All traders know that emotions and discipline are very important influencing factors in trading. Just think about your own trading for a moment and ask yourself how your equity graph would look like if you were able to control your emotions and your discipline better!? But as you probably know, it’s not as easy as […]
During our last Edgewonk trading journal review, we noticed that the Edgewonk user was making great use of the Session tab in his trading journal. In this article, want to highlight the trader’s good practices and help other traders along the way to get inspiration for using the Session feature in their journal as well.
A quick recap of the Edgewonk Sessions tab
To begin with, let’s revisit the Sessions tab and remind ourselves what the Sessions tab is doing and what the idea behind it is:
We have been quiet in recent times, which was due to a lot of work behind the scenes and today we are releasing our next update.
We also want to thank everyone for the ongoing support and your feedback. Nothing goes unnoticed and we also try to improve Edgewonk based on your feedback and wishes.
Here are all the things that are new in this version:
1. The first version of the Interactive Brokers import is now available. Please note that it’s still a first beta version and not everything might work 100%. We need your feedback now to improve the import with the next update.
We frequently receive emails from Edgewonk users who seek advice about their journaling routine after they have been inconsistent with entering trades or have even missed days and sometimes weeks.
Now the question is: do you have to go back and re-enter all the trades since you left off, do you pick up now and do you have to start a new journal completely?
There are a few points I’d like to discuss in this context which will also make the purpose of a journal and a journaling routine clearer.
With one of our latest updates, you can now also track break-even trades in your journal.
Being able to distinguish between winning, losing and break-even trades can be very helpful because it allows you to get new insights into your trading behavior.
Break-even trades and psychology
Besides being able to differentiate between the different outcomes of your trades, it can be even more interesting to understand how your break-even trades are created.
Although break-even trades can be a part of one’s trading strategy (moving the stop loss to break even after price moved a certain amount in your favor) emotional decision-making can also be an issue.
Especially when traders are in a losing position, many just hope that the price will return to their point of break-even to get out. This clearly shows emotional trading and is mostly not the optimal approach.
In this week’s review, we will understand how to improve an already profitable system and what to be aware.
What really stood out in this journal is the impact of variance and being able to find specific components of a trader’s performance that are responsible for a significant amount of variance can be worth a lot.
Finding such specific areas in one’s trading is only possible through journaling when your trading journal allows you to break down individual components of your trading strategy.
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.