New Edgewonk users often ask where they should start to get the best results fast. As you have probably noticed by now, Edgewonk is a very sophisticated tool with lots of functions and features.
We always recommend taking it step by step and explore every feature slowly and thoroughly. It might seem like a lot of work but once you have gone through this trader development course, you’ll have a good grasp of all the Edgewonk functions and how to use them.
To get the most out of your Edgewonk, we provide streamlining input tips that help you get started much faster. We show you which entry inputs are necessary based on your own interests and based on what you want to improve on.
What is it that you want to improve in your trading? Without knowing what you want to get better at, tracking data becomes a pointless task. But, if you have a clear goal, Edgewonk will get you there super-fast. Remember the previous bottom-up lesson? Always start with your greatest problem and slowly work your way up.
The 4 big pillars that Edgewonk can help you with are
(1) Developing discipline and building a better mindset
(2) Finding ways to optimize your trade management approach
(3) Optimizing your order placement, your stop loss and take profit strategy,
(4) Improving your risk management and position sizing.
Especially if you are new to trading and/or Edgewonk, it’s not necessary to use all the input fields in the trade entry mask. You can save a lot of time by only focusing on what is really important for you right now and then add new components as you progress.
For example, a new trader probably does not need to worry too much about his holding time analytics or how to tweak his stop and take profit orders for a few points – he should focus, instead, on his greatest weaknesses first which usually have to do with a lack of discipline, breaking rules or exiting trades too early.
By optimizing your data entry process and only entering what you really need, you can significantly reduce the time it takes to enter your trades and find your edge much faster.
After entering a large enough number of trades (30-50 trades is a decent sample size to start with), you can then start analyzing your data. Based on the area(s) you chose during step one, Edgewonk provides individual and very specific analytic functions.
3 – Streamlining
Edgewonk 3 is an online trading journal for Forex, stocks, crypto, Futures, CFD and commodity trading.