10 Reasons Why Edgewonk Is the Best Forex Trading Journal

When we built Edgewonk, we knew that trading Forex comes with its own unique challenges. Fast-moving markets, high leverage, and 24-hour sessions demand a journal that’s built to keep up. That’s why Edgewonk is designed to adapt specifically to the needs of Forex traders—whether you're just starting out or managing prop firm capital.

More than just a trade log, Edgewonk gives you powerful tools to track your performance, analyze your edge, and fine-tune your strategy over time. With smart tagging, detailed analytics, and full customization, it helps you spot patterns, eliminate costly mistakes, and make better trading decisions.

In this article, we’ll share 10 reasons why Edgewonk is the best Forex trading journal—and how it can help you get more out of every trade. We’ll also be releasing a follow-up guide with tips on customizing Edgewonk specifically for Forex trading.

Edgewonk Supports All Major Forex Brokers

Edgewonk supports hundreds of Forex brokers from all around the world.

Edgewonk automatically syncs your trades from MetaTrader 4 and MetaTrader 5. If your broker or prop firm supports MetaTrader 4/5, you can easily sync all your trades into Edgewonk within seconds.

Beyond MetaTrader, Edgewonk also supports cTrader, another popular trading platform. All brokers with cTrader are supported and you can import all your trades with just a few clicks.

But it doesn’t end here. We support many more platforms and brokers. A full list can be found here: Supported Platforms | Edgewonk Trading Journal

And if your platform is not listed there, you can always manually input your trades into Edgewonk as well.

Best Features of Edgewonk Trading Journal for Forex Traders

1. The Simple and Important Basics

Once you’ve imported your trades, Edgewonk gives you immediate insights into your performance. While the first metrics may look simple, they lay the foundation for any meaningful trade review—and often reveal patterns you might otherwise miss.

• Winrate
• Average winner vs. average loser - are your winners large enough to make up for your losses?
• Expectancy - are you profitable or not?
• R-multiple – Measure how much you're gaining or losing relative to your risk.
• Performance ratios like Profit Factor.
• Time of day – Identify when you trade best.
• Trade frequency – Gauge how often you’re in the market.
• Our very own Edgewonk Score rating the quality of your system.
• …and much more.

These first performance metrics give you a clear, honest snapshot of your trading—and often reveal habits and trends you didn’t even realize were there.

2. Market and Pair Correlation

Many of the pairs in the Forex market are highly correlated with each other or with certain commodities like Oil and Gold. When you are trading the US-Dollar pairs, for example, a quick look at the US-Dollar Index (DXY) might also not be a bad idea!

In Edgewonk, with the help of custom statistics, you can track whether the DXY hit a support or resistance at the same time the EURUSD did when you tried to go long or short on that pair.

Or take it a step further by tracking a Forex triad. Since currency pairs are always priced relative to one another, groups like EUR/USD, GBP/USD, and EUR/GBP are closely connected. Watching how these pairs move in relation to each other can reveal useful correlations, helping you fine-tune your trade entries, exits, and overall market selection.

3. Technicals Unique to the Forex Market

Forex pairs often react strongly to round numbers — levels every 50, 100, 500, or 1,000 pips. And of course, the classic parity level at 1.000 tends to draw a lot of attention. With Edgewonk, you can track how your strategy performs when these levels are used as confluence—whether you're using them to enter trades or avoid them altogether.

On top of that, traditional indicators like RSI and MACD still play a major role in many Forex strategies. They may be old-school, but they’ve stood the test of time. Want to know if a different RSI setting could’ve kept you out of a losing trade—or helped you catch a winning one? Edgewonk lets you track that and more.

Just set up a custom statistic to monitor these technical tools. It might look something like this:

4. Time-Based Performance Tracking

Whether you're a day trader or a swing trader, timing can make or break your performance in the Forex market. Maybe the slow summer months always throw you off, or you crush the London session only to give profits back in New York. These patterns matter—and the more you understand them, the better your edge.

With Edgewonk, you can easily analyze how your strategy performs across different trading sessions, days of the week, or even times of the year. Want to know if your edge is stronger on Mondays—or if your setups work better right after the market opens? Edgewonk shows you exactly when you perform best, so you can double down on what works and avoid the times that drain your edge.

5. NFP Week? FOMC Meeting?

The economic calendar should be one of the main tools of every Forex trader. And of course, you want to know how your strategy does around those news releases.

First, you want to find out how certain news releases affect your profitability and then you want to either keep doing what you are doing, improve upon it, or completely avoid the news altogether!

Whether you skip a trade because of upcoming news, enter just minutes before a major release, or exit during a volatile event, Edgewonk lets you track it all. You can even track which specific news item it was and see how these decisions impact your overall performance.

With Edgewonk, you can track exactly how news-driven conditions (changes in volatility and spread) affect your trades, so you know when to stay active and when to step back. No more guesswork—just data-driven decisions.

6. Trade Management

Trade management can turn a losing strategy into a winning one and vice versa. Everyone is completely hung up on their entries – when they are clearly not the most important part of a trading strategy.

A forex trading journal should give you all the tools you need to track your trade management decisions and how they affect your performance.

Edgewonk does that, but it goes one step further – with Edgewonk, you can test and design multiple exit strategies based on your entries. As many as you’d like.

Asking questions like “what if I had closed this trade before the news?”, “what if I always close my trades at 2R”, “what if I set my stop loss closer to my entry”, can all be easily answered with Edgewonk’s Alternative Strategies.

7. Asset-Based Performance Tracking

You might be crushing it with exotic pairs but consistently losing on the majors. They behave differently—different volatility, different reactions to technicals.

You need to know exactly where your edge is. Are you more profitable on USD-based pairs? Do you perform better trading commodities like Gold or Oil? Maybe EUR/GBP is quietly draining your account, while GBP/USD is your most consistent winner.

This kind of clarity gives you control—and with a Forex trading journal like Edgewonk, uncovering these patterns is easy.

8. Spread, Commissions & Swap

Fees are comparably high in the Forex market with many brokers, especially for day traders.

Are the fees eating up all your profits? Then maybe it’s time to switch your broker or your approach to the markets.

In Edgewonk, you can easily track what impact the fees have on your performance and then you decide whether you are ok with that or not.

9. Trading Psychology Analysis

A strategy is only as good as the trader executing it. You are the biggest wildcard in your performance. The Edgewonk forex trading journal tells you, how you are doing.

Our Tiltmeter shows you the direct correlation of the quality of your decisions to your equity curve. The better you execute your strategy, the greener your Tiltmeter, and the steeper your equity curve should be if your system has an edge.

The efficiency chart, on the other hand, gives you an idea of how well you execute your strategy in general – an efficiency above 90% means out of 10 trades, you only made a mistake on one trade. That is a good number to aim for.

10. Trade Sizing

Forex offers massive leverage—and at some brokers, you could risk your entire account on a single trade with just a 5-pip stop loss. Obviously, that’s not something we recommend.

What we do recommend is smart, consistent position sizing. A common rule is to risk no more than 1% of your capital per trade. With Edgewonk, the risk distribution graph makes it easy to see if you're managing risk effectively—or if a few oversized losses are wiping out your hard-earned gains.

The Best Forex Trading Journal for Traders of All Levels

In Forex, small improvements can lead to big results—and the more you understand your trading, the more control you gain.

Edgewonk gives you the tools to dig deep, make smarter decisions, and grow into the trader you’re aiming to be. Ready to take your Forex trading to the next level? Start journaling with Edgewonk today.