MetaTrader is the most widely used trading platform in forex and CFD markets, but it was built for trade execution — not trade improvement. Millions of MT4/MT5 users lack a proper way to journal trades, review performance, or track analytics across accounts. JournalPlus is a dedicated trading journal alternative that works alongside MetaTrader, giving forex and CFD traders the review and analytics layer that MT4/MT5 never provided.
MetaTrader Overview
MetaTrader 4 and MetaTrader 5 are industry-standard platforms for forex, CFD, and futures trading. Provided free by most brokers, they offer powerful charting, automated trading via Expert Advisors, and reliable order execution. MT4 remains dominant in forex retail trading, while MT5 adds multi-asset support and an improved strategy tester.
Key strengths:
- Advanced charting with hundreds of technical indicators and custom scripts
- Algorithmic trading through Expert Advisors (EAs) and MQL programming
- Free to use — bundled with nearly every forex broker worldwide
- Massive community with thousands of free indicators, templates, and EAs
Common limitations traders report:
- Trade history is a flat list with no journaling, tagging, or note-taking capability
- No performance analytics beyond a basic account statement and equity curve
- Tracking performance across multiple broker accounts requires manual effort
- No built-in way to review trades, identify patterns in mistakes, or evaluate setups
Why Traders Switch to JournalPlus
Dedicated Trade Journaling That MetaTrader Lacks Entirely
MetaTrader records what happened — entry price, exit price, profit or loss. But it offers no way to capture why you took a trade, what setup you saw, or what you learned afterward. JournalPlus provides a structured journal where you can tag setups, rate trade quality, attach chart screenshots, and write notes. This turns raw trade data into a feedback loop for improvement.
Real Performance Analytics
MT4/MT5 gives you an equity curve and a trade history table. JournalPlus calculates win rate, expectancy, profit factor, average R-multiple, maximum drawdown, recovery time, and performance by strategy, session, or instrument. These metrics help you identify which setups actually make money and which are costing you — something MetaTrader simply cannot show you.
Unified Multi-Account Tracking
Forex traders frequently run accounts with multiple brokers, or separate accounts for different strategies. In MetaTrader, each terminal instance is isolated. JournalPlus lets you import trades from all your MT4/MT5 accounts into a single dashboard, so you get a complete picture of your trading performance across every account.
A Structured Review Workflow
Improving as a trader requires regular review — identifying recurring mistakes, recognizing strong setups, and tracking whether changes to your approach are working. JournalPlus gives you filtering, tagging, and review tools designed specifically for this process. MetaTrader has nothing comparable.
Feature Comparison
| Feature | MetaTrader (MT4/MT5) | JournalPlus |
|---|---|---|
| Trade Execution | Full execution platform | Not an execution platform |
| Trade Journaling | Not available | Full journal with notes, tags, screenshots |
| Performance Analytics | Basic equity curve only | Win rate, expectancy, drawdown, R-multiples |
| Multi-Account Tracking | Separate per terminal | Unified dashboard |
| Strategy Breakdown | Not available | Per-strategy performance stats |
| Trade Review Workflow | Not available | Filter, tag, and review by any criteria |
| Charting | Advanced built-in charting | Screenshot attachment for review |
| Trade Import | N/A (native trades) | CSV import from MT4/MT5 |
| Cost | Free (broker-provided) | $159 one-time, lifetime |
MetaTrader is the stronger tool for execution and charting. JournalPlus is the stronger tool for everything that happens after the trade — journaling, analytics, and review.
Pricing Comparison
MetaTrader is free, so this is not a replacement cost — it is the cost of adding journaling capability that MetaTrader does not offer.
| Time Period | MetaTrader | JournalPlus | Notes |
|---|---|---|---|
| 1 month | $0 | $159 (one-time) | Full cost paid upfront |
| 6 months | $0 | $159 (already paid) | No additional cost |
| 1 year | $0 | $159 (already paid) | No additional cost |
| 2 years | $0 | $159 (already paid) | No additional cost |
| 3 years | $0 | $159 (already paid) | No additional cost |
Unlike subscription-based journal tools such as Myfxbook or TraderSync, JournalPlus is a one-time purchase. If you compare JournalPlus to other paid journaling solutions that MT4/MT5 traders commonly use — spreadsheets with add-ons, third-party analytics services, or subscription journals — the $159 lifetime price is typically recovered within a few months.
How to Switch to JournalPlus
- Export your MT4/MT5 trade history. In MetaTrader, go to the Account History tab, right-click, and select “Save as Detailed Report” or export as CSV. For MT5, use the Deals tab in the Toolbox for a complete history.
- Create your JournalPlus account. Sign up at journalplus.co and complete the one-time $159 purchase for lifetime access.
- Import your trade history. Use JournalPlus’s CSV import to upload your MetaTrader export. Map the columns to match your broker’s format — JournalPlus supports standard MT4/MT5 exports.
- Set up your strategies and tags. Create tags for your trading setups (e.g., “breakout”, “pullback”, “news trade”) so you can categorize and filter trades during review.
- Establish a review routine. Start reviewing your imported trades — tag setups, add notes on what you saw, and use the analytics dashboard to identify patterns. Going forward, import new trades weekly or after each session.
Frequently Asked Questions
Is JournalPlus better than MetaTrader for journaling? MetaTrader is an execution platform, not a journal. JournalPlus is purpose-built for trade journaling and analytics. They work together — you trade in MT4/MT5 and journal in JournalPlus.
Can I import my MetaTrader trade history into JournalPlus? Yes. Export your trade history from MT4/MT5 as a CSV file and import it directly into JournalPlus. All trade data including entry, exit, size, and P&L will be mapped automatically.
How much does JournalPlus cost compared to MetaTrader? MetaTrader is free (provided by your broker). JournalPlus is a one-time payment of $159 for lifetime access. Since MetaTrader has no journaling features, JournalPlus fills a gap rather than replacing it.
Does JournalPlus work with both MT4 and MT5? Yes. JournalPlus accepts CSV exports from both MT4 and MT5. You can also track trades from multiple MT4/MT5 accounts in a single JournalPlus dashboard.
Can I use JournalPlus alongside MetaTrader? Absolutely. JournalPlus is designed to complement your trading platform. You continue executing trades in MT4/MT5 and use JournalPlus for journaling, review, and performance analysis.
What analytics does JournalPlus offer that MetaTrader doesn’t? JournalPlus provides win rate, profit factor, expectancy, R-multiple tracking, drawdown analysis, strategy-level breakdowns, time-of-day performance, and more — none of which exist in MetaTrader.
Do I need to manually enter trades or can I bulk import? You can bulk import your entire MT4/MT5 trade history via CSV. Going forward, import new trades periodically or enter them manually with additional journal notes. Check our trade plan template guide for tips on structuring your journal entries effectively.