Using in Profitly Conjunction with TraderSync

Profitly (profit.ly) is a great tool to make yourself responsible for your own actions, in terms that your trades will be automatically verified. They have some very basic analytics tools that will provide you with some insights into your trading. Their focus is to build a community of transparent traders that share their trading ideas. I support their vision as I think we need more transparency in the industry.

However, Profitly is not a trading journal. Plenty of people confuse the fact that profitly import your trades and believe this counts as journaling trades. This is an important concept to understand. If you were like me, you were thinking you do not have to journal your trades in a notebook or in excel as profitly was tracking your trades for you. However, the fact that it does track your trades and automatically logs them in, does not mean it is helping you understand what is really going on with your trading edge. If you do not take trade journaling into your own hands you are not thinking back to why is it that you took the trade.

This is why you need a stock trading journal application such as TraderSync. This in conjunction with profitly will provide you with the support that you need while trading the market. I used this to help build responsibility of my actions as all my trades were public, while I use TraderSync to journal my trades and my thoughts around each one to help me understand why I take a good or a bad trade, to help me find my edge and know what to focus on.

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