ForexBook Full 2021 Review – The Best Forex Trading Journal?

Forex Book










As forex traders, we all know that journalling is the most important aspect of continually growing within the markets. The markets change, trading systems need tweaking and we need to be able to dip into our trading journals to adapt to these changes whenever necessary. How can we curate all of our trading knowledge and past trades? Well… A trading journal.

In this article we are going to take a look at Forex Book. Forex Book is one of the industry leading trade journals, specialising in the forex space. It’s actually so popular with traders around the world, it has made the top of our trading journal ranking listOpens in a new tab.

What Is Forex Book?

Forex Book is a revolutionary tool for forex traders to track all trades taken in one handy place. This allows traders to log, analyse and develop their trading systems and psychology in order to get the most out of the markets. This used to be done with vast spreadsheets but now thanks to the automation it’s so simple to add thousands of trades to your journal with no effort or manual intervention needed!

The tool effortlessly syncs with your brokers and trading accounts to piece everything together and give you everything you would ever want from a trading journal. Let’s take a look at the features in more detail…

What Makes Forex Book Different From Other Forex Trading Journals?

There is a reason why Forex Book made the top of our best forex trading journals listOpens in a new tab.

1. Historical Data Import

The drawback of a lot of the trading journals in the market is the lack of historic data import functionality. This means you would need to go back manually over months or even years of data to add all past trades in. However, Forex Book has automated this whole process and will automatically import all of your trading data since the MT4/MT5 account was created (if you want it to).

2. Multiple Accounts And Brokers

You’re able to use multiple brokers and accounts on the same trading journal. If you’re conscious of risk and hedging broker exposure like me, you’ll have multiple brokers around the world and importing data from all of these is going to be incredibly useful. Whether you’re trading with Global PrimeOpens in a new tab.

3. Add Different Trading Strategies

With Forex Book you’re able to categorise different trades depending on what style you were using. You can then group these trades together to get an overall idea of the win rate and success of these trading styles. This feature is so simple but so useful when it comes to actually looking at the viability of a trading strategy.

For many months I was trading two entries into my trades, one of which turned out to be losing and the other was actually profitable over time. If it wasn’t for splitting these up into different classes, I would have never realised that I was trading an unprofitable style half of the time.

4. Automatic Account Connection

Forex Book will automatically connect to your MetaTrader accountsOpens in a new tab.

5. Advanced Statistics For Traders

This is an example of what your trading journal is going to look like. It’s almost a cross between MyFxBookOpens in a new tab.

How Much Does Forex Book Cost?

Forex Book has two different pricing models, depending on what you’re looking for. The good news is, the first price model is completely free to use!

The free or ‘starter’ plan is great for most traders and I am honestly fairly shocked that they’re offering this to traders for free! You don’t even need a credit card to signup, there is no tricks or gimmicks, just a free trading journal. All you need to do is create a free account and you’re away.

With the free version you’ll get access to literally all of the great features, besides multiple account functionality. You won’t be able to add multiple accounts onto your trading journal which won’t be an issue for most traders but traders with multiple EA’s, risk profiles and trading styles will need to upgrade to the paid version I would imagine.

If you’re anything like me, you’re probably against paying for anything, right? Well, the full version only costs $19 per month and in all honesty for a professional trader, this is a great write off. You have access to all features and can literally sync your trading accounts, import all of your history and compile an in-depth trading journal to leverage.

$19 per month for all of these features is absolutely great. Could you do it for free yourself? Of course you could but you’re paying for the user-friendliness and the fact everything is compiled in one easy to use journal.

Forex Book Reviews – What Do Traders Think?

If you’ve seen any of our prop firm reviewsOpens in a new tab.

In short, we didn’t manage to really find any reviews on Forex Book left by individual traders. This isn’t because there aren’t any reviews. Forex Book is unfortunately named because it’s very similar to MyFxBook. Now MyFxBook is much more popular and obviously has a huge amount of results, burying any results that Forex Book is showing for.

Forex trading journals like Forex BookOpens in a new tab.

Forex Book Customer Service

In terms of the customer service that Forex BookOpens in a new tab.

They do offer support via email and via live chat – you’ll find both of these on the web page if you scroll down to the bottom.

Conclusion – Is Forex Book The Best Trading Journal?

In summary, Forex Book is the best trading journal in 2021 and has the most complete offering compared to those others in our top forex journals ranking listOpens in a new tab.

There are a few really great trading journals out there specifically for forex traders but they’re all missing just one great element. Forex Book seems to be breaking that trend because there isn’t really any aspect that is missing – which is great to see!

I’d highly recommend Forex Book to traders, whether the free version or the paid version. If you have any questions or have used it and have some feedback for us, please do leave a comment down below – we’d love to hear from you!

Kyle Townsend

Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

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