- Analysis Tools
Tradervue, the online journal subscription service, has many tools and features. Is this the trading product that you’ve been waiting for? Read this review to find out what you need to know about Tradervue.
What is Tradervue?
Tradervue.com is an online trading journal subscription service designed to help traders lever data and analytic tools to enhance their performance. It also integrates the power of social media with a growing and diverse interactive community of traders enabling members to share performance, trade ideas, follow and engagement within the network. An amazing by-product of social media is the improvement to risk management when peers are monitoring your actions and performance. It taps into the what Sigmund Freud deemed as the second strongest motivation, the urge for recognition.,
Tradervue was the brainchild of Greg Reinacker. While most trading products provide some sort of market intelligence, his vision was to create a tool that empowers traders to develop introspective management intelligence. The service reinforces good habits of discipline, analysis, preparation and planning trades. It lets me truly analyze every facet of my trading from a clinical perspective.
Tradervue Pricing Options
Tradervue has three types of plans:
The Free Plan requires registration and includes 100 stock trade journal entries per-month with limited journal and reports. Sharing is enabled.
The Silver Plan costs $29-per month and include unlimited trade entries for stocks, options, futures and FX with enhanced journal and reporting features and price chart studies and analysis.
The Gold Plan costs $49-per month includes everything from the Silver Plan with commissions/fee support, over 300 advanced reports, liquidity, risk tracking and exit analysis.
The Silver and Gold Plans come with a 7-day free trial that converts to the paid plan unless canceled or switched to the Free Plan.
Tradervue allows users to download their trading data from their online broker for analysis. This certainly beats manually keying in trades. The software features are numerous when factoring every conceivable type of report pulled from the data. These are some of the most impactful features.
This is a summary report that shows your performance for the day including trade stats, trades and P/L graph. The beauty of Tradervue is how much legwork it takes over simply by using the processing power of a computer versus attempting to do by hand. However, it does take effort to be detailed and input entries. Users can import data from their compatible online broker and proceed to make notes about their trades.
Tradervue suggests keyword tags to use so they can be tracked for reporting purposes. I love the tags because it tracks them and pulls the data in reports to show me what type of trade set-ups are the most successful. For example, pullback (pb) trades to the 5-minute 5-period moving average with a rising stochastic tend to be my highest success rate set-ups, but my most profitable set-up are breakouts (bo) through the first 5-minute intra-day highs within the first 30-minute of the morning. The key is being as descriptive as possible with Tags and notes. This takes effort on behalf of the user. If you’re lazy, don’t bother. However, if you’re committed then you will gain enlightenment and enhanced knowledge of your trading strengths and weaknesses and ways to improve them.
This feature illustrates your trade entry and exit points on a chart to help you refine your exit triggers. While, this is something that can be done manually on your trading platform, it’s incredibly convenient on the Tradervue platform as you can go through every trade instantly to spot areas of improvement.
These are two unique and helpful metrics that emphasize the potential gains/losses for trading analysis. The Maximum Favorable Excursion (MFE) is the maximum profit a trade peaked at before closed out. The Maximum Adverse Excursion (MAE) is the maximum loss a trade encountered before closed out. It’s important not to let the “shoulda, woulda, coulda” complex kick in when viewing these stats. They are meant to help identify if you are leaving too much on the table and improve your exits.
This advanced report is a great way to see how much liquidity you provided (buying on the bid and sell on the ask) compared to how much liquidity you took (buying on the ask and selling on the bid) from the markets. A seasoned trader will try to maintain a high rate ratio of providing liquidity versus taking liquidity. Providing liquidity can earn you pass-through ECN rebates (depending on your broker’s commission structure). More importantly, it illustrates one’s seasoning and agility as a trader that can seamlessly traverse the market with little impact and remain one-step ahead of the crowd.
The Risk Reports involve manually keying in your R (risk) amount per trade unless you have a standard risk amount, either by dollar value (IE: $50) or dollar increment (IE: $0.20 per-trade). Having a standard R amount is useless unless you’re only play a single instrument (IE: S&P 500 e-minis). When it comes to stocks, the risk variable will be different for a $200 stock versus a $12 priced stock. However, I do like how they use the measurement to calculate a risk vs. reward metric. If you risk $50 on a trade that earns $150, then you achieve a 3R, three times the risk, which is excellent. The problem is it can be tedious to type in the initial risk for every trade and the report only calculates for trades that have an initial risk value entered.
Once of the coolest features is the ability to share your ideas and trades with the network of members as well as comment and monitor ideas and trades with other members. It’s quite motivating to follow some of the more consistently profitable traders and get a flavor for their style and mindset. You can regulate and filter what information you want to share. The mentor function is excellent when you establish relationships with seasoned traders.
Mentoring and Coaching
This isn’t an actual mentoring service, but a sharing function with specific people you wish to look over and track your performance. Silver and Gold plan members can enable the Mentoring tab from Account Settings to Invite as many mentor/coaches by e-mail (they must have a Silver or Gold membership plan also). Once accepted, they will have read-only access your journal and leave comments. This function is useful if you have successful traders you trust.
Tradervue is an amazing tool but it’s prudent to first make sure that it’s compatible with your existing online broker or trading platform. TraderVue integrates with most popular brokers like Etrade, Schwab, and TD Ameritrade. Here’s a full list of supported brokers and platforms and what features are support. Keep in mind, not all features may be supported even if your platform is.
How Tradervue Stands Out
This is one of the most unique products I’ve used. It’s similar to the Profitly platform but with many more trade analysis features. Personally, I find it extremely valuable in helping in refine my performance and even helped spot some improvements to my trading methodology thanks to the tags. There are an amazing number of reports available, 200 reports for Silver and 300 reports for Gold members.
Is Tradervue right for you?
Tradervue is a tool that requires an existing trading methodology and user involvement to gain the most benefits. All the reporting in the world won’t help if you don’t have an initial methodology for your trading. Therefore, I would say it’s best suited for experienced traders that are adamant about improving their performance. If you’re lazy and don’t bother to import your trades or neglect keying in initial risk values (R) on your trades, then you won’t get the most out of the service. This is a product where you get out what you put into it.
- Amazing tools to analyze your trading performance from every conceivable angle
- Structured to improve your discipline, risk and trade management
- Trading community is a great source of ideas and information
- Assertive and prudent traders will see where they can make improvements to their system
- Reports galore with 200 for Silver and 300 reports for Gold members
- Answers the question: Is it me or is it the market? Helps you discover flaws in your methodology and identify outlier market conditions to stay out of
- User engagement is required, meaning lazy traders will find little value
- Doesn’t teach actual trading methodologies to improve performance, so users must have an existing system to truly benefit