In this Edgewonk review, I’ll show you why Edgewonk is much more than a trading journal. Many day trading journals people are using are just really simple excel spreadsheet-type things. They’re boring and don’t give you a lot of information. You’re basically just importing typing in your trades, and later on, you’re reading through it. But what if you had a platform that gave you all the information to figure out which are your most profitable setups, what time of day you’re most profitable, and even which day of the week? I have a platform that I’m going to review with you today. You can get a chance to see where you’re going wrong. And I think it’s going to be really cool for you guys to follow along and see and hopefully learn from.
Why Use a Trading Journal?
No lie, 99% of every book I’ve read on trading tells people to journal their trades. Having a trade journal ranks up there with having the right mindset, computer, trading software and broker. In fact, it might be the most important tool in your trading toolbox.
For those of you losing money trading, you desperately need a trading journal. If this is you, stop all live trading immediately, hit up a simulator and get your hands on a journal. Since you probably already have a journal or diary for your life, this is no different.
Personally, I track my workouts, food, wealth, expenses so tracking my trades is a no-brainer. I like to know where my money, effort, and time are going. That is why, no matter what, I always recommend traders use a journal. No matter what your results are now, I promise they’ll be better after you start using a trading journal like Edgewonk. Hence our Edgewonk review.
What Is Edgewonk?
Touted as a trading journal for all types of traders and markets, Edgewonk delivers on its promise. It works on everything from crypto, stocks, futures, Forex, and contract for differences (CFD) trading. Despite being simple software, it takes the complexity out of trading.
It gives us enough tools to understand our patterns and mistakes and helping us optimize our trading systems. Edgewonk is focused primarily on a handful of popular forex brokers and platforms like MetaTrader4 (MT4). Let’s delve in deeper to our Edgewonk review.
Edgewonk Review of the Platform
You can customize the platform depending on your trading style. And it works with all currencies and markets worldwide. There is, however, a focus on a handful of popular forex brokers and platforms like MetaTrader4 (MT4)
Edgewonk Review 5 Minute Takeaway
- Edgewonk is much more than a trading journal, it’s a powerful data-driven trade analysis tool
- You track your trades in all currencies and markets around the world
- Supports stocks, futures, Forex, CFD, spread betting
- It will set you back $169, a small price to pay to improve your performance.
- Highly recommended for active traders such as day traders and active swing traders.
Let’s jump on the computer and look at this new platform. When you first pull up the dashboard, this is what you’re going to see; your returns, your win percentage, your loss % and your average return per trade. Also, you can see your account performance, potential performance and all that fun stuff.
The Metrics Are Endless
Our Edgewonk review found that you can break down your trades by whatever metric you choose. You’ve got the hourly, weekly, and it will show you which days are most profitable for you. It’ll show you overall the stocks with the most volume, the hour you’re making the most money on – perhaps between 9 am and 10 am, the stock price that’s the most profitable.
When you click on the actual stock, all the details mentioned above come up. Edgewonk nails down buy and sell details, can put a tag in (i.e. this was a multi-month breakout, this was a FOMO trade). What’s cool is you can go back and look at the chart to see your buy and sells, all of that fun stuff.
What you can do is click on the top of the page, click FOMO, and see all of the stocks you tagged as FOMO entries. It also nails down your why, didn’t cut losses early or failed to take profits, all the different types of set up’s I’ve traded, and if I profited or not.
Import Trades From Virtually Every Broker
I’m pretty sure every broker out there works with this platform. So depending on your broker, you can easily import your trades, you can go through every day and see, this is what I’m doing wrong, this is what I’m doing right, and this information can really help you.
Like hey, I always lose money when I try to buy the dip right at the open. Or I always end up buying the top just before it washes. Or, I’m always fomo’ing into stocks. Oh, and you can even add the FOMO tag onto the journal and review it.
Edgewonk is downloadable trading journal software that offers a pretty in-depth analysis of your trades. The upside is the customization possibilities pending you enter in detailed notes and tags for each trade.
Does Edgewonk Work With Options?
You’re out of luck if you’re into options. Edgewonk doesn’t support options. So you’ll have to look elsewhere with options trading. Keep reading our Edgewonk review to see more of the services they offer.
Edgewonk Review of Price in 2021
Our Edgewonk review of price found out some good news. The cost of Edgewonk 2.0 is quite reasonable. You can purchase a lifetime license for $169 – U.K. users need to pay $187. Also, there are no monthly subscription fees since its a software. How great is that?! Be sure to check back on their pricing for any updates.
Edgewonk Will Optimize Your Trade Entries and Exits
Edgewonk is smart. Through the use of algorithms, Edgewonk will help you to increase your winning trades substantially. It does this by helping you create your own customized strategy when you are starting. For those veteran traders, Edgewonk will help to refine your trading strategy further.
As I’ve said many times before, it’s the system that wins, and Edgewonk has a system. The system shows you excellent trade entries and exits, where to set your stops, when to increase your winners and when to cut your losses and run.
So besides being helpful in an objective way, Edgewonk will prevent you from trading based on your emotions. You’ll end up seeing more of your emotional trading mistakes – think FOMO, anxiety, will disappear. If only I had that when I first started trading as I was the self-proclaimed FOMO queen.
One of the Main Pros of Edgewonk: Their Trade Simulator
The Edgewonk trade simulator is worth it’s weight in gold as it relates to its backtesting capability. Once you input enough trade data, you can run simulated scenarios. That way, you can see if your new strategy would work if you traded on specific indicators, time frames, and more.
Without a doubt, testing your strategy in different scenarios will help you realize if it will stand the test of time. It doesn’t matter if you are buying a call or selling a call, you need to back test every strategy.
A Shout Out to Holding Time Analysis & Trade Management
Our EdgeWonk review can’t be complete without a shoutout to the holding time analysis and trade management evaluation features. Let me start with the holding time analysis feature first. What it does is show you how your trade length affects performance. For example, are you more successful trading the 5-minute charts or on a longer time frame?
On the other hand, the Trade Management Evaluation feature gives you information about the amount of money you are winning and losing by being an active vs. passive trader.
The Downside of Edgewonk
Unfortunately, the broker import tool support is practically non-existent for those US-based stock traders. And those who only dabble here and there trading stocks won’t find much value in Edgewonk’s geared towards the volume traders.
Edgewonk Review Final Thoughts
The truth is, EdgeWonk isn’t the only trading journal out there. In reality, however, no other journal focuses on what EdgeWonk does. That said, it’s much more than a trading journal. It’s a powerful data-driven trade analysis tool that can benefit you tremendously in becoming a better trader.
Edgewonk is a trading journal that can add up to any trader’s life. If you want to be successful in trading, journaling is the first thing you must do. Although I highly recommend Edgewonk, if it’s just not in your budget, break out excel.