Welcome to 2018!
We just released a quick update with a few fixes. The new version of Edgewonk is now 2.0.27 and you can check your version number under Settings > Your License.
This time, we mostly made a few changes, improvements and worked on things in the background:
– The 2018 year filter is now available
– You can change between monthly and weekly running statistics in the Home tab
– The currency symbols are now working again for all journals and platforms
This week, we have received a journal from a trade who is barely breaking even with his trading system.
When reviewing his journal, we found a few areas that could make a huge impact in his way of trading.
At the same time, the way he used his Custom Statistics to track very specific aspects of his trading will help him when tweaking his system and shows how effective the Custom Statistics can be.
The time between the years, when markets are quieter and everyone is in holiday mood, is the perfect time to prepare yourself for the next trading year and get ready for a fresh start.
“I wish I had been more committed this year and taken trading more seriously. I did not reach my last year’s New Year resolutions and made little progress” is a phrase that many people will say during this time of the year.
Don’t let another year pass by without taking the actions you know will bring you closer to success. We show you how to make the next 365 days count, so that on December 31st 2018 you can look back satisfied and with improved trading results.
Hello and welcome to the latest Edgewonk update,
with the latest update in 2017, we have packed this new version with new features and improvements so that you can start into the new year in the best possible way.
Here is a list with the features that we have included:
– Crypto compatibility – Edgewonk now supports journaling of crypto-currency trading
– 4 screenshots can now be attached per trade
This week, we are reviewing an Edgewonk journal from a trader with a profitable trading strategy and a good track record. However, there are a few things that we need to address and some flaws in his trading that keep him from reaching his full potential.
The most dangerous trading mistake any trader can make is “system hopping” and we believe that it is the single biggest cause for failure in trading.
System hopping means that a trader keeps changing his trading method, his indicators, entry signals and strategy all the time. While looking around for new strategies is normal in the beginning, when a trader still hops around systems after months, his chances to reach profitability in trading are slim to none.
Why do traders change systems?
Traders are always hoping to find the Holy Grail that will make them a lot of money without putting in a lot of work. But when does it ever work that way in life?
In our last post we announced that we’re starting a new video series where we review your Edgewonk trading journals.
Today we’re starting with our first video and thank you again for all the submissions so far. We look forward to your journals!
To sum up the most important findings, we have compiled a list for you:
– The trader is going into the right direction. His equity graph is trending profitably towards the top right
– His focus should be on the process. His data shows that he loses most of his money when he is breaking rules
In our quest for helping traders improve their performance, we often get asked how to achieve a higher winrate and stop losing trades. We feel that this is a very important question because it looks at the wrong aspects of profitable trading, yet it is asked by nearly every trader a one point.
The best traders don’t have the highest winrates. The best traders keep losses small and let winners run. Whereas the amateurs lose money even with a high winrate because they let their losses get out of hand.