Exploring The Powerful Trade Analytics
The Trade Analytics tab in Edgewonk allows you to take a very detailed look into all aspects of your trading.
On the first layer, you get an overview of all your most important trading metrics but the power of the Trade Analytics shows once we add different layering criteria. Once you double-click on the items in the bottom left box, the item is moved to the ordering criteria at the top left and it is added as a new layer in the actual table itself.
You can break down your performance by setups, the outcome, trade direction (buy vs sell), your custom statistics or the trade comments. You can combine them in all possible ways to get completely new insights into your trading performance.
Here are a few tips that will help you use the Trade Analytics more effective:
- Always look for outliers. If you can identify large outliers, improving your performance becomes much easier as shown in one of our user reviews below
- Analyze winnind and losing trades separately and pay closer attention to the Updraw and Drawdown to get a feeling for your stop and target placement. Read more: Understanding Updraw and Drawdown
- Create individual Custom Statistics around your weaknesses and your strengths. This will help you verify how much you are really losing or making based on your current struggles. Knowing your numbers can be liberating and it helps you move into the right direction
- Focus on one thing at a time. If you try to improve different areas in your trading at the same time, it can become very confusing. Furthermore, if you change multiple things at once, you cannt judge the effectiveness of the individual tweaks.
And, most importantly, have fun with your journal. A journal is not meant to be a data graveyard or an activity you try to avoid. Your trading journal will show you which way to go and it helps you improve your performance step by step.