As a trader, keeping track of your trades and analyzing your performance is crucial to improving your skills and profitability. That’s where trading journal software comes in handy. Two popular options in the market are Edgewonk and Tradervue. In this article, we’ll compare the features, pricing, and user experience of both platforms to help you decide which one is right for you.
1. Overview of Edgewonk and Tradervue
Edgewonk and Tradervue are both web-based trading journal software that allow traders to record their trades, analyze their performance, and identify areas for improvement. Edgewonk was launched in 2014 by a team of professional traders and software developers, while Tradervue has been around since 2011 and was created by a former Google engineer.
2. Features
Both Edgewonk and Tradervue offer a wide range of features to help traders analyze their performance. Edgewonk’s features include trade journaling, performance analytics, risk management tools, and a trade simulator. Tradervue offers similar features, including trade journaling, performance analysis, risk management tools, and a trade tagging system.
3. User Experience
When it comes to user experience, Edgewonk has a more modern and intuitive interface compared to Tradervue. Edgewonk’s dashboard is easy to navigate and provides a clear overview of your trading performance. Tradervue’s interface is more cluttered and can be overwhelming for new users.
4. Pricing
Edgewonk offers three pricing plans: Basic, Pro, and Elite. The Basic plan costs $169 per year and includes all the essential features such as trade journaling and performance analytics. The Pro plan costs $299 per year and includes additional features such as risk management tools and a trade simulator. The Elite plan costs $499 per year and includes all the features of the Pro plan plus personalized coaching and support.
Tradervue offers two pricing plans: Basic and Premium. The Basic plan is free and includes basic features such as trade journaling and performance analysis. The Premium plan costs $29 per month or $299 per year and includes additional features such as advanced analytics and custom reports.
5. Trade Journaling
Both Edgewonk and Tradervue allow traders to record their trades and keep track of their performance. Edgewonk’s trade journaling feature is more comprehensive, allowing traders to record not only the basic details of their trades but also their emotions, thoughts, and trading strategies. Tradervue’s trade journaling feature is more basic, allowing traders to record only the basic details of their trades.
6. Performance Analytics
Both Edgewonk and Tradervue offer performance analytics tools to help traders analyze their performance. Edgewonk’s performance analytics are more advanced, allowing traders to analyze their performance based on various metrics such as win rate, risk-reward ratio, and expectancy. Tradervue’s performance analytics are more basic, allowing traders to analyze their performance based on simple metrics such as profit and loss.
7. Risk Management Tools
Edgewonk offers a range of risk management tools to help traders manage their risk, including a risk calculator, a position sizing calculator, and a drawdown analysis tool. Tradervue also offers risk management tools, including a risk/reward calculator and a maximum drawdown calculator.
8. Trade Simulator
Edgewonk’s trade simulator is a unique feature that allows traders to simulate their trading strategies in a risk-free environment. This feature is particularly useful for new traders who want to test their strategies before risking real money. Tradervue does not offer a trade simulator.
9. Trade Tagging System
Tradervue’s trade tagging system is a unique feature that allows traders to categorize their trades based on various criteria such as market conditions, trading strategies, and trade types. This feature is particularly useful for traders who want to analyze their performance based on specific criteria. Edgewonk does not offer a trade tagging system.
10. Conclusion
In conclusion, both Edgewonk and Tradervue are excellent trading journal software that offer a wide range of features to help traders analyze their performance. Edgewonk has a more modern and intuitive interface, while Tradervue offers a unique trade tagging system. When it comes to pricing, Edgewonk is more expensive but offers more comprehensive features, while Tradervue is more affordable but offers more basic features. Ultimately, the choice between the two platforms will depend on your individual needs and preferences as a trader.