Thinkorswim is one of the most powerful trading platforms available, with excellent charting, options analysis, and execution tools. It also includes a built-in trade log that records every transaction you make. JournalPlus is a dedicated trading journal built specifically for post-trade analysis and performance improvement. Traders compare these two when they realize there is a gap between recording trades and actually learning from them.
The core difference: Thinkorswim logs what happened, JournalPlus helps you understand why and what to change.
Quick Comparison
| Feature | JournalPlus | Thinkorswim Journal |
|---|---|---|
| Pricing | $159 one-time | Free with brokerage account |
| Pricing Model | One-time lifetime | Included with broker |
| Key Strength | Deep analytics and structured review | Automatic trade logging, zero effort |
| Best For | Traders focused on improvement | Casual TD/Schwab-only traders |
| Platform | Web app | Desktop app (part of Thinkorswim) |
| Multi-Broker | Yes — any broker | TD Ameritrade/Schwab only |
| Trade Notes | Rich notes, screenshots, tags | None |
| Analytics | Advanced (expectancy, R-multiples, drawdown) | Basic P&L only |
JournalPlus Overview
JournalPlus is a dedicated trading journal application designed for traders who want to systematically review and improve their performance. It combines trade logging with analytics, note-taking, and pattern recognition in a single platform.
Key Features:
- Auto-calculated P&L, win rate, expectancy, and R-multiples per trade and per strategy
- Rich trade notes with chart screenshots and emotional state tracking
- Strategy tagging and setup categorization for pattern analysis
- Multi-broker trade import via CSV or direct integration
- Custom dashboards and performance reports with flexible filters
- Time-of-day, day-of-week, and asset-level performance breakdowns
Pricing: $159 one-time payment for lifetime access. No monthly fees, no feature tiers.
Pros:
- Comprehensive analytics that go far beyond basic P&L
- Works with any broker — consolidate all your trading in one place
- One-time cost eliminates ongoing subscription burden
- Structured journaling workflow encourages consistent review habits
Cons:
- Requires initial setup and trade import configuration
- $159 upfront cost versus Thinkorswim’s free log
- Separate application outside your trading platform
Thinkorswim Journal Overview
Thinkorswim’s trade log is a built-in transaction record within TD Ameritrade’s (now Schwab’s) flagship trading platform. It automatically captures every trade you execute, showing entry, exit, quantity, and realized P&L.
Key Features:
- Automatic logging of all trades executed on the platform
- Trade history with sortable columns (date, symbol, quantity, P&L)
- Export to CSV for external analysis
- Integrated within the same platform you use to trade
- Account statement and tax reporting tools
Pricing: Free — included with any TD Ameritrade/Schwab brokerage account.
Pros:
- Zero cost and zero setup required
- Trades appear automatically with no manual entry
- Integrated directly into your trading workflow
- Reliable transaction record for tax and compliance purposes
Cons:
- No journaling features — no notes, screenshots, or tags
- No performance analytics beyond raw P&L
- Only tracks trades on TD Ameritrade/Schwab — no multi-broker support
Feature-by-Feature Comparison
Analytics and Performance Tracking
This is where the gap is widest. Thinkorswim shows you a list of trades with profit or loss. JournalPlus calculates metrics that actually drive improvement: expectancy tells you how much you can expect to make per trade on a given setup, R-multiples normalize your results against risk, and drawdown tracking shows how your equity curve behaves during losing streaks.
Thinkorswim gives you raw data. JournalPlus turns that data into actionable insights. If you want to answer “which of my setups is actually profitable after 100 trades?”, you need JournalPlus.
Trade Journaling and Review
Thinkorswim has no journaling capability. There is no way to attach notes, chart screenshots, or emotional annotations to a trade. You see the numbers, but not the context.
JournalPlus treats every trade as a learning opportunity. You can tag each trade with your setup type, attach the chart screenshot showing your entry and exit, note what you were thinking, and track your emotional state. Over time, this builds a searchable database of your trading decisions that reveals patterns you would never spot from P&L alone.
Multi-Broker Support
If you trade exclusively through TD Ameritrade/Schwab, Thinkorswim’s log captures everything automatically. But many active traders use multiple brokers — perhaps one for options, another for futures, and a third for forex. Thinkorswim cannot aggregate trades from other platforms.
JournalPlus accepts trade imports from any broker via CSV, giving you a unified view of your entire trading activity. This is essential for traders who want accurate, portfolio-wide performance metrics rather than fragmented broker-specific records. For a similar comparison with another broker-native tool, see our JournalPlus vs TradeStation breakdown.
Ease of Use and Setup
Thinkorswim wins on convenience. Your trades are already there — no importing, no configuration, no separate login. This matters for traders who want minimal friction.
JournalPlus requires creating an account and importing your trades, which adds a few minutes of setup. The trade-off is that you get a purpose-built review environment rather than a transaction log bolted onto a trading platform.
Pricing Breakdown
| Time Period | JournalPlus | Thinkorswim Journal |
|---|---|---|
| 1 Month | $159 (one-time) | $0 |
| 6 Months | $159 (total) | $0 |
| 1 Year | $159 (total) | $0 |
| 2 Years | $159 (total) | $0 |
| 3 Years | $159 (total) | $0 |
Thinkorswim’s trade log is free, and there is no subscription to compare against. The question is not about cost savings — it is about whether the analytics, journaling, and multi-broker capabilities in JournalPlus are worth $159 to you. For traders making even a few trades per week, identifying one recurring mistake through journal review can easily recover that cost many times over.
If you are comparing JournalPlus against other paid options like spreadsheets, see JournalPlus vs Excel or JournalPlus vs TradingView Journal.
Who Should Choose JournalPlus vs Thinkorswim Journal
Choose JournalPlus if:
- You trade with multiple brokers and need everything in one place
- You want analytics that go beyond raw P&L — expectancy, R-multiples, drawdown analysis
- You are committed to a structured review process to improve over time
- You want to tag setups, attach screenshots, and build a searchable trade database
Choose Thinkorswim Journal if:
- You only trade through TD Ameritrade/Schwab and have no plans to change
- You need a basic record of your trades for reference or tax purposes
- You do not currently review your trades in a structured way and are not ready to start
- You prefer zero additional cost and zero additional tools
Our Verdict
JournalPlus is the clear winner for traders who are serious about performance improvement. Thinkorswim’s trade log is a solid transaction record — accurate, automatic, and free — but it was never designed to be a trading journal. It tells you what happened but gives you no tools to understand why or what to change. JournalPlus fills that gap with analytics, structured note-taking, and multi-broker aggregation that broker-native tools simply do not offer. For $159 one-time, it is an investment in your development as a trader rather than an ongoing expense.
Frequently Asked Questions
Does Thinkorswim have a built-in trading journal?
Thinkorswim has a trade log that records executed trades with basic details like entry, exit, and P&L. It does not have journaling features like notes, screenshots, emotional tracking, or performance analytics.
Can I import Thinkorswim trades into JournalPlus?
Yes. You can export your trade history from Thinkorswim as a CSV file and import it directly into JournalPlus to start building your journal with historical data.
Is JournalPlus worth $159 if I already have Thinkorswim for free?
If you only need a basic record of trades, Thinkorswim’s free log is sufficient. If you want analytics, multi-broker support, and structured journaling to improve your trading, JournalPlus pays for itself by helping you identify and fix costly patterns.
Can Thinkorswim track trades from other brokers?
No. Thinkorswim only logs trades executed within the TD Ameritrade/Schwab platform. There is no way to manually add or import trades from other brokers.
What analytics does JournalPlus offer that Thinkorswim doesn’t?
JournalPlus provides win rate, expectancy, R-multiples, drawdown tracking, strategy-level breakdowns, time-of-day analysis, and custom performance dashboards. Thinkorswim offers only raw trade history with P&L.
Will Thinkorswim’s journal improve after the Schwab migration?
Schwab has not announced plans to add journaling or advanced analytics features to Thinkorswim. The platform remains focused on trade execution and charting rather than post-trade review.