Looking for a TraderSync review? TraderSync is the leading online trading journal platform that you can use to track your investing performance. So you may be asking, what exactly is a trading journal? Well, think of it as a companion tool for your daily trading activities. TraderSync records and keeps track of your trades and helps you to analyze your habits and ways to improve for the future. It can be extremely helpful, yet most of us have probably never even thought of using one!
The platform was launched back in 2014 by a group of software programmers who had tried investing and failed. They realized they needed a tool to track their trades to see where they were going wrong. Just like that, TraderSync was born, and in the seven years since its inception, the site has grown to be one of the most widely used investing tools on the market.
The trading journal is the heart and soul of TraderSync. And the main reason why most people sign up for its service. Record your trades by manually inputting them into the site. Or by connecting TraderSync directly with your online brokerage.
Once you’ve uploaded your trades, there is a TraderSync review of your trades by analyzing your setups and potential mistakes. Reviewing trades is one thing most of us really need to get more involved in. What factors made us dive into a trade and what were the results? TraderSync identifies these aspects and puts an unbiased spin on our investing hindsight.
The act of reviewing trades is surprisingly flexible and allows users to add notes, screenshots, images, and tags right into the trading journal. The interface is incredibly intuitive and easy for people to just pick up and learn.
You can really tell that a lot of thought was put into the user interface for TraderSync as the site flows smoothly and in a logical order. It does not take much time at all for the user to realize how essential of a tool the trading journal really is!
The TraderSync trading journal even helps you to track commission fees and brokerage fees. I know a lot of platforms have zero-commission trades these days, but for those that don’t, tracking fees is an excellent way to provide a more realistic picture of your portfolio.
I certainly need to learn to take into account fees when I calculate how profitable or unprofitable a trade was. It helps to deal with emotional trading when you write things down.
Another great feature in this TraderSync review is that it’ll provide regular reports based on the data you input into the site. TraderSync creates beautiful and easy-to-read reports that are meant to be informative as well as educational. Nobody likes to be told they are making errors. But TraderSync does this in a way that is meant to support the user so that they can work on correcting these in the future.
Now for the part that I think is the coolest part of TraderSync’s platform. The site actually uses artificial intelligence to analyze those reports and provide constructive feedback. TraderSync’s A.I. can provide a specific analysis of your trading habits including things like at what time of day you are more successful with your trades. The platform can also let you know which days of the week your trades do better on, and which range of stock price you are most profitable in.
For those traders who follow technical analysis, TraderSync even allows you to chart your trading performance. Compare your entry and exit points with the actual performance of the stock and see how your timing and patience are compared to the rest of the market. You can even chart out your price targets and stop losses, which helps to provide a nice visual of how you approach a trade.
Other TraderSync Features
TraderSync has so many other features built into the site that sometimes you can forget the main trading journal. The TraderSync Evaluator is a fun tool that allows you to pull up your past trading strategies and compare how well they have done over time.
With the Evaluator, you can truly get an unbiased report of how your particular trading strategies are actually doing. Get as specific as asking about specific time periods, stock prices, and technical setups. If you have a question about how your strategy is performing, the Evaluator will be able to answer it.
TraderSync also has a Simulation feature where you can perform simulations of your own historical trading patterns. Again, TraderSync allows you to set very specific parameters for the Simulation and provides more insight into your trading behavior. Rather than risk your hard-earned money on trying some trades out, the Simulation can do this for you. This eliminates the risk of losing money, while also providing valuable information on how to set up for future trades.
One of the best features of TraderSync is how much their site has become a community of traders. TraderSync allows you to create a public profile and share your trading activity and analysis with the community. You can even share specific reports, charts, or screenshots, where you could potentially receive more feedback from other users.
What Does TraderSync Cost? (Pricing Review)
The price of these sites is always the main conundrum on whether or not to sign up for a subscription. TraderSync’s core offering is the trading journal. And truth be told if you’re not interested in the A.I. reports, then you’re probably thinking you can record your trades on your own. You could do that. However, I always find hopping back and forth between conversations confusing and counterproductive.
TraderSync has introduced a tiered freemium structure, where users can pay a set monthly amount based on their usage. In the freemium structure, the very base level of the software is free. This base level allows you to enter your trades into the trading journal. Aside from that, TraderSync allows you to access some of the reports it produces, but definitely not all of them.
The next tier of pricing is the Pro level, which will cost you $29.99 per month. The premium level is $49.99 per month and allows you to use some of the features we mentioned above. In this level of pricing, users are able to use the Evaluator and Simulator features. The final price tier is the Elite level which will run you $79.95 per month. At the Elite level, you get full access to the artificial intelligence analysis. This will definitely help you form better trading habits.
Is TraderSync for Everyone?
Actually, yes! No matter how experienced or inexperienced you are, we can all use helpful analysis of our trading habits. TraderSync provides some incredible features that’ll absolutely help you out in your long-term investing.
For those who like to document their own trades in a spreadsheet, I commend you. Not only will TraderSync analyze your behavior for you, but it also allows you to upload a CSV file directly into the site. Data entry fans rejoice! TraderSync truly was created with the retail investor in mind!
Some people will refuse to pay a monthly subscription charge for TraderSync and that’s fine. The money TraderSync will save you after analyzing your performance will easily cover the cost of your monthly fees. The best part is, you can always sign up for TraderSync’s 7-day free trial. Which will let you try the Elite level for a full week.
TraderSync Pros and Cons
- Several different price tiers which offer something for everyone.
- A 7-day free trial allows you to try the site before committing to a subscription.
- Trading journal is easy to use and will help you correct your trading mistakes.
- Lots of other features that will help to improve your trading including the Evaluator and Simulator.
- TraderSync utilizes artificial intelligence to analyze your data.
- Available as an app to download on both the Google Play Store and Apple App Store.
- To access the artificial intelligence reporting, you must subscribe to the Elite tier.
- Some people just enjoy keeping track of their own trades in a spreadsheet.
- A common complaint amongst users is that the site prioritizes higher tiered subscribers in terms of customer service.
TraderSync Review Final Thoughts
We hope you enjoyed this TraderSync review. Overall, TraderSync is an excellent experience and offers a unique and industry-leading investing tool. I cannot praise the interface of the platform enough as it was truly user-friendly. Sometimes these investing tools can overthink things and add too many bells and whistles.
But TraderSync does an excellent job. The only drawback is that to utilize the artificial intelligence reporting, which I believe is the site’s best feature, you have to sign up for the Elite tier. However, it’s worth it. Other than that, any trader who is trying to improve their performance should take a look at TraderSync today!