The Edgewonk trading journal offers a wide variety of journaling features. Use Edgewonk to work on your trading performance and also improve your trading mindset.
What makes a successful trader? Well, we believe it is the ability to learn from your mistakes. And the only way to do this is to document all your trades. This way, you can always refer to the areas where you got it right and where things went wrong to make the necessary adjustments.
Typically, many people would suggest that you try out Excel. However, it needs a lot of manual work, which is not everyone’s cup of tea.
So, the only other way is through an automated system. And this is where the Edgewonk Trading journal comes in. But is it worth it? Can it eve help you improve your trading game?
We hope our review of this service helps answer these questions.
What is Edgewonk in Brief?
This is a digital trading journal designed to help traders monitor their habits and analyze their trading behavior. Once you feed data into the system, the software will interpret it for you so that you can optimize your trading systems. This way, you can become a better trader in the long run due to the confidence boost you would have received.
An essential aspect of this program is that it is not restricted to anything and can work on stocks, crypto, forex, and futures. It is packed with all the tools needed to identify any errors and understand your trading patterns. Consequently, this helps you get the most from different trading systems.
Let’s now look at what the program has to offer.
To understand how this service works, we will have to look at its key features in-depth. Indeed, besides being a reliable trading journal, the platform also has several advanced features. These include:
I) Entry/Exit Optimization
Since this is a smart program, it uses algorithms to help you increase your winning trades by a significant margin. As a beginner, it will help you create your customized strategy, while as a veteran, you will learn how to refine your trading strategy further.
This system will help you identify the ideal trade entries and exits, the ideal place to set your stops, when to increase the wins and when to cut losses.
You see, it is common for many traders to make emotional mistakes in their venture. So, this is one thing that the program will help you avoid doing. As such, the beginners are the ones who will most appreciate this aspect.
II) Data Collection
Next, we shall look at the two major ways of importing your trades into the system. First, it could be via broker import files which are often through a manual entry form or in the form of a .csv file.
Whichever way you go, vital trade data is all that you will need to get started. In addition to that, you can add your custom statistics and comments later on.
Let us give you a simple illustration to help you understand things better. If you intend to track market cap, it is possible to enter that manually and still get more data. This program will gather all the statistics for you and how your trades and performance may be affected by that particular variable.
Whatever you need to be measured, this platform will release all the statistics that relate to your performance so that you can learn what works best for you.
III) Trade Simulator
This is an important feature that will help you out as you backtest your strategies. As soon as you have input a sample of trades, it becomes possible for you to run different simulated scenarios. When you do this, you can see the possible outcome if you had traded on specific signals, time frames, or other variables.
The importance of testing your strategy is that it lets you know whether it is as strong as you had wanted. In the end, you can see whether it can withstand market disturbances or perform well in different scenarios.
IV) Trade Analytics
Here is an area that this program stands out considerably from its competitors. It features an in-depth analysis tab that displays every variable that you want it to. The variables could either be pre-set or customizable, after which the platform will organize and layer to filter through the performance of each of them.
With this feature, you can track the entry/exit performance, instrument, float, time of day, instrument, and many other variables that you wish.
Another notable aspect of the platform’s analytics is the use of graphs to display a wide scope of imperative information.
V) Chart Book
This tab gathers all the pictures of the charts that you input together with the trades and organizes them into small folders. To give you a clearer picture, think of how you used to collect your physical pictures into one photo album.
Then, when the end of the week or month arrives, you can flip through the charts and see your winning trades as well as the losing ones that you are no longer interested in.
The chart will be displayed alongside the name of the setup, outcome, ticker, and date. Then, you will have the freedom to click on it to know more about the actual trade data that went along with the trade entry. This will help you fully understand what happened on that particular date.
VI) Advanced Trading Classifiers
Any time you submit your trades’ information into the system, this feature will scan for any significant macro events and other relevant patterns that may have occurred during the trade time.
Examples of such events include global trade wars, an important speech by a leading international figure, etc.
Let’s also talk about the psychological classifiers that analyze your emotional state around the trade time. You could submit an update on your current mood if you had a sufficient sleep, and so on. Further, you could also state why you entered or exited a particular trade.
The logic behind this is to gather as much data as possible to form a pattern regarding your decisions and whether your emotions or psychological states had any effect on them.
VII) Trade Plans and Processes
This program also has a feature that allows you to plan before the actual trading time so that you can have a reliable plan before the market opens. It was created alongside the entry, exits, and other variables explaining the logic behind the trade.
After all that, you can head back and note the results. The platform will then generate the stats for your trade plans and their performance. This allows you to gather data telling you the setups that you should be paying attention to from your trading plans in the future.
There is also a ‘Missed Trades’ tab that enables you to organize missed opportunities that would significantly impact your losing trades.
When you combine these two features, you will gain more knowledge of the areas in your trades that you need to pay more attention to. Besides that, you may learn better ways of executing one of your already existing strategies.
We were pleased that this tab gives you an avenue for reflecting on your trading session and notes down comments and lessons learned from the session.
The impressive bit about these writings is that any time you open the program, they will appear on the main page and remind you of the most recent lessons learned as well as where your focus should be as time goes by.
The annual subscription for this program goes for $169, and there are no other subscription plans on offer. Also worth noting is that unlike in the past, where you had to download the software and install it on your PC, you can now use it anywhere and on any device you wish.
Who is it Best for?
Even though Edgewonk is suited for all traders, some would benefit more from it. For instance, day and very active swing traders would find it very useful and may develop into a critical part of their trades.
A macro trader could also find this platform useful since the pieces of analysis are enough to alert him of an existing mistake.
Pros and Cons of Edgewonk
This is a fantastic product that can help you significantly boost your trading game. However, it has its fair share of drawbacks, and we shall look at what they are.
Should I go for it? Yes, you should since you cannot go wrong by having a trading journal as one of your tools in the confusing trading world. This particular program is a sure bet since it is affordable, easy to use, and delivers results.
Even better is that your level of experience in the game doesn’t matter. Therefore, you can benefit from it whether you are a novice or a veteran trader. This trade journaling software will take your trading prowess to new heights, and your profits are likely to grow significantly.
So, why don’t you try it out and see for yourself how it works?
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.