The Most Important Trading Tool: A Trading Journal | Edgewonk discount code “Tradeciety”

The Most Important Trading Tool: A Trading Journal | Edgewonk discount code “Tradeciety”

A trading journal is probably the most important tool a trader needs to have in order to trade profitably. Record-keeping is the key to success in every profession or skill; if you want to improve, you have to record what you have been doing in order to find patterns in your behavior. Without record keeping, improvement isn’t possible.

Thus far, most traders have made their own trading journals – or didn’t record their trades at all.  However, these home-made trading journals have 2 major problems that are also the reason why the majority of traders eventually stop journaling their trades:

Disclosure: Tradeciety is also behind Edgewonk.com and the trading journal software. Our goal with Tradeciety and Edgewonk is it to provide high-quality trading education and we are happy to announce that the Tradeciety team has created the Edgewonk trading journal.

 

Edgewonk discount: all Tradeciety fans can use the discount code “Tradeciety” to get $30 off on their Edgewonk purchase!

 

 

What a good trading journal does for you

  • A trading journal holds you accountable and makes you more aware of your trading.
  • A trading journal should grow with you. In the beginning, a trader should usually focus on emotional, mental and discipline-related issues. Once he progresses, the trader’s focus usually shifts towards trade specific metrics and he starts working on improving his order-placement and trade management. A trading journal should offer all those functions and features.
  • Finally, ‘one size fits all’ doesn’t work when it comes to trading journals. That’s why a good trading journal should be customizable.

 

Thus far, only bank traders and big prop trading firms had access to professional trading analytics software. With Edgewonk, every trader can finally use a customized and professional trading journal to work on his (or her) trading.

Edgewonk-trading-journal-feature3

 

Why Edgewonk?

A trader should not spend his time on creating spreadsheets that still don’t really provide help. Edgewonk is the one stop shop for all traders who are looking for a professional journaling solution.

Edgewonk is loaded with features, functions and metrics but, at the same time, it allows the trader to improve his trading step by step. Let me just point out a few features about this journal that are worth knowing about:

 

 

#1 The first personalized and fully customizable trading journal

Edgewonk is fully customizable to your own trading style. You can track your own trading strategy, your individual setups and define personalized trade management and execution comments to create a fully unique journaling experience. Edgewonk even offers more slots for fully customizable comments/tags. This way, Edgewonk becomes your own personal and professional trading mentor, always ready at hand.

Edgewonk also allows you to enter planned trades, do weekly reviews and even journal missed trades so that you can work on all areas of your trading.

 

#2 Emotional analytics – Psychology edge

Every trader knows that emotions play a very important role in trading and that emotions significantly influence your trading decisions. Thus far, traders used to manually write down which emotions they think affected them. Edgewonk is the only trading journal that quantifies how emotions impact your trading performance. Furthermore, the built-in Tilt-Meter provides early warning signals when you repeatedly make bad trading decisions. Now you can take out the guesswork and professionally manage your emotions and the psychological aspects of trading.

 

#3 Order Optimization

Edgewonk also helps you optimize your orders and the way you place your trades. For example, setting stop loss orders too far away reduces your risk reward ratio and, therefore, the performance of your trading strategy. On the other hand, setting take profit orders too far away will result in a decreased winrate because price won’t reach your take profit orders and turn around ahead of target.

Edgewonk takes care of that and provides specific tips, based on your individual trading parameters, to optimize your orders to help you increase your trading performance.

 

#4 What to do once you are in a trade?

Usually, traders spend all their time focusing on entries and once in a trade, they don’t really know what to do. Edgewonk is aware of this problem and the Trade Management analytics analyze your trading behavior. Micro-management and uncertainty are big problems for traders and the transparent Edgewonk analytics take out the guesswork.

Edgewonk-trading-journal-feature1

 

 

Finally, there is a solution to solving the trading journal problem

If you are looking to take your trading to the next level and you are sick of not seeing any results, maybe it’s time to take things a little more seriously and start a professional trading routine.

You can even trial Edgewonk free and see how a pre-filled trading journal looks like.

 

 

Edgewonk discount: all Tradeciety fans can use the discount code “Tradeciety” to get $30 off on their Edgewonk purchase!

No Comments

Post a Reply

Free eBook + Webinar

 

The 13 Trading Commandments

Get it free: Click Here