The easiest way to do that is to turn your focus to the . A trading journal is a tool that helps you keep track of your trading activity and improve your performance.
Trading success is all about keeping records and performance analysis. In this Edgewonk Review we will look at how this trading journal software has become a must have tool for both new and experienced traders. Edgewonk turns trading data into actionable insights and provides a systematic way to improve performance through detailed analytics and psychological tracking, but is it the best trading journal?
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Features
Entry/Exit Optimization
Once you upload the information about your trades, the software will start analyzing. It will then come up with an improved strategy for timing your entries and exits. It will also advise you on the types of orders to use, where to position your stop orders, and more. The idea here is to help you improve your success rate.
Here is an example. Assume that you are a more conservative trader who puts his stops too close to the orders. This costs you money as you get shaken out of lots of your potentially profitable trades. By spotting a pattern in your trades’ information, EdgeWonk will provide investment advice such as whether to widen your stops or tell you precisely how to optimize them.
Trade Simulator
Another important part of our EdgeWonk review is the trade simulator feature. It is very useful for backtesting purposes. Once you input a statistically significant sample of trades, you can run simulated scenarios and portfolios. That way, you can see what outcome you would have gotten if you have traded on particular signals, time frames, and more. Testing your strategy in different scenarios will help you realize how robust it really is. This will help you stay informed whether it can withstand market shocks or perform successfully in different scenarios.
Advanced Trading Classifiers
A feature that really makes the EdgeWonk journal stand out is the Advanced Trade Data tab and its classifiers. When submitting your trades information into the system, it scans for macro events and other viable patterns that have occurred around the time of the trade. Such are, for example, a speech by an important market-moving figure like the US President or the Chairman of the FED, the Governor of a central bank, corporate earnings, global trade wars, etc.
Among the most important features that you will find in this EdgeWonk review are the psychological classifiers. What they do is analyze your emotional state at the time of the trade. For example, you can submit updates about your mood, whether you are feeling tired or have missed your morning coffee, whether you had a healthy sleep the night before, etc. You can also instruct the software why you have exited or entered a trade. The idea is to collect enough data to form a pattern about your decisions and their reliance on your emotions and psychological states.
Click Here and Try Edgewonk for Free or Use The Promo Code DT10 To Save $10Customizable Trading Templates and Metrics
Edgewonk is versatile across all trading styles and markets. You can customise your journal templates with over 50 metrics including risk reward ratios, position sizing and market conditions. You can create specific setups for different strategies, from swing trading to day trading, so it’s equally useful for forex, stocks or futures traders. The software adapts to your trading approach so you can track what matters most to your strategy and keep a clean and organised record of your trading journey.
Performance Analytics and Reporting
The analytics capabilities are what sets Edgewonk apart from a spreadsheet journal. Edgewonk processes your trading data to produce performance reports, including drawdown analysis, profit factor calculations and trading expectancy. The software shows you your trading patterns through various charts and graphs so you can see your strengths and weaknesses. This data driven feedback loop allows you to make informed decisions on strategy adjustments and risk management changes.
Psychology and Emotion Tracking
Understanding the psychological side of trading is key to long term success. Edgewonk has unique features for tracking emotional states, concentration levels and adherence to trading plans during each trade. You can rate your emotional control and document the challenges you faced during each trading session. This psychological tracking system shows how your mental state affects your trading and helps you develop self awareness and emotional discipline.
Trade Planning and Risk Management
Risk management is one of Edgewonk’s strengths. The platform has tools for position sizing calculations, risk exposure tracking and portfolio management. You can set maximum risk per trade and track your adherence to those limits over time. The software also has scenario planning features so you can simulate different position sizes and see how they would impact your account balance and help you stay disciplined with your risk management.
Trading Statistics and Pattern Recognition
Edgewonk is great at finding patterns in your trading behaviour through its statistical analysis. The platform tracks win rates, average winner to loser ratios and time based performance metrics across different market conditions. These statistics show you your most profitable setups and time frames and where you need to improve. The pattern recognition allows you to optimise your trading schedule and focus on high probability trades.
How Much Does Edgewonk Cost?
Edgewonk costs $169 per year and you can use the promo code DT10 during signup to save $10.
Conclusion
Edgewonk is a tool for serious traders who want to improve their performance through data analysis. The amount of features combined with the low price make Edgewonk the best trading journal we’ve reviewed.
Pros:
- Customisable for different trading styles and markets
- Strong psychology and analysis features
- Statistical analysis and pattern recognition
Cons:
- It takes a while to get used to the interface
Edgewonk Alternatives
Edgewonk alternatives are TraderSync, Trademetria, Tradervue, TradeZella, and Trademetria.
Rating: ★★★★★