How Much Money Could You Make? Find Out How Much You’re Leaving On The Table (Missed Trades)
With the latest Edgewonk, you can now also journal and analyze trades that you did not take or that you missed.
Why is this feature so important? Many traders miss trades or are hesitant when pulling the trigger and then often miss potentially good trading opportunities. This then leads to a lot of frustration and can be tough on a trader’s confidence.
When a trader is just starting out with a new system, he usually doesn’t fully trust the signals and the system yet. Thus, he will often pass on valid entry signals and then regret it afterward when he sees that price is approaching his target without him.
In Edgewonk, you can now enter those trades and later analyze them. With the new missed trades feature, you can compare your actual performance with the potential ‘missed trades performance’ and you can see exactly how much money you left on the table.
While seeing how much you could make can be challenging emotionally, it should serve as an eye-opener and help you build trust in your system at the same time. Once you see that your analysis is usually right, the missed trades feature gives you the confidence in your abilities to trust the signals and start taking more of those trades.
The missed trades feature is ideal when you are starting with a new system, when you struggle with trust and confidence, and when you want to keep track and test different setups. It takes out the guesswork and quantifies a lot of the questions and doubts many traders have and cannot answer – until now.
Missed Trades – Overview
The screenshot below shows the completely new missed trades tab in Edgewonk. Similarly to the regular journal area, you can see the missed trades in the center. The green button lets you enter new missed trades. And on the right, you get a breakdown of your performance statistics.
Missed Trades – Statistics
The statistics on the right compare the Real performance and the Missed performance. You can compare performance metrics, Winrate, R-Multiple, Reward:Risk Ratios and many more data points.
You can already see here how keeping track of missed trades and finally being able to get accurate data about those types of trades can be a great addition to your trading and journaling routine.
You can try edgewonk for free and get your free trial here: Edgewonk’s free trial