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The self-hosted TraderWaves alternative
TraderWaves' free tier is genuinely generous, and its 700+ broker connections are real. But the analytics that matter — equity and drawdown, Monte Carlo, alerts — sit behind Pro. TraderMemos has no Pro.
Price
Your data
Broker sync
Equity & drawdown analytics
Monte Carlo simulation
Alerts
Behavioral analytics
Rule compliance & prop mode
Backtesting
| Category | TraderWaves | TraderMemos |
|---|---|---|
| Price | Free tier + Pro at $19.99/mo | Everything free — AGPL-3.0 open source |
| Your data | TraderWaves' cloud | A SQLite (or Postgres) database on your own server |
| Broker sync | 700+ brokers via an aggregator | IBKR Flex sync, MT4/MT5 statements, 9 broker CSV presets, and the tm-sync folder watcher |
| Equity & drawdown analytics | Pro | Free |
| Monte Carlo simulation | Pro | Free — built into Reports |
| Alerts | Pro (price, news, session, account) | Free — risk rules, loss limits, prop drawdown, sent from your own server |
| Behavioral analytics | Smart insights | Revenge, overconfidence, and loss-aversion detection + SQN, Kelly % |
| Rule compliance & prop mode | — | Built in, free |
| Backtesting | Unlimited on Pro | Bar replay with paper accounts — results land in the same analytics |
Where TraderWaves wins
- Broker connectivity through a live aggregator
- Market breadth: watchlists and in-browser charting
- A zero-setup free tier you can start on today
Where TraderMemos wins
- Nothing is gated — there is no Pro
- Deeper analytics: expectancy, SQN, Kelly %, behavior flags
- Data ownership and self-hosting
- Alerts free, sent from your own server
- English, Japanese, Traditional and Simplified Chinese
- AGPL-3.0 open source
The honest verdict
TraderWaves is the strongest free cloud journal today — until you need the analytics behind Pro. TraderMemos' answer is structural: you run the software yourself, so a paid tier cannot exist.
Based on public pricing and feature pages as of August 2026. Products change — if something here is out of date, tell us and we will fix it. Open an issue →
Run it on your own box
TraderMemos is free, open-source software. Clone the repo, run one command, and journal tonight's session on hardware you own.