Overview
You can keep a forex trading journal, whether you are day-trading or just starting out. This will help you to track your performance as well as learn from past trades. Every trade you enter, no matter how successful or not, is an opportunity to learn and improve your future success. You can see exactly what went right and what went wrong. You don’t need to manually enter your exits and entries. Metatrader syncs your trades and allows you to add ratings or comments. Strategies allow you to define each trade according to its specific criteria, such as trade rules, timeframes, and money management. You can connect as many accounts as necessary. Metatrader brokers allow you to track and journal trades from both your demo and live accounts. Forexbook focuses mainly on Metatrader 4 and 5. It does not support any other brokers.
User Interface and Experience
Forexbook is very simple and the interface is as clean as you will find in any trade journal. It gives you a quick overview of your trading performance and the stats gives you a look at various timelines and the performance of the past.
Trade Imports
One of the best parts of Forexbook is the ability and the simplicity of importing your trades from your Metatrader accounts. It uses EA’s (Expert Advisors) to perform the syncing of trades all in real-time. It is as easy as copying the EA to an unused chart and adding the secret key and the app instantly recognizes the account and there is an import past trades button. Pressing imports keeps your account current.
One of the great features is you can see your Open P&L’s and your equity numbers in real-time without refreshing any page. I have not seen any other Trading journal do this.
Other Features
Economic news shows all the major events for trading to keep you up to date on the latest news.
Trading strategies - it’s easy to keep track of your strategies and see what works. Quite often we can end up with multiple strategies without knowing what really worked.
Trade Images - Chart images added automatically for every trade. Your trading journal becomes a living record of your trades. See the chart image with every trade so you know exactly where and why you took the trade.
Add Trade Comments - All your journaled trades have entry and exit comments. Write about the market sentiment, setup, price action, or how well it worked with your strategy.
Conclusion
Forexbook is a simple trade journal that focuses only on Metatrader 4 and 5 accounts with a clean interface and real-time syncing. It is not flashy but has all the important info at your fingertips. It is also very affordable with unlimited trading accounts starting at $19 but if you subscribe annually you can save about 40% making it just $11 a month. If you are into EA’s and Metatrader trading then this trading journal is for you. If you are looking for detailed stats and features then you are better off looking elsewhere.
Price
Free plan has good functionality with one trade account. Full access plan is $19 a month or $11.40 a month if you sign up annually. Annual plan comes with a a 7 day free trial.
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