TraderMake.Money Review
A trading journal is of paramount importance if you want to take trading seriously. Trading should be treated as a business, and because of this, reporting is needed in order to analyze historical performance. This allows you to see where you make profits and where you make losses. From here, in a simplified version, it's a simple process of doing more of what works and eliminating the aspects that induce losses.
Visit TraderMake.Money
and get 20% discount on your first payment with this link
It does not matter what kind of trader you are or which type of trading pattern you follow – a trading journal should be applied. Even if you follow a rigorous and systematic trading system, a trading journal will be beneficial.
With a detailed journal, you will be able to see statistics on your strategies. This allows you to focus on the ones that are superior and continue to optimize them. This is very powerful if you follow multiple strategies or, as an example, make entries and exits based on various parameters (entry because of trendline break, Fibonacci retracement, Elliot wave count, harmonic pattern, etc.). After some detailed journaling, you will be able to see which of your entry parameters, on average, makes you more profit.
If you already follow one strategy with fixed parameters for entries and exits. Initially, it may seem like a journal won't justify the time spent versus the output you get from this info. But think about it for a moment. With a journal, you will still be able to see a breakdown of;
risk: reward ratio
winning trades: losing trades ratio
which weekdays you tend to make a profit versus a loss
which time of the day your trades tend to make a profit versus a loss
These are just a couple of examples. There are a lot of reasons to run a trading journal. But how do you keep a good trading journal?
In this post, I will review TraderMake.Money – a tool that can help you do exactly. Keeping a trade journal in a webapp, specifically targeted crypto traders.
About TraderMake.Money
The name says it all. This tool is all about helping you – the trader – to make money. TraderMake.Money is a trade journal in a webapp specifically made for crypto traders.
There are a few trade journaling web apps on the market, and I think TraderMake.Money is the latest participant to compete in this space. Some popular alternatives are Coin Market Manager, TraderSync, EdgeWonk, MyFxBook, TradesViz, and TradingDairyPro. Needless to say, that excel is an excellent alternative but requires a bit more manual work.
I have tried a bunch of the alternatives mentioned above, and so far, TMM is my favorite. It has many features that allow you to keep a detailed trade journal without much manual work. It is a perfect tool to analyze any individual historical trade, as well as your full historical performance.
ANALYTICAL ENGINE FROM TMM FULLY CUSTOMIZABLE ANALYTICS BOARD WITH HUNDREDS OF DIFFERENT METRICSOnly in TMM you can, using a set of ready-made widgets, create your own analytics board in 5 minutes. And the ability to filter trades by dozens of indicators will allow you to find bottlenecks in your trading, fix them and bring your earnings to a completely new level. Create strategies, compare approaches, choose what you do best and take money from the market!
Pricing Options
There are three different membership tiers in TMM: Novice, Trader and Trader Pro. Novice is completely free of charge. Trader will cost you $14.99 / month. If you sign up for a full year, the monthly price drops to $11.99. Trader Pro will cost you $28.99 / month and drops down to $24.99 a month if you sign up for a full year. Below is a breakdown of what you get access to in each tier.
Novice
1 API KEY
1 MONTH DATA STORAGE
3 ANALYTICS WIDGETS
1 ANALYTICAL BOARD
INSTANT UPDATING
TELEGRAM BOT
DAILY ANALYZER
Trader
3 API KEYS
∞ DATA STORAGE
10 ANALYTICS WIDGETS
2 ANALYTICAL BOARDS
INSTANT UPDATING
TELEGRAM NOTIFICATIONS
RISK MANAGEMENT
MFE && MAE CALCULATION
RISK CALCULATION
UPLOAD SCREENSHOTS
Trader Pro
∞ API KEYS
∞ DATA STORAGE
∞ ANALYTICS WIDGETS
∞ ANALYTICAL BOARDS
INSTANT UPDATING
TELEGRAM NOTIFICATIONS
RISK MANAGEMENT
MFE && MAE CALCULATION
RISK CALCULATION
UPLOAD SCREENSHOTS
PRIORITY SUPPORT
If you are an active trader, there are plenty of reasons to go wiht the Trader Pro membership. But if you are on the fence, why not give the Novice option a go, and see if you enjoy what TMM has to offer. You can seemingly only pay with USDT at this time.
TraderMake.Money – Features
In the dashboard, you will have a menu on the left with access to all sections in TMM. Here you will find Summary, My Trades, Diary, Risk Management, Mentorship, My Profile, Top Traders, FAQ, Blog, Instructions, and support chat.
Connect via API
Before I cover the different sections, one of the most important aspects to mention, is that you can connect to various brokers via API, so all your trades will be imported automatically. This is what really makes TMM easy to work with. If you execute a lot of trades, it will take quite a while to post these details manually, and can easily get confusing if you dont constantly keep track of executed trades (this is specially true if you apply hedging). As of right now, you TMM can connect to the following brokers via API; Binance Futures, Binance Spot, FTX and ByBit. Adding an API key is easy and will take no more than a minute of two.
Summary
This is a summary page where you can get a complete overview of historical performance. You can edit the section to match your preferences of what you would like to see. You can add and remove widgets as you please. You can choose from a total of 78 different widgets. These are listed below:
Profit ($)
The widget shows your net profit minus all exchange commissions. The data is grouped by default trade open date. The widget is available as a line or bar chart.
Accumulative Profit ($)
The amount of profit for the entire previous period including the current date. This widget shows the growth or loss of the deposit without even knowing your balance. Negative values indicate that the trade system is unprofitable. The widget is available as a line or bar graph video.
Trade Counter
The amount of trades over a period of time. The widget is available as a line or bar graph video.
Expected Value
The mathematical expectation shows the value of your potential profit per 100 trades ahead. If it is negative, then your trading strategy needs to be changed. Do not take this number as a guaranteed income in the future. The expected value works more like a “profit factor” and is considered a plus / minus value.
Payoff Ratio
it is calculated as the average winning trade divided by the average losing trade. It is very similar to the profit factor but differs in a large averaging. In our opinion, the profit factor, together with the expected value, works more reliably than this widget.
Commission ($)
The amount of commission paid in USD(T) for a period of time. The widget is available as a line or bar graph video.
Accumulative Commission ($)
The amount of commissions for the entire previous period including the current date. The widget is available as a line or bar graph video.
Profit factor
This is the result of the ratio of the total number of all trades that brought profit to the sum of unprofitable trades over a certain time interval. (total profit divided by total loss). Values above one (1.6 for more confidence) indicate the profitability of the trading strategy.
Deposit Maximum Drawdown (%)
The percentage ratio between the lowest value of the deposit balance to the highest. Too large losses (more than 30%) indicate non-compliance with risk management.
Profit by API key
The amount of net profit broken down for each of your api keys. The number of trades is indicated in brackets.
Balance by API key
Balance split for each of your api keys.
Trade counter by API key
The number of trades broken down for each of your api keys.
Distribution of profits by coin
Pie chart showing the distribution of profit by coin. Helps to identify your favorite coins that generate the most profit.
Distribution of losses by coins
Pie chart showing the distribution of losses by coin. Helps to identify the coins that bring the most losses and require a change in strategy or exclusion from trading or changing strategy.
Win percentage by days of the week
Percentage of successful trades completed on a specific day of the week. It helps to understand the days when trading is a priority and when it is worth taking a day off.
Profit by days of the week
Profit distribution by day of the week. Helps to identify the best day to take a break from trading
Profit by time of day
Profit distribution by time of day. A trading day consists of several sessions (Asia, Europe, America) and the market behavior can change at different times of the day. Find your “work” hours with this widget. If the profit does not correspond to the percentage of winning, then this is a reason for a more detailed analysis.
Win percentage by time of day
Percentage of successful trades completed at a specific time of the day. A trading day consists of several sessions (Asia, Europe, America) and the market behavior can change at different times of the day. Find your “work” hours with this widget. If the profit does not correspond to the percentage of winning, then this is a reason for a more detailed analysis.
Commission (BNB)
The amount of commission paid in BNB over a period of time. The widget is available as a line or bar graph video.
Accumulative Commission (BNB)
The amount of commissions for the entire previous period including the current date. The widget is available as a line or bar graph video.
widget is available as a line or bar graph video.
Average Profit per Trade ($)
Average profit value over a period of time.
Average Profit per Day ($)
Average sum profit value over a period of time.
Average Percent per Trade (%)
Average percentage over time. The percentage is calculated as the difference between average entry point and average exit.
Percentage of Winning Trades
Displays the percentage of successful trades.
Average holding time
Displays the average holding time of trades on the chart. An excellent indicator for those who are in a hurry to exit and do not allow their profit to grow.
Sum of percents (%)
Amount of interest taken on trade for a period of time. The percentage from average entry point to average exit.
Volume
Approximate volume of money in a trade. It is counted as the sum of contracts multiplied by the average entry point.
Profit to deposit (%)
Reflects your deposit growth over the previous date. Can be grouped both by day and by hour and month. The most reliable indicator of profit for a trader.
Average MAE (%)
Maximum Adverse Excursion (MAE) measures how far price went against you for the period of the trade. Reflects how much the price went in the opposite direction from your entry point. Shows how inclined you are to “sit out” stop losses. The average value is suitable for selecting the most optimal stop loss position.
Average MFE (%)
Maximum Favorable Excursion (MFE) measures the largest observed profit during a trade. This is the value of the peak profit for the trade. If your take is much higher or much lower than this value, then you will not receive full pro
Net profit/Net loss
Calendar showing your net profit and net loss ratio by day of the month.
Distribution by coin
Distribution of the number of trades by coins. The widget itself is not very useful. But if you add in the settings, for example, “only profitable trades” and compare with “only unprofitable trades”, you can find useful patterns.
Distribution by long/short
Distribution of trades between long and short as a percentage. The widget itself is not very useful. But if you add in the settings, for example, “only profitable trades” and compare with “only unprofitable trades”, you can find useful patterns.
Profit by entry reasons
A very important widget that allows you to find working setups and exclude entry reasons that only bring losses. You must fill in the reasons for entering in the “my trades” section.
Percentage of winnings by entry reasons
Widget that allows you to cut off unprofitable reasons for entering. When grouped with the “Profit by Entry Reasons” widget, it can show where the setup is successful but does not bring the required profit and can be optimized. You must fill in the reasons for entering in the “my trades” section.
Percentage of winnings in combinations of entry reasons
You can select up to 2 to 3 entry reasons. The widget will show all possible “entry reasons” combinations and show your percentage of wins for each of the combinations. You can clearly see which combinations lead more often to a positive result.
Profit by Category ($)
The amount of profit by trades grouped by category. To transfer a trade to a category, select the checkbox in the “my trades” section
Win percentage by Category (%)
Percentage of winning trades grouped by category. To transfer a trade to a category, select the checkbox in the “my trades” section
Funding ($)
Funding rate – this is an additional commission designed to remove distortions in the market. If too many people stand in long, then they pay a commission to the shorts and vice versa. On the Binance exchange, funding is paid every 8 hours. On the FTX exchange once an hour but less percent.
Balance
Your balance, for the widget to work, after adding it, you need to click the “pencil” icon in the corner of the widget and select the api key in the filters.
Spot balance (USD value)
Balance distribution in $ equivalent by coins. It is not updated in real time, but with a delay. The number is an average value over a period of time (for example, per day if grouping by day)
Spot balance (BTC value)
Balance distribution in BTC equivalent by coins. It is not updated in real time, but with a delay. The number is an average value over a period of time (for example, per day if grouping by day)
Profit by Ticker ($)
Widget showing your most profitable coins and your most losing ones.
Average duration per symbol (min)
How long it takes on average for a specific coin to close trade in minutes.
Average duration per symbol (min)
How long it takes on average for a specific coin to close trade in minutes
Profit ($)
The widget shows your net profit minus all exchange commissions. The data is grouped by default trade open date. The widget is available as a line or bar chart.
Balance
Your balance, for the widget to work, after adding it, you need to click the “pencil” icon in the corner of the widget and select the api key in the filters
Profit factor
This is the result of the ratio of the total number of all trades that brought profit to the sum of unprofitable trades over a certain time interval. (total profit divided by total loss). Values above one (1.6 for more confidence) indicate the profitability of the trading strategy.
Best trade ($)
The most profitable trade. In the corner of the widget there is a “chain” icon, which can be used to navigate to the trade.
Worst trade ($)
The trade for which you received the maximum loss. In the corner of the widget there is a “chain” icon, which can be used to navigate to the trade.
Average Profit per Trade ($)
Average profit value over a period of time.
Average Winning Trade ($)
Average profit value for trades closed with a profit.
Average Loosing Trade ($)
Average loss value for trades closed in red.
Sum of percents (%)
Amount of interest taken on trade for a period of time. The percentage from average entry point to average exit.
Average Percent per Trade (%)
Average percentage over time. The percentage is calculated as the difference between average entry point and average exit.
Best trade (%)
The most profitable trade for a given percentage of movement, excluding leverage. In the corner of the widget there is a “chain” icon, which can be used to navigate to the trade.
Worst trade (%)
Worst trade for a given percentage of movement, excluding leverage. In the corner of the widget there is a “chain” icon, which can be used to navigate to the trade.
Percentage of Winning Trades
Displays the percentage of successful trades.
Percentage of Losing Trades
Your percentage of losing trades. With 1 to 3 risk management, even 30% of successful trades can be profitable.
Average Loosing Trade (%)
Average value of the percentage for trades that suffered a loss. The percentage from the average entry to average exit is calculated.
Average Winning Trade (%)
Average value of the percentage for trades closed in plus. The percentage from the average entry to average exit is calculated.
Commission ($)
The amount of commission paid in USD(T) for a period of time. The widget is available as a line or bar graph video.
Commission (BNB)
The amount of commission paid in BNB over a period of time. The widget is available as a line or bar graph video.
Trade counter
The amount of trades over a period of time. The widget is available as a line or bar graph video.
Funding ($)
Funding rate – this is an additional commission designed to remove distortions in the market. If too many people stand in long, then they pay a commission to the shorts and vice versa. On the Binance exchange, funding is paid every 8 hours. On the FTX exchange once an hour but less percent.
Average leverage
Leverage is calculated relative to the deposit and is suitable primarily for assessing the risk taken per trade.
Minimum leverage
The minimum leverage over a period of time. Leverage is considered relative to the deposit and is primarily suitable for assessing the risk taken per trade.
Maximum leverage
Maximum leverage over a period of time. Leverage is considered relative to the deposit and is primarily suitable for assessing the risk taken per trade.
Average MAE (%)
Maximum Adverse Excursion (MAE) measures how far price went against you for the period of the trade. Reflects how much the price went in the opposite direction from your entry point. Shows how inclined you are to “sit out” stop losses. The average value is suitable for selecting the most optimal stop loss position.
Average MFE (%)
Maximum Favorable Excursion (MFE) measures the largest observed profit during a trade. This is the value of the peak profit for the trade. If your take is much higher or much lower than this value, then you will not receive full profit.
Maximum MAE (%)
Maximum Adverse Excursion (MAE) measures how far price went against you for the period of the trade. Reflects how much the price went in the opposite direction from your entry point. Shows how inclined you are to “sit out” stop losses. The average value is suitable for selecting the most optimal stop loss position.
Minimum MAE (%)
LPU – maximum floating loss received for the period of the transaction. Reflects how much the price went in the opposite direction from your entry point. Shows how inclined you are to “sit out” stop losses. The average value is suitable for selecting the most optimal stop loss size.
Maximum MFE (%)
Maximum Favorable Excursion (MFE) measures the largest observed profit during a trade. This is the value of the peak profit for the trade. If your take is much higher or much lower than this value, then you will not receive full profit.
Volume
Approximate volume of money in a trade. It is counted as the sum of contracts multiplied by the average entry point.
Average holding time
Displays the average holding time of trades on the chart. An excellent indicator for those who are in a hurry to exit and do not allow their profit to grow.
Maximum holding time
Maximum holding time in a trade over a period of time
Minimum holding time
The minimum holding time in a trade over a period of time
As you can tell, there are a lot of possibilities to analyze your historical performance here. With a free (Novice) account, you can add a total of three analytics widgets. With a Trader account, you can add a total of ten, and with a Trader Pro account, you can add unlimited widgets.
My Trades
This section will show you a list of all your historical trades, with details such as Entry reason, Description, Conclusion, entry price, duration, PL, Net profit, Quantity, Volume, Commission, MFE, Exit price, direction, Net profit in %, Funding, Leverage, Symbol, etc.
Here you have the option to add filters, to see specific trade. You also have the option to expand a trade, and get a visual representation of where you entered and exited the trade.
Dairy
In Diary, you can analyze your trades from a weekly perspective and zoom in to a daily perspective for the same kind of view. This section will show your weekly win rate, your net profit in USD for the week, the average leverage used, and your balance gain. You also have the option to write some notes for the week, as well as for each day of the week. You can rate your trading week and you have the option to compare it to the previous trading week.
While I like to analyze trades on a trade-by-trade basis and in groups based on filters like tags and entry reasons, it makes a lot of sense to perform a weekly analysis. You need to think of trading as a day job, and even though you can trade cryptos in the weekend, it's probably a good idea to get a break every now and then. This way, you can spend the weekend analyzing how your trading week went. This is where you learn what went right and wrong. From here, is a process of filtering. Do more of what works, and remove what does not work.
Risk Management
I have not used the risk management system in TMM, but it does look like a neat feature that can help you stay sane and keep your risk management in check. Risk management is, without a doubt, an essential aspect in trading to ensure you won't lose your entire account balance. So how can TMM help us with Risk Management? Enter the Risk Management section. Here you can connect your telegram account to the TMM bot, and set up specific rules you want to stick to. For example, you can create a rule with the following criteria: Maximum loss per trade = 2%. See the snip below to get an idea of how this works:
If you then execute a trade that results in a loss of more than 2% this will be listed in the risk management violation log, at the bottom of the screen. While this won't prevent you from taking a loss of more than 2%, it will make you aware that you did. Unfortunately, this won't remove the need for strong discipline, but it can help you get there. As a part of your weekly analysis, you should also go through your violation log and see what went wrong and what you can do to prevent this from happening again.
Mentorship
The mentorship section is an interesting addition to TMM. In here you will currently find four mentoring groups – three in russian and one in english. I have not tried any of the groups, so I cannot go into details on the content of these, but clicking on “Create new group” gives me a good idea about the potential here. Here is what TMM shows if you want to create a new group:
Upgrade to the “Trader PRO” level and get the opportunity to create mentor groups.Analyze trades and analytics of your students as quickly and conveniently as possible.With TMM you can quickly and visually see the strengths and weaknesses of your students and give them the most useful advice.checkPrivate & public groups.You can send an invite to your students for paid groups. All students go through your moderation before getting into a public or private group.checkTime-limited or open-ended groupsYou can set the start and end date of the group or make it without time limitscheckAccess to student trades.You can view all trades with all notes and apply any filters available on the site to them.checkCustomize your analytics board for each studentOr create a general board with analytics for each. All widgets are available to you for fine analysis of trade and quick search for problems.
If you are to be mentored, it makes a lot of sense to give your mentor access to your historical trades. This will give a mentor a solid fundament for proper education, as he will be able to pinpoint your strengths and weaknesses. There are only four groups at this point, but as TMM hopefully manages to get more users, I expect we will see more groups in the future.
Top traders, My profile, FAQ, blog and support
In My Profile, you can change settings, see your referrals, see details on your API keys, telegram bots, etc.
Top Traders show a list of the leading traders using TMM. You can see a list of daily and monthly top traders. You can also go into individual traders and see a breakdown of trade details. If you win as the top monthly trader, you will get a month of paid subscription.
In the FAQ you can find answers to all your questions about using TMM. They also have an excellent blog with lots of interesting posts. You can see that here.
They also have a support chat where you can get live help if you are lost and cannot find your questions in the FAQ. You can change the language from English to Russian and adjust the layout to dark mode.
All in all, TMM has many features and everything you can ask for to analyze your trading history.
Conclusion
I am a huge fan of TraderMake.Money. It's a brilliant tool with many features, constant updates, and fair pricing options. Serious traders need a tool like this, and TMM is, in my opinion, among the best in this space. The only issue I have experienced with TMM is when you book any hedge deals on ByBit (due to a lack of correlation id on trades from Bybit). TMM already made a partial fix to this, so any hedge deals booked as day trades will be reflected correctly, but keeping them open overnight will still cause some hiccups. I have been told a complete fix for this is in the pipeline. My final comment is that I would also like to see integrations with more brokers. I am sure this is in the pipeline as well.
If you still don't know if TMM is right for you, why not just give it a go with the free option. Then you can test it, see if it can help you, and decide if you want to upgrade to a paid membership.