Edgewonk and the emotional analytics
Being aware of the importance and impacts of impulsive trading decisions and other emotionally caused problems, we included a variety of features that help you fight the most common problems of trading.
Just think about your current approach. If you are like 90% of all traders, you take a trade, close the position for a win or a loss, and then move on to the next trade. However, if you know that you have to come back to every single trade when you enter it in your trading journal, you are less likely to repeat mistakes. Being self-aware of how you trade is usually the first major ‘aha’ moment traders experience.
Thus, when you are about to enter a trade that doesn’t meet your rules or are about to make a trading mistake, knowing that you have to enter ANOTHER unnecessary mistake into your journal will help you immensely. Being honest with yourself when it comes to entering trades in your trading journal is a very important part and facing your mistakes and weak spots are part of the often painful process of becoming a profitable trader.
Setting up Edgewonk correctly
To use the emotions analytic functions of the Edgewonk journal, we have to make sure that the definitions are being entered correctly first.
If you haven’t set up the trade comments under your setting already, you should do it now to enable the emotional analytics. If you are not sure what to enter, here are some ideas and suggestions: