Comparing the best Edgewonk Alternative: TradeZella
Choosing the best trading journal can be tough, so we’ve done the legwork for you. Today we’re comparing TradeZella vs. Edgewonk. All of the best (and worst) features, as well as pricing. Whatever you need to know about this Edgewonk alternative, we’ve got you.
Author - TradeZella Team
Need an Edgewonk alternative, and want to know how other online journals shape up? You’re in the right place.
But first things first: what is a trading journal? Journaling is becoming more and more popular as the trading community grows. We’ve seen the classic pen and paper. The Excel spreadsheet.
Now, it’s all about full-feature online trading journals. They’re catered specifically towards trader needs, and can really help you to up your game thanks to their market analytics features. We’re happy to see journaling platforms like Edgewonk, TraderSync, TraderVue and TradeZella on the rise.
But, which one is best?
Well, it depends on what you need. Everyone is different, and we think the best way to decide is by conducting a comparison of features and benefits. In this article we’re doing just that with Edgewonk and TradeZella.
Tradezella vs. Edgewonk: summary of key features
If you’re short on time, here’s the TL;DR version.
Want to dig deeper? Keep reading.
Tradezella vs. Edgewonk: User Interface/experience
Both TradeZella and Edgewonk have minimalistic interfaces designed to show you the essential information.
You’ll see that Edgewonk’s interface is fairly easy to navigate via the left sidebar. Traders can access their notes, analytics, reports, and charts.
On the Edgewonk alternative, TradeZella, we see a similar sidebar navigation panel with journal, trade log, reports, Zella University, Playbook, and more.
Due to the simplistic design and uncluttered information display, users can easily shift through different aspects of the platform swiftly and smoothly.
Something cool about Edgewonk is that they offer a dark mode option for those that prefer to avoid the harsh white light from screen glare.
TradeZella falls short here, with no dark mode available just yet. However, dark mode on TradeZella is coming – watch this space!
Both journals do a great job of keeping it to the essential information, so the dashboard isn’t overwhelming. We’ll take a closer look at the features in a later section, so you’ll get a peek at what those screens look like if and when you do need to dig a bit deeper.
Tradezella vs. Edgewonk: Trade Import/API Sync
Now for the least fun, but most important, function of the trade journal: importing your trades.
Digital journals generally offer three ways to import your trades:
- Manually entering the data into the journal
- Import via csv file from your broker
- API Sync (or Auto-Sync as it’s commonly known)
The first scenario can become absolutely exhausting after a while, especially if you take a lot of trades. It also leaves a lot of room for human error. Uploading a csv file is far less tedious, but you still need to go in and pull that csv file each day.
What really sets digital journals apart from old school journaling is API Sync (Auto-Sync). You only need to link your broker to your digital journal once. Trades are automatically imported and ready to go once you login. Super convenient, right?
When importing your trades, at the absolute minimum you’ll want to choose a platform that supports your broker for CSV import. But of course, API sync is better.
Both Edgewonk and TradeZella support csv file import for several popular brokers. Auto-Sync isn’t available with Edgewonk.
Check out this concern raised by an Edgewonk user:
Meanwhile, Edgewonk alternative TradeZella supports most mainstream brokers via CSV file import… and a select amount of brokers with API Sync.
If you’re trading with TradeStation, Thinkorswim (TD Ameritrade), Robinhood, or Interactive Brokers, you’re in luck! API Sync is available for you on TradeZella, making it easy to get started with journaling right away. Here’s a full list of TradeZella broker integrations, so you can see if yours is supported.
If TradeZella or Edgwonk doesn’t support your broker for CSV file import or API Sync, it’s probably best to go with another online journaling platform. Importing your trades should be the least of your worries, and take you the least amount of time.
Tradezella vs. Edgewonk: Features
The features of your digital trading journal, and how productively you use them, can be a critical component to the success of your journaling process.
In this section, we’ll discuss how Edgwonk and TradeZella measure up against each other for reporting, analytics, and tools. You be the judge.
Tradezella vs. Edgewonk: Reporting
Edgewonk alternative TradeZella is known for its robust reporting capabilities, showing the essential and deep-rooted issues within a trading system.
From these different reports, traders can analyze their strengths and weaknesses, see where gaping holes lie, and monitor the progress of their adjustments.
For example, you can look at your trade distribution, performance by symbol, and so much more. It’s the detail in these reports that showcase the pitfalls and successes of your chosen trading system.
Filters are available so that you can isolate certain elements of your trading system to see what the root of any problem is.
Meanwhile, with Edgewonk, you can filter by Ordering Criteria. As you can see in the photo you can filter by day of the week, time frames, and even market trends.
For those that trade options, TradeZella has more specific pin-pointed data points for options contracts.
You’ll see insights on days to expiration, and detail of which symbols perform the best for you.
Unlike TradeZella, options are not yet supported on the Edgewonk platform. So option traders, if that’s you, sorry to be the bearer of bad news!
Tradezella vs. Edgewonk: Replay
A significant feature built out in TradeZella is the Trade Replay feature.
With Replay, you can go back in time and relive the trade. Candle by candle. With the Level II and Time and Sales present beside you.
This time, no emotions: just the trading plan.
When comparing TradeZella to Edgewonk, it’s important to keep in mind that this is one of the features that Edgewonk lacks.
Edgewonk does have reporting capabilities to help you figure out your edge, but does not have a market replay feature.
When it comes to in-depth analysis, this is where TradeZella excels as an Edgewonk alternative.
Tradezella vs. Edgewonk: Playbook
TradeZella has an extremely helpful feature to help traders build out their trading system: Playbook.
Here, traders can customize their own playbooks and include rules such as entry/exit criteria, market confluence, and more.
This not only improves confidence in a system, but also promotes autonomy within the trading space. So many traders rely on external factors to influence their trade decisions, and Playbooks keeps it air-tight within the trader’s own strategy.
Edgewonk doesn’t have a similar feature as of writing (July ‘23), but you never know, it might be in the works!
And you can find out more about TradeZella features here.
Tradezella vs. Edgewonk: Pricing
So, what does it all come down to? Price, of course.
This is something that you need to consider when deciding whether to go with Edgewonk, its alternative TradeZella, or another online trading journal altogether.
TradeZella’s pricing is as follows:
- $49 per month for a monthly subscription
- $399 per year for a yearly subscription. (This comes out to about $33/mo)
- Comes with more features
Edgewonk’s pricing is as follows:
- No monthly subscription option
- $169 per year for a yearly subscription
Of course, it’s not necessarily about which one costs the least. There are some other things to consider when deciding the value of Edgewonk over an alternative.
Comparing subscription prices, Edgewonk beats TradeZella. However, Edgewonk is bound to cost less as it’s more basic. It has less features to go with the lower price point. But, if basic is all you need, Edgewonk might be the best option.
While Edgewonk alternative TradeZella is priced higher, it does have a monthly subscription option. You don’t need to commit to a full year, you can try it out for a month or two and cancel if it doesn’t suit you.
The higher price tag comes with far more in-depth features to assist you on your trading journey, so might be worth it if you’re serious about success.
TradeZella vs EdgeWonk: Summary
It’s a tight race between TradeZella and Edgewonk. Both platforms offer different features and pricing.
TradeZella offers a great deal of unique features, flexibility, and depth while Edgewonk offers a more traditional, budget-friendly approach.
So, what’ll it be?
Whatever it is, it’s your decision. We’re just happy you’re taking the step towards journaling better!
But if TradeZella sounds like the one for your, here’s the link to sign up and start journaling today.