TraderVue Review – Is This Online Trading Journal for You?
Trading journals are beneficial tools whether you’re a beginner or an experienced trader. Reviewing your journal from time to time will help you spot trends in your performance and opportunities to improve.
TraderVue is an online trading journal software founded by Greg Reinacker. The platform helps day traders, swing traders, and traders of all other styles improve their trading outcomes with automatic tracking and intuitive tools for analyzing their performance.
Although there are plenty of advantages to the service, there are also a few drawbacks to consider. So, should you sign up? Check out our TraderVue review to learn more.
TraderVue Plans and Pricing
TraderVue has three different plans, one of which is free. Here’s a breakdown of the plans’ prices and what features come with each.
The Basic plan is TraderVue’s free plan. All you need to do is share a few personal details like your name and email to sign up. The Basic plan comes with the following features:
- Automatically Import Trades. Automatically import up to 30 options, futures, forex, or stock trades per month.
- Entries and Exits Shown on Price Charts. Easily visualize your trading performance with your entry and exit points plotted on price charts.
- Filtering. You can filter your trades based on factors like time frame, asset class, and trade type when you want to review specific types of trades you’ve made.
- Share Trades. You’ll also be able to share your trades with the TraderVue community, which may result in feedback that makes you a better trader.
The Silver plan is the first of the company’s two paid plans and costs $29 per month. The Silver plan includes all features of the Basic plan plus:
- Change Your Base Currency. The base currency on the platform is preset to U.S. dollars (USD). However, if you have a Silver membership or above, you’ll be able to change your base currency to any currency you’d like.
- Export to Excel. You can export your trade data to Excel from TraderVue to sort, filter, and get a better understanding of your trades.
- Automatically Import Unlimited Trades. Paying members are not limited in the number of trades the journal will track monthly.
- Intraday and Running P&L Charts. Standard P&L (profit and loss) charts are available with the free plan, but with paid plans you’ll also have access to intraday and running P&L charts to track your profits and losses in real-time.
The Gold plan is TraderVue’s most expensive plan at $49 per month. The plan is best for the most active traders, as it unlocks a wide range of risk analysis tools. The plan comes with all the features above plus:
- Risk Tracking and Reporting. Compare your profits and losses to your maximum risk exposure with each trade to understand which trades had the best outcomes considering the risk-reward ratio.
- Exit Analysis. Analyze your exit points to ensure you’re setting yourself up for success.
- Liquidity Reports. You’ll also have access to reports for each trade that show how the asset’s liquidity affects your outcomes. Liquidity is how quickly an asset can be bought or sold. Because time is money in the market, you might be surprised at how much liquidity of the assets you trade affects your outcomes.
- Commission and Fee Tracking. You’re in the market to make money, not spend it. Use the commission and fee tracking feature to see where you’re spending and what you can do to cut down your portfolio’s overall expense ratio.
Key Features of TraderVue
TraderVue has become a popular journaling option for the trading community because the service comes with a long list of useful features. Some of the most exciting include:
Automatic Trade Journaling
The TraderVue platform makes tracking your trading history a breeze with automatic trade journaling. All you need to do is connect your brokerage or trading platform account to the journal and import your trade data.
This feature is especially exciting for members with a Basic subscription. While the vast majority of trade journaling software options offer a free membership, most free memberships require you to manually input your trade data. Free access to a tool that does this automatically is a major plus.
Intuitive Charting Features
There are several interactive charts available on TraderVue. You’ll be able to visualize your trades, including entry and exit points, on charts plotted with various technical indicators to see whether your trades align with your strategy. You also can use these charts to compare multiple trades or trading opportunities.
Advanced reporting is only available for Silver and Gold plans but may be worth the membership fee all by itself. The advanced reports plot various trade attributes on a graph, making them easy to see and compare.
The reports come with dropdown menus for both the X-axis and Y-axis of the chart, and there are hundreds of different combinations you can make as you analyze your performance.
For example, you may choose volume for the X-axis and gain or loss for the Y-axis to see how trading volume correlates with profitability in your trading strategy.
If you’re a new trader, you may have met a mentor or two on social media. TraderVue makes it easy to keep your mentor in the loop with a mentor-sharing feature. All you need to do is log in, click the “Mentoring” option in the menu, and send an email invite to your mentors. The platform will automatically share your trades with them once they accept the invite.
Keep in mind that the mentoring feature is only available with paid plans.
Visualize Your Trading Performance
As alluded to by the “Vue” part of its name, TraderVue is all about visualizing your performance and finding opportunities to improve. You’ll find several features that make it easy to visualize your performance and pinpoint areas where your trading strategies could improve.
Advantages of TraderVue
There are several reasons to consider signing up for TraderVue. Some of the biggest advantages of the platform include:
- Free Plan Available. TraderVue offers a free membership. While the membership is limited, it’s a perfect option for new traders who don’t make a large number of trades monthly.
- Automated Journalling. It can be cumbersome to manually enter your trade data into a journal. You won’t have to worry about doing so with a TraderVue membership, even if you’re only a free member.
- Easy-to-Understand Analysis Tools. All analysis tools feature color-coding, which makes them easy to understand. Moreover, the platform comes with educational materials that teach you how to use the company’s tools to become a better trader.
- Compatible With 82 Online Brokers and Trading Platforms. The platform is compatible with the most popular brokers and trading platforms online.
- Risk Management. Managing your risk is a must for trading success. The risk management tools on the platform are robust, although they’re only available with the most expensive membership.
Disadvantages of TraderVue
TraderVue is a great trading journal software, but it’s not perfect. Some of the biggest drawbacks to the service include:
- Free Account Trade Limits. You’ll only be able to track up to 30 trades a month with the Basic plan. If you’re a more active trader, the free service won’t cut it for you.
- Best Features Reserved for the Highest Payers. Although this is to be expected, the best features are only available to the biggest spenders. For example, if you want access to any of the company’s risk management analysis tools, you’ll have to hold a Gold membership.
- Not Compatible With All Trading Platforms and Brokers. There are some brokers and trading platforms you won’t be able to connect to the journal. When working with these options, you’ll have to manually input your trade data. However, the journal is compatible with the most popular brokers and platforms for all supported asset classes.
How TraderVue Stacks Up
Edgewonk is one of TraderVue’s biggest competitors. Here’s how the two compare:
|Price||Basic: Free. Silver: $29 per month. Gold: $49 per month.||$169 per year (about $14.08 per month).|
|Asset Classes||Stocks, options, futures, and forex||Forex, stocks, futures, contracts for difference (CFDs), cryptocurrencies, and commodities.|
|Risk Management Tools||Robust||Limited|
TraderVue Frequently Asked Questions (FAQ)
It’s normal to have questions about a new product or service before you decide to buy. Some of the most common questions about TraderVue include:
Is TraderVue Free?
TraderVue does offer a free plan, known as the Basic plan. Basic members can only track 30 trades per month and don’t have access to advanced reporting features or risk management analysis tools.
Although the free version of the journal is rather limited, it’s perfect for the beginner trader with limited trading activity. If you’re a highly active trader who needs to track more than 30 trades per month or needs access to powerful risk management and analytics tools, you’ll have to pay a membership fee to become a Silver or Gold member.
Does TraderVue Track Options Trades?
Yes, the TraderVue trading journal lets you track options trades in addition to tracking stocks, futures, and forex. This lets you hone your options trading strategy and see which trades are the most successful for you.
How Do I Manually Add Trades to TraderVue?
If you’re not working with a supported broker or trading platform, you’ll need to manually add your trade data. Click the “Add” button at the top of the platform toward the right of your screen. Now, click the pencil icon to edit the trade data. If you make a mistake, click the trash icon to delete the entry.
Successful traders use trading journals regularly, and you should too. We’re all human and we all make mistakes. However, by using a trading journal, you can hone in on the mistakes that cost you money as you work in financial markets.
TraderVue is one of the best trading journals online today.
Not only does the platform offer a free membership, but you can also automatically import data as a free member. Unfortunately, the best parts of the service are reserved for the highest-paying members, but that’s to be expected when it comes to any service. The Basic membership is perfect for a trader who’s just starting out.