Edgewonk Review

Edgewonk Trading Journal Review 2024

In this Edgewonk review, I’ll show you why Edgewonk is much more than a trading journal. Many day trading journals people use are simple Excel spreadsheet-type things. They’re boring and don’t give you a lot of information. You’re 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 determine 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 will be cool for you guys to follow along and see and hopefully learn from.

Edgewonk Website Review

No joke, 99% of every book I’ve read on trading tells people to journal their trades. A trade journal ranks up there with the right mindset, computer, trading software, and broker. It might be the most important tool in your trading toolbox.

For those 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. This is no different since you probably already have a journal or diary for your life. I track my workouts, food, wealth, and 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 your results, I promise they’ll be better after you use a trading journal like Edgewonk. Hence, our Edgewonk review.

Touted as a trading journal for all 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 helps us optimize our trading systems. Edgewonk is focused primarily on a handful of popular forex brokers and platforms like MetaTrader4 (MT4). Let’s delve deeper into our Edgewonk review.

SERVICES
Trading Rooms Stock Signals and Trading Alerts Stock Watch Lists
DESCRIPTION Bullish Bears offer trade rooms in our Discord. Our chat rooms include penny stocks, large caps, options, and futures We offer stock signals and trade alerts through our watch lists and Discord bots using Tradytics Swing trade and day trade watch lists with hand-picked symbols that have the best chance of breakouts. These are stocks to watch
INCLUDED

Edgewonk Platform

You can customize the platform depending on your trading style. 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)

 5 Minute Takeaway

  • Edgewonk is 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 improve your performance.
  • It is 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, you’ll see your returns win percentage, loss %, and 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 and weekly, and it will show you which days are most profitable. It’ll show you the stocks with the most volume overall, the hour you’re making the most money on – perhaps between 9 am and 10 am- and the stock price that’s the most profitable.

When you click on the actual stock, all the above details appear. Edgewonk nails down buy and sell details and can put a tag in (i.e., this was a multi-month breakout, a FOMO trade). What’s cool is you can go back and look at the chart to see your buys and sells, all of that fun stuff.

You can click on the top of the page, click FOMO, and see all 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 sets I’ve traded, and if I profited or not. 

Import Trades From 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 help you.

 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 coming into stocks. You can even add the FOMO tag to the journal and review it.

Edgewonk is downloadable trading journal software that offers an in-depth analysis of your trades. The upside is the customization possibilities pending your entry of detailed notes and tags for each trade. 

Edgewonk Pricing Review

The cost of Edgewonk 2.0 is quite reasonable. You can purchase a lifetime license for $169, but U.K. users must pay $187. Also, there are no monthly subscription fees since it is software. How great is that?! Be sure to check back on their pricing for any updates.

Optimize Entries and Exits

Edgewonk is smart. Using algorithms, Edgewonk will help you substantially increase your winning trades. It does this by helping you create your customized strategy when you are starting. For veteran traders, Edgewonk will help you refine your trading strategy further. 

As I’ve said, the system wins, and Edgewonk has a system. The system shows you excellent trade entries and exits, where to set 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 and anxiety will disappear. If only I had that when I started trading, as I was the self-proclaimed FOMO queen. 

Edgewonk Holding Time Analysis Review

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.

Pros

The Edgewonk trade simulator is worth its weight in gold regarding 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. 

Testing your strategy in different scenarios will help you realize if it will stand the test of time. It doesn’t matter if you buy or sell a call; you must backtest every strategy.

Cons

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. 

Final Thoughts: Edgewonk Review

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 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. 

Frequently Asked Questions

Investors cannot purchase shares of Edgewonk because the company is privately held.

AntSignals Core is a free membership which includes 100 trades per month, filtering and tagging, stocks and indicies, and detailed reports. 

Edgewonk is an all-in-one trading journal service that allows users to track their trades with stocks, options, indicies, forex, crypto, and futures.

Rolf Schlotmann and Moritz Czubatinski are the owners of Edgewonk since 2012.

Edgewonk has a backtesting option on their platform which allows users to test new trading strategies. Users can access this feature by clicking the "Backtester Tab".

Yes. Edgewonk includes charts with their service. They have 17 different graphs, customization, and the flexibility to analyze your trading data.

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