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 list. Let’s find out more…
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 list. The offering is just much more complete than some of the other providers in the market. Let’s break down the features of this tool so you can see what they’re actually offering traders…
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 Prime or IC Markets, the process is exactly the same and Forex Book is compatible with them all!
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 accounts via a very light weight EA. This works very similar to the MyFxBook EA by refreshing every few minutes to check your account and upload any relevant data to the website. This means your trading journal will constantly stay up to date, without having to input data and trades manually – limiting the chance of human error.
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 MyFxBook and the FTMO dashboard. You’ll have access to all relevant statistics to take a real deep dive into your trading performance and make any changes needed to keep your edge as great as possible within the markets.
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 reviews, you’ll know that we love to take a look at what other traders are thinking. This isn’t necessarily needed but we like to see if anyone has had a fairly different experience from ourselves. This is very useful for brokers and prop firms but just as usual for looking at our top forex trading journals.
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 Book or Trader Sync are always going to have less coverage from traders than a prop firm like DT4X Trader or a vps like Forex VPS. I don’t know why this is but it certainly explains the lack of reviews from traders online.
Forex Book Customer Service
In terms of the customer service that Forex Book offers, there isn’t a great deal but this isn’t actually a problem. Once you’re set up with the trading journal, there really isn’t going to be anymore needed in the way of support. In fact, I’d be very surprised if you actually needed any contact with Forex Book and the team at all!
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 list. The features are by far the best and offers such a good environment for traders to not just automatically log trades, but also categorise them and study the results.
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!