Long-distance runners usually keep track of how many weekly miles they log. The same is true for those who hit the gym a few times per week.
Why do they do this? To track their progress, determine if what they’re doing is working and to see how far they have to go to reach their goals.
The same could be said about keeping a trading journal. Trading journals are an essential tool for investors at all levels–novice to expert.
This is where Edgewonk enters the arena. Edgewonk offers a comprehensive journal that traders at all levels can utilize to become better traders.
And in this Edgewonk review, we’re going to show you why.
An Edgewonk Trading Journal Crash Course
Trading journals are growing in popularity among traders. And we live in an age where you should ditch the Excel sheet for something more advanced. Ideally, for Edgewonk.
Edgewonk is a powerful trading journal software designed to help traders improve their performance by analyzing their trades and providing insights into their trading habits.
The software was developed by a team of professional traders and coaches who understand the importance of having a detailed and accurate record of your trades.
Features
One of the main features of Edgewonk is its ability to import trades from multiple brokerage accounts and platforms, making it easy to keep track of all your trades in one place. The software supports a wide range of asset classes including stocks, options, futures, forex and cryptocurrencies. So it’s suitable for traders across different markets.
Once you’ve imported your trades, Edgewonk automatically categorizes them into different trade types such as trend trades, counter-trend trades, news trades and more. This makes it easy to see your performance in each trade type and identify any patterns in your trading.
Additionally, Edgewonk features include:
1. Advanced trade analysis tools:
The Edgewonk software provides a range of metrics such as win rate, average gain/loss, drawdown and more. The metrics can be customized based on your trading strategy and timeframe, so you can get a detailed analysis of your performance.
2. Visualizations
Edgewonk also provides a range of visualizations such as charts and graphs to help you better understand your trading habits. For example, you can see a breakdown of your trades by market or time of day which can help you identify any biases that may be affecting your performance.
3. Trading journal
Naturally, one of the most useful features of Edgewonk is its trading journal, which allows you to keep detailed notes on each trade. You can record your reasons for entering the trade, your trade management plan and any other relevant information. This can help you understand your mindset at the time of the trade and identify any mistakes you may have made.
4. Risk management tools
The software allows you to set risk limits for each trade and provides real-time feedback on your risk-adjusted performance. This helps you stay disciplined and avoid overtrading or taking on too much risk.
The Downside
One of the downsides of Edgewonk is its price. The software is relatively expensive compared to other trading journals on the market, which may be a concern for some traders.
However, the features and advanced analysis tools offered by Edgewonk may be worth the investment for traders who want to take their trading to the next level.
What is the Price?
Unfortunately, Edgewonk currently doesn’t have a free subscription or a free trial. You will have to conduct research and watch videos to see what the platform looks like.
The only plan offered is a Premium subscription that is billed annually at $169 ($14/mo). This is an all-inclusive plan that grants you instant access to all of Edgewonk’s features.
We do, however, understand that $169 a year isn’t easy. So check out our Edgewonk coupon.
Edgewonk Review: Is it for You?
From beginner to expert, all traders need a journal to track their trades. And a typical Excel sheet doesn’t cut it anymore.
But Edgewonk offers both, giving you a comprehensive, all-in-one platform. This makes it one of the best trading journals on the market, hands down.
The tools offered by Edgewonk help you understand your strengths and weaknesses. They help you analyze your behavior and performance. They help you make better decisions.
In short, Edgewonk helps you become a better trader.
Final Thoughts
Edgewonk is a powerful trading journal software that provides a range of tools and features to help traders improve their performance.
The software is ideal for traders across different markets and offers advanced analysis tools to help you identify patterns and improve your trading habits.
While the price may be a concern for some traders, the features and functionality offered by Edgewonk make it a worthwhile investment for traders who are serious about improving their performance.
