SetupBookFree, every feature; no paid plan todayBest forTraders who log by hand or import a file, want the math done right and want to see what their mistakes and their own state cost them. Forex, crypto, futures and prop accounts.
TraderWavesFree; Pro $19.99 a month; Elite announcedBest forForex and prop-firm traders on MetaTrader, cTrader or TradeLocker who want live sync and a phone app without paying.
TraderWaves and SetupBook aim at the same trader: forex and prop-firm accounts, often on MetaTrader. Both are free to start. The difference is in what each puts first. TraderWaves gives free live sync from MetaTrader 4 and 5, cTrader, TradeLocker, Match-Trader and DXtrade, mobile apps, charts and a leaderboard, with AI and backtesting on its Pro plan. SetupBook has no live sync; it puts the math, the cost of mistakes, prop limits before the trade and the trader's own state first, and every feature is free.
The short answer. If live sync from your platform matters most, TraderWaves gives it to you without paying, which is rare. If you can import a report once a week and want mistakes priced, a pre-trade process and psychology measures without any paid tier, SetupBook goes further on those.
Feature by feature
From the TraderWaves pricing page as checked on 18 October 2026.
Where TraderWaves is the better choice
- Free live sync from MetaTrader 4 and 5, cTrader, TradeLocker, Match-Trader and DXtrade, plus crypto exchanges. SetupBook imports files.
- Native apps for iOS and Android.
- Charts, watchlists and an economic calendar inside the journal.
- Backtesting and AI on the Pro plan ($19.99 a month), including a Monte Carlo simulator and an AI coach.
- Community. Trade sharing, account sharing and a leaderboard.
Where SetupBook is the better choice
- Everything free, unlimited accounts. TraderWaves Free covers three accounts; CSV export needs Pro. SetupBook has no account limit and exports CSV and JSON at any time.
- Mistake cost and discipline. Mistake tags priced in money, a discipline rate, and a discipline-versus-equity chart.
- A process, not only a record. Positions are logged when they open with plan, bias and a checklist; the exit comes later.
- Prop limits before the trade. The form warns when the risk would break what is left of the daily loss or drawdown limit, and the dashboard warns at 80% used.
- Exit analysis. MAE, MFE, exit efficiency and money left on the table.
- Psychology. A morning check-in and calm at entry, read against your results.
- Turkish across the product. TraderWaves has Turkish pages; SetupBook's whole app is in English and Turkish.
What a year costs
Using both
The two are not exclusive. Some traders keep live sync in one tool and do the weekly review in another. SetupBook imports MetaTrader 4 and 5 reports directly, with commission and swap, so a weekly import from the platform takes a minute.
Which one to pick
Pick TraderWaves if live sync from your platform and a phone app are what will keep you journaling. Pick SetupBook if you want the numbers done right, your mistakes priced, prop limits checked before each trade and your state measured, with no paid tier at all. The prop firm guide and the glossary cover the rules both tools track.
Sources and notes
Prices and features as published on each vendor's site on October 18, 2026; third-party reviews are used only where the vendor's page is silent. Prices change often: confirm on the vendor's site before you pay.
TraderWaves is a trademark of its owner. SetupBook is not affiliated with, endorsed or sponsored by TraderWaves.
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