You often hear that 70%-90% of forex traders are losing money in the financial markets. Something that the majority of these traders have in common is that they won’t be journalling their trades.
By journalling your trades, you can breakdown exactly where you’re losing, why you’re losing, how to mitigate that risk exposure and how you can become a profitable trader with a great edge in the market. By not journalling any of your trades, you’ll be stuck in a perpetual loop of losing money in the markets. It’s a no brainer, right?
In this article we are looking at Edgewonk. Edgewonk is one of the most well known pieces of kit for journalling your trades, especially within the forex industry. The software has made our top forex trading journals list, so let’s find out more about the offering…
What Is Edgewonk?
Edgewonk 3 is a revolutionary trade journalling tool that allows traders to build on their edge, analyse their metrics and do what traders do best. Edgewonk is without a doubt, one of the most well known trading journals online and is used by thousands of traders around the world each and every month to log, categorise and study their trades.
On ForexBrokerReport we typically focus on forex as this is the industry that we operate in, so this review will be coming from that side. However, the tool does work with other markets too such as stocks, futures, crypto and CFDs meaning it really is a complete offering for traders.
What Makes Edgewonk Different From Other Forex Trading Journals?
Edgewonk is one of the most feature rich forex trading journals on our comprehensive list and these aren’t just useless gimmicks. The features are actually extremely useful to traders. Let’s take a look…
1. Works across multiple markets
Whether you like trading forex, stocks, crypto, CFD’s or futures, or even a mix of them all, Edgewonk can cater to this. The tool works within multiple markets and allows traders to combine all of their trading activity into the one handy journal.
2. Create multiple journals, within the one platform
Edgewonk works very similar to Evernote in the respect that you can create a whole new notebook or journal at the click of a button. This is genuinely so useful if you’re trading multiple strategies or even completely change how you’re trading.
Sometimes you just need to separate data or wipe the slate clean. I have a real problem with trading journals that don’t let me remove my data from, let’s say back in 2016 when I had just found forex trading and had no real idea of what I was doing. Having the ability to separate data into multiple databases means you always keep the data clean, up to date and accurate.
3. Add text and screenshots to the trades
There is more to a trade than just a P/L at the end. You may have made 6% in the trade, risking 1%, but this came with emotional worries, stress, scale ins, moving stop losses in the trade and a huge number of other variables that need to be logged. By just looking at numbers, it’s impossible to see the nuance behind a trade.
Edgewonk allows you to write as much text as you would like about any trade and add up to 6 pictures to illustrate exactly what happened and when. This provides a perfect blend between quantitive and qualitative data and I honestly believe all forex trading journals should offer this amazing feature!
4. Future simulator
The future simulator is an extremely useful tool to see the track you’re heading down. I used the future trade simulator provided by FTMO many times and I found it useful to workout if my results were going to be profitable in the long term.
5. 12 In-depth metrics to analyse
The platform comes with over 12 metrics to analyse by, giving a really full depth to the picture of how your trading is really performing. Some of these metrics include:
- Win rate
- Equity fluctation
- Holding time
And many more!
6. Completely cloud based
Having your trading software on one clunky PC is a thing of the past. Edgewonk is completely cloud based meaning you can log into your journal from anywhere in the world with ease. Not only that, the tool works on all devices from your mobile, to your iPad to your PC.
Although having mobile functionality is amazing, you aren’t going to be able to easily use the features like you would on say the desktop, so I would try to steer clear unless you’re in a pinch.
In the image above, we are displaying the dark mode feature and you can really see how nice it looks!
7. Log missed trades
One of the drawbacks of just using a tool like MyFxBook (Which can be faked) to track metrics and trades is that you have no ability to track missed trades. Trades that you couldn’t take because you were at work, or trades that didn’t meet one small criteria within your trading plan so you didn’t take it. These are so valuable as you find tweaks that can be made in your process or strategies to include more winning trades!
The software has the functionality to create a missed trade journal where you can log all missed trades, give explantations and see exactly where you’re going wrong!
8. Customisable light and dark modes
I know I said that there are no gimmicks. This feature is the closest to a gimmick we are going to get here but I still think it’s worth touching on. With the boom of Instagram forex traders, more than ever traders seem to be caring about what thinks look like. They want their tools to look pretty, their Tradingview and MacBook to both look extremely clean. Whatever the reason, having the ability to customise how the platform looks is a big plus to the majority of this new generation of forex traders.
9. Emotional analytics
Humans are not robots. No matter how much we want to be trading completely robotically, unless you actually program and EA/Algo to take your trades, it’s a given that you will trade emotionally at some point and this can of course lead to losses.
Edgewonk allows you to look at your emotions across a number of trades. It looks at your ability to stick to your trading rules along with your discipline efficiency over a period of time. This is by far one of the best features and I have never seen this on any other trading journal. It’s absolutely genius, a must have for more emotional forex traders!
How Much Does Edgewonk Cost?
When it comes to trading journals, they’re fairly simple in nature so you don’t need to be paying a huge amount for the tool. In fact, I don’t think any of our best forex trading journals list go above $400, and even that is pushing the limit in my opinion.
Edgewonk has always had 2 payment plans, one being the light version with a cost of $0 per month and one being the pro version for $169 per year recurring. The light version has since been discontinued and now the only option for traders looking to use to software is to opt for the full price version.
Although the pro version costs $169 per year, you most likely won’t be paying this as the company adds tax on top. For instance, if you’re in the UK you will be paying $202 for the year. Customers in Sweden will be paying $211.25 for the year. This is much more costly than some alternatives like ForexBook.
Edgewonk Reviews – What Do Traders Think?
As far as trading journals go, Edgewonk has the most reviews out of every competitor on our list. However, in the grand scheme of it, compared to other aspects of the forex industry, the total reviews left by other traders is very minimal.
Out of the few reviews I have managed to find, the consensus has been extremely positive and traders seem over the moon with the product being offered. The only stumbling block appears to be the fact that unless you have a lot of data for the journal, it’s fairly useless and won’t be able to provide really in-depth stats and metrics to use.
Although this is true, you will always need a huge amount of data in a trading journal to make it as useful as possible. Regardless of what platform you’re using for your journal, without a volume of entries, figuring out any kind of meaningful adjustments to the trading system will always be extremely hard.
In Conclusion – Is Edgewonk A Good Forex Trading Journal?
In short, Edgewonk has one of the most comprehensive offerings in the market and is certainly one of the best trading journals for forex traders. Edgewonk has all of the features needed to allow traders to hone their skills, perfect their edge and take their trading to the next level.
The Edgewonk solution isn’t cheap and it will set you back a few hundred dollars over the space of a few years of collecting data. In my opinion however, it’s completely worth the money and you will get a huge amount of value out of the journal rather than just using something simple like Excel to journal your trades.
If you have any questions or experience with the software please do drop a comment down below, I’d love to hear your thoughts and feedback on the topic!