Edgewonk Review – Why do you need a trading journal?

0
404

I am going to be honest with you here, Edgewonk is hardly a name that screams ‘brilliant trading platform’. However, I promise you, Edgewonk is one of the best tools that a trader can have in their arsenal. Let me tell you a little bit more about what it brings to the table.

What is Edgewonk?

If you are a trader, then you are bound to make mistakes. Even the most successful traders in the world have a number of mistakes under their belts. After all, you can never predict with 100% accuracy the way a trade is going to go. You can learn from experience, but even then you are not going to be perfect.

What separates the successful traders from the unsuccessful ones is the ability to learn from mistakes. You need to keep a record of absolutely every single trade you have ever made. You need to have the ability to go back to them and work out both, where you went wrong and where you went right. If you can’t do this, then you will be bleeding money. You won’t ever learn.

This is where Edgewonk comes into play. It is a trading journal. It is a way for you to log every single trade that you make. No fiddling about with Excel spreadsheets or anything like that. Just sign up to Edgewonk, pay the money, and use what is one of the most advanced trading journals on the market right now. Many top traders out there are using Edgewonk, and it is something that you should be considering using too.

Pricing

Normally when I write these reviews, I will leave the discussion of pricing until the end. This is because most trading tools on the market have convoluted pricing. You will often need to pay monthly too. However, Edgewonk has none of that. Pricing is simple, and you only ever need to pay once.

At the time of writing, the Edgewonk trading journal will set you back $169. If you want to add a development program on top of that (available separately for $79), you will be paying $197. The best part is that this cost is negligible. If you use Edgewonk the way it has been designed to be used, you are going to make back the money you have spent on it rather quickly.

If you do not have $169 to spare during your early days of trading, you really do need to consider whether you are getting into the right ‘game’.

Trader Development Program

This is not included in Edgewonk as standard. As I said, if you want it packaged with Edgewonk, you will need to pay $197 for the pair. If you want to get it separately (not really recommended), you will need to pay $79.

The Trader Development Program is a course designed to make you a better trader. There are twenty one lessons across five different modules.

Of course, a lot of the information here is designed to make your trade journaling a little bit easier, but you will also find a wealth of information which will allow you to grow as a trader.

If you are going in for the Edgewonk trading journal, I suggest that you sign up for the Trader Development Program at the same time. I recommend this even if you are an experienced trader. This is because it is going to give you a ton of top tips for making your journaling better, which will lead to more profitable trades.

Even if you pick up just one or two profitable tips from the Trader Development Program, it is worth the money you have spent. After all, the increased cost is barely $30, which makes it one of the cheaper programs out there.

As I said, I probably wouldn’t buy the Trader Development Program unless you are getting Edgewonk at the same time. This is because the program has been designed to work specifically alongside Edgewonk, and I fear that most people will not get much out of it unless they are getting into trade journals.

Why not make a spreedsheat yourself?

I know that there are a lot of people out there who will log their trades in an Excel spreadsheet.

The problem with going down this road is that unless you are doing a little bit of tinkering, the spreadsheet is not going to give you much more information than what trades you have made. This isn’t proper trade journaling.

If you do a bit of tinkering, then you are going to be spending hours and hours tinkering with macros and whatever. And, even then, at the end of the day you do not know whether all the work you have put into the spreadsheet is accurate.

This means that there could be mistakes in your calculations which could result in you making poor trades, and you would never know until you have wasted your money.

For the price of Edgewonk, you can save yourself a whole lot of time. The platform will have more features thrown into it than any spreadsheet that you can work on yourself, and the best part is that Edgewonk has been tested by thousands and thousands of traders.

This means that you know that the information you see is going to be 100% accurate. You know that you are always going to be making the right trade decisions.

Why do you need a trading journal?

Because if you are not recording your trades, you are not a very good trader. You need to be able to see everything you are doing. It allows you to make changes and know whether you are actually making money with what you are doing.

I have seen far too many ‘new’ traders use no trading journal at all. So many of them have ended up making a loss. They thought they were making money, but nope.

Of course, Edgewonk is a little bit better than your standard trading journal. This is because it will give you so much more information than your trades. You will be provided tips on how you can become a better trader, but more on that in a short while.

Who is Edgefonk for?

Since every budding trader needs to do a bit of trade journaling, I reckon that Edgewonk is going to be perfect for both beginner and experienced traders alike.

However, if you are an experienced trader who already has a solution that works for them, you will probably want to look at the features of Edgewonk beforehand to find out whether it is worth taking the plunge and start using a new platform.

However, to be honest with you, I reckon it is going to be totally worth it. Edgewonk has way more features than competing platforms on the market.

Edgewonk will work in all currencies for the following:

  • Stocks
  • Futures
  • Forex
  • Spread Betting
  • Cryptocurrencies
  • CFD

This means that it covers just about every base imaginable. No matter what you are trading in, I believe that Edgewonk is going to be perfect for you.

Perfect trades every single time

It is this feature that makes Edgewonk worth the money to me. The developers behind Edgewonk have developed a unique set of algorithms that allow you to see:

  • When should you enter trades
  • Set stops
  • See which trades are not making you money
  • See which trades are making you money

You can see all of this with a quick glance. Obviously, the system is never going to be perfect when it comes to telling you the right time to enter trades. This is because trading is inherently unpredictable.

However, in my experience, Edgewonk seems to get it right most of the time. I have used a lot of trading journal systems, some of which are detailed later on, but very few of them have the same accuracy.

Edgewonk has saved me thousands and thousands of dollars. I have been able to see trades which were losing money before other systems told me that I was about to make a loss (I am trading a lot, so it is tough to spot money losing trades at a glance).

This means that Edgewonk was more than worth the purchase price for me. It has even pointed out trades to me that I would never have been able to spot in a million years. It has made my life as a trader so much easier.

I am an experienced trader, and I reckon that newcomers are going to be able to get even more benefit from it. It provides the perfect amount of guidance.

Stop emotional trades

This is actually one of the most exciting features of Edgewonk, and something that I have yet to see included in any other trading journal.

Edgewonk has a number of tools built into it which will take the emotion out of making trades.

It uses a plethora of psychological tricks to ensure that the trades that you are making are the ones that make you money, not the ones you have heavily invested in on an emotional level.

Remember, emotions are something which plague even the most-experienced traders out there, and thus it is lovely that Edgewonk is going to take emotions out of the equation. This means that you are going to be able to make even better trades.

Honestly, I think it is the psychological tricks that Edgewonk uses that makes this system worth the cash. It means more profitable trades.

Actionable tips

I feel that this is something which beginner traders are going to get more out of than the experienced ones.

Edgewonk will analyze your trading patterns. It will then provide you with tips that you can use to become an even better trader. Edgewonk has given me tips that no other trade journal system has given me.

All of the tips that it has given me have improved me as a trader, which means that I have ended up making a whole lot more money.

I was actually surprised about how quickly Edgewonk was able to pick up on my trading personality. The great thing is that it didn’t really tell me that my way of trading was wrong.

Normally, when you have systems that give you ‘tips’, if you do not gel with their ideal way of trading, they will try to change everything about you. Edgewonk doesn’t do this. It just steers you a little bit in the right direction based on your trading system. You will be refining who you are as a trader, as opposed to completely changing who you are.

If you are new to the world of trading, you will be pleased to know that you will also be guided through how to make your trades. For example, when you add a new trade into your trade journal, you will be given information on how to set your stop points and when you should be exiting the trade.

Sure, you do not have to act upon this information, but it is nice to ‘just in case’ have it in hand. I promise you, if you listen to what Edgewonk gives you, you will end up becoming a far, far more profitable trader.

Easy to use

Edgewonk is ridiculously simple to use. It takes just a couple of seconds to add your trades into Edgewonk. The system will even guide you through the process. I think this is another reason that makes Edgewonk just so much better than spreadsheets. It is easy to use.

It is nigh on impossible to make mistakes with Edgewonk, which is ensured by the fact that you are always going to be given the right information on your trades.

Everything on Edgewonk is clearly laid out too. You have a wealth of charts at your disposal, as well as the ability to customize the information that you see.

In fact, there is a surprising amount of customization available on Edgewonk. This means that you are only ever going to be seeing the information that you want to see. None of the bulk.

Important tool

If you are a serious trader, then you are beyond doubt already using a trade journal system. I am sure that a few of the features already mentioned will have spurred you to consider taking the leap to Edgewonk, though. Thankfully, Edgewonk makes it ridiculously simple to take this leap.

If you use one of the following platforms, you will easily be able to import your trade data into Edgewonk. It takes a few minutes, at most.

  • cTrader
  • DukasCopy
  • Forextester 3
  • FXCM
  • IG (both new and classic)
  • Interactive Brokers
  • MetaTrader4
  • NinjaTrader 7 and NinjaTrader 8
  • Oanda
  • Sierra Charts
  • Stage 5
  • TradeZero

You will also be able to import generic Excel data if it has been set up in the right way. Now, obviously, the import is never going to be perfect. This is because all of the systems record slightly different data.

However, the bulk of the data is going to be there, and it is just going to take little tinkering to get everything up and running perfectly.

Honestly, I wouldn’t recommend that you import too much of old data. When you start using a new trade journal, just go with a fresh start.

You probably wouldn’t want to import too much data manually too, mostly because you probably do not remember everything about your historical trades, which could throw some of the ‘predictions’ that Edgewonk gives you out of sync. This means that you could end up making mistakes in your trades.

You will need to make small changes to whatever you are adding to the Edgewonk platform, but you are going to be guided through it every single step of the way.

Pros

If used properly, Edgewonk is, without a doubt, one of the best trade journal systems I have ever used. It has been made by a company who genuinely cares about the people using it and want them to be making profitable trades.

They know what people want, and they are more than happy to listen to suggestions, and you will often see improvements being made to the Edgewonk system.

Using Edgewonk is also going to save you a lot of time compared to other systems on the market. Yeah, it is going to take a while to get to grips with it, but I promise you, it is going to be far, far easier to understand than the bulk of other systems.

Everything is clearly laid out, and honestly, you can probably just ‘wing it’ without reading any information and you should have a decent idea about what is going on.

If you use Edgewonk properly to record your trades, I promise you that you are going to be making money from it. Whether you are a big time trader or one just getting started with the markets, Edgewonk is going to make you cash.

Cons

There are a few cons to Edgewonk. There is no ‘perfect’ platform, after all. I feel that the biggest issue with Edgewonk is that it does take a little while to get to grips with it. It can also take a while to remind yourself that you need to record absolutely every trade.

However, I do not feel as if these issues are unique to Edgewonk. They are problems which are going to pop up with any trade journaling system. As long as you go through the wealth of information that you are given by Edgewonk, you should be fine.

I am struggling with the pricing of the service too. I love the fact that it is a ‘one time’ price thing. However, companies charge monthly fees for their services for a reason. It helps to ensure continued development of the platform. After all, they have a guaranteed income each and every month.

However, the problem is that once Edgewonk has made a single sale, then that is it. They have no continued income from the person who just bought their platform.

This means that if sales end up dying off for Edgewonk, it could result in the service being discontinued. I do not see this happening any time soon, mostly because the system only seems to be getting more popular each month, but it is something which could happen in the future.

That being said, this is an issue which you are probably going to be running into with most similar products out there, so it is not that much of an issue.

If Edgewonk disappears years and years down the line (it won’t be any time soon), at least you can live in the knowledge that you got your money’s worth out of it.

While this is not necessarily a con, I am going to point it out anyway. I do want to make you aware of the fact that it is very, very easy to fall into the trap of allowing Edgewonk to take complete control of your trading life.

While it is an accurate program, it is still nothing more than a program. If Edgewonk suggests that you make a trade, I always suggest that you put in your own research too. This will allow you to know whether you are making the right decision or not.

Edgewonk is a trading tool. It is not the only tool you should be using. After all, you can’t build a house with only a saw.

Recommended?

Absolutely! You are going to need to have a trade journal in your tool arsenal, and I can’t think of anything better than Edgewonk. It is affordable. It is easy to use. It works. What more could you possibly want?

Check it out today if you want to score the best possible deal. The sooner you take advantage of Edgewonk, the sooner you can start making money!

SHARE
Previous articleInvestors Hub message board review
Next articleTradeZero Review
Hi I'm Paul Koger, an ex-Prop Trader now trading from the comfort of my own home. My area of expertise is swing trading US equities, Although I have a strong interest in anything that is trading related. In case you want to get in touch - try Twitter @paulkogr or traderpaulkoger@gmail.com

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.