Edgewonk is a powerful trading journal that can help find inconsistencies in your trading and boost you overall trading performance. Whether you are an amateur or professional trader, everyone needs to track and monitor their performance to achieve a high level of success.
As many of you know, I'm a huge advocate in using a trading journal to measure and improve your performance. How you collect your data, is imperative to a successful improvement process.
Some people like to track their results and data in an excel sheet while others would rather use a third-party software, and many use both methods to get the best results.
Edgewonk is a software that provides traders the variety of in-depth analysis tools to breakdown performance, planning, and psychology in a comprehensive all-in-one platform.
There are two ways you can import your trades into Edgewonk.
The first being through broker import files, usually in the form of a .csv file or via manual entry form.
Either way, as long as you get the key trade data in, you’re set.
You can always manually add comments and add custom statistics that are your own.
For example, if you want to track market cap, you could manually enter that in and as you get more data, Edgewonk will put together statistics for you and how your trades and performance may be impacted by that variable.
Anything you can think of that can be measured, Edgewonk can pump out statistics for it in relation to your performance to help aid you in finding what is working best for you.
Trade Plans & Trade Process
Edgewonk has a feature where you can make your trade plans ahead of time so you have a concrete plan of attack before the market opens. Created with entry, exits and the variables giving the why behind the trade, you can then go back and mark the outcome.
The software will then form stats for your trade plans and how they performed, giving you data on what setups you should be most focusing on from your trading plans going forward.
To go hand in hand with this is a “Missed Trades” tab, to organize missed opportunity that would otherwise have impacted your bottom line.
Using these two features, you will be able to get better understanding of possible areas in your trading business that are lacking attention or even just find ways of better executing what you already do.
A really great feature in addition to this is a tab where you can reflect on your trading session and write comments and lessons and tag key words that they’ve pre-set.
Just like everything else with Edgewonk, it will be organized into data to reflect on.
These little write-ups are great because as soon as you open the software they show up on the main page and remind you of the most recent lessons you learned and what to focus on going forward.
This is where Edgewonk really shines through. Their analysis tab is extremely in depth, showing you every variable, you’d want to consider.
From pre-set to customizable variables that you can create, it will then organize as well as layer to filter through performance on a variable by variable basis (whether it be entry/exit performance, or time of day, instrument, management, emotion, float, or anything you can imagine you’d want to keep track of).
This is displayed in the form of table that gives you a detailed breakdown percentages of what you want to see in your trading performance.
Another big feature of their analytics is the extensive graphs they use to display a variety of imperative information.
Your equity graph for one, in terms dollar amount or risk(R), your under-water chart which shows you draw-downs in relation to the peaks of your performance, holding time breakdowns, and trade management breakdowns with how you’d perform with different styles of trade management to find what will increase your profits the best for your style of trading.
Simulator and Chart-book
A great way to see how you’d perform in the future based off your current statistics is to use their simulator function.
This graphs up to 50 different scenarios based off your current trading stats. It can also be done with hand types stats that you’d like to hypothesize.
It takes in your win rate, average winner and loser and shows you over X amount of trades where your account will be approximately with its many variations to give you an estimate.
This is useful to see because many times it’s hard to picture the progression of your trading to your account and this does just that and very accurately.
The Chart-book tab collects all the pictures of charts you input along with the trades and organizes them into little folders, like one could make with physical pictures in a photo album.
At the end of the week or month you could hop on and flip through charts, re-enforcing pattern recognition and what you want to see in your trades that are common among winners and remind yourself of things you don’t want to see in your trades at the first glance.
It will display the chart with the name of the setup, ticker, date, outcome, and allow you to click it to dive deeper into the actual trade data that went along with the trade entry in case you wanted to know exactly what was going on there.
Edgewonk is one of the best retail available products out there for traders of any asset class to use in journaling their trades.
Especially at a one-time fixed price of less than $200, you can't go wrong with this trading journal as a powerful tool in your arsenal.
Their extensive analysis tools are more than what is required to give anybody the clear presentation needed to review their trades, setups and performance on multiple fronts; whether that be planning, execution, or just keeping track of setup performance.
Whether you are an amateur trader or professional seasoned veteran, journaling and reviewing is a must for any serious trader who wants to consistently break barriers and see profitability in their trading.
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P.S. - Get started with a free day trading video lesson below!