The greatest traders and fund managers of all time share the same advice. It is essential always to analyze your trading behavior. You should look back at your trades and find the reason why they have been profitable. But more importantly, to figure out why some of them have failed and cost you money. That way, you can learn from your mistakes and avoid them going forward.
The easiest way to do that is to turn your focus to the best trading journal. A trading journal is a tool that helps you keep track of your trading activity and improve your performance. While MS Excel may do this job for you, it requires plenty of modifications and manual work. With EdgeWonk, things are automated. All you have to do is feed the program with information about your trading activity. That way you can save time and focus on the things that really matter: trading and analysis.
If you have come across our EdgeWonk review, then it is worth noting that you are thinking outside the box and seeking innovative ways to become a better trader. EdgeWonk is not just a typical trading software. It is a digital trading journal, developed by Quantum Trade Solution. It helps traders keep an eye on their habits and analyze their trading behavior.
Think of EdgeWonk as your digital mentor. It analyzes the trading information you feed it with and helps you become a better version of yourself. Using the platform will help you optimize your strategy, improve its performance, and give you a confidence boost.
EdgeWonk works in a very straightforward way. First, you have to import your trading data. The platform supports almost all trading software, including cTrader, Interactive Brokers, MetaTrader 4, NinjaTrader7 and 8, Saxobank, generic Excel imports, and many more. Once you do that, you are ready to load your data. From there, EdgeWonk takes over and starts analyzing your trading behavior to come up with a detailed analysis.
How Much Does Edgewonk Cost?
Here is the crucial part of our EdgeWonk review that you are looking for. EdgeWonk 3.0 was released in March 2021, and now EdgeWonk is an online trading journal. Before that, it was a SaaS solution where you needed to download the software and install it on your PC. Now you can use EdgeWonk everywhere and on any device. The annual subscription costs $169, and there are no alternative subscription plans available. By using our promo code you can reduce the price by $10.
Now, let’s get to the core of our EdgeWonk review – the features. Aside from being a well-organized trading journal, the platform is also fully-equipped with advanced functionalities. Let’s take a look at the most interesting ones:
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.
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.
Edgewonk’s Stand-out Features
Our EdgeWonk review can’t be complete without mentioning the holding time analysis and trade management evaluation features. Let’s start with the holding time analysis first. What it does is to inform you about the way trade length affects performance. For example, are active management trades proving to be more successful, or trading more patiently is as much, if not a better strategy.
The Trade Management Evaluation, on the other hand, gives you information about the amount of money you are winning and losing by being an active trader.
Although you can be successful without using either of these features, they add an additional dimension to your trading strategy.
But this is not all. What distinguishes EdgeWonk from the rest of the solutions on the market is its versatility. The platform is compatible with all types of assets, including stocks, FX, futures, and even cryptocurrencies.
How Edgewonk Stands out and Who Is It Suitable For?
The truth is EdgeWonk is not the only trading journal on the market. Although there are plenty of trading and analytics platforms, in reality, none is focusing on the aspects EdgeWonk does. It is way different from its competition and can’t be described just as a trading journal. EdgeWonk is much more than that. A powerful data-driven trade analysis tool that can benefit you tremendously in becoming a better trader.
With that said, EdgeWonk isn’t a solution for everybody. Like we’ve said in the beginning, it is intended for traders who are willing to go that extra mile and take a look at themselves. Although the platform can help all traders, it is worth noting that it usually is more prevalent among experienced market participants.
The reason is that self-analysis is often not so typical for beginners. Not all traders realize that taking a look at yourself and your behavior is an essential prerequisite for being more successful.
It is also worth noting that for the journal to be efficient, one should make trades consistently. That is because a proper analysis requires a statistically sufficient sample size. Individuals trading every once in a while and with low frequency won’t benefit from EdgeWonk much. However, if you are in for the long-term and are trading consistently, as your time horizon expands, EdgeWonk will start adding more and more value.
So, to summarize our EdgeWonk journal review – it all depends on the trades you make. The platform is a good choice if you are a day trader, a swing trader, or an active long-term investor. On the other hand, if you are a macro trader making a few trades per month, then EdgeWonk won’t help you as much.
Edgewonk Pros and Cons
At the end of our EdgeWonk review, we will focus on the pros and cons of the trading journal:
- Track your trading performance
- Capitalize on your trading data analytics
- Improve your trading behavior
- Backtest and see how your strategy would have performed in different scenarios
- An affordable solution with a one-time payment
- Requires comprehensive datasets to come up with a meaningful analysis
- Not perfectly suitable for long-term investors
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