and losses might change if you tweak your trading habits.
4) Elite plan
The Elite plan will cost you $79.95 a month or $834 a year. This plan comes with trade management, allowing you to create rules-based trading plans.
Plus, you get AI-powered data insights and the ability to set automated stop loss and profit target levels for your trades.
The Pro, Premium, and Elite plan offer a 7-day free trial. And, good news – TraderSync works with various financial markets like stocks, options, futures, and forex.
Pros of TraderSync
- Auto-import of trade data with paid plans
- Data imported in just 30 seconds
- Offers charting, backtesting, and AI feedback features
- 7-day free trial for all membership levels
- Private profiles by default, an option to go public
Cons of TraderSync
- Only for documenting trades, not making them
- Free membership needs a Twitter account
- TraderSync posts tweets about your trades for free accounts
TraderSync Alternative
You might not be sold on TraderSync and whether it can actually boost your day trading game. So, you’re probably curious if there are alternatives out there.
The answer is — YES!
Some other trading journal options include Edgewonk, Tradervue, and Trademetria.
We’ve shared a great deal about each platform in those reviews. You should take some time to look them up.
Is TraderSync Worth it?
So, is TraderSync one of the best trading journals? We’d say yes, especially if you’re willing to pay for a subscription.
The free plan might work for casual traders, but manually importing trades for analysis isn’t ideal for swing or day traders.
Now, a premium subscription has some pretty sweet perks. Except for the Elite plan, the pricing is quite affordable, and tracking your trading activity super-fast—within 30 seconds—is a game-changer.
What’s cool is that every plan (besides the free one) lets you track different types of trades, not just stocks. That means it can give you an edge in all kinds of trading, not just the traditional stuff.
We’ve touched on most of the important features in this review, but if you’re still unsure, why not give it a shot yourself? Click here to sign up and start tracking trades and sharpening your trading skills with a free, seven-day trial.
