When it comes to journaling and recording trading performance, there are two types of formats a trader can choose from. Both have their pros and cons and in this article, we want to help you understand the differences so that you can find what is best for you.
#1 A written journal – a.k.a. The Diary
Most traders don’t keep a real journal, but what they have is a diary. Traders with a trading diary mostly use Word, Evernote or just a physical notepad to write down thoughts, feelings or ideas about their trades.
In its essence, the idea of a diary journal is good but the execution is usually less than optimal and there are no benefits from keeping a written journal if the notes just disappear in your drawer and you never look at the again.
If you want to access the same journal from different machines, you can do that by using DropBox.
Important: Do NOT use any other cloud drive service such as oneDrive, Google Drive etc. Those platforms are known to be unstable and erase complete Edgewonk journals.
In this article I will show you step by step how to get your Edgewonk cloud-ready.
The newest Edgewonk update has just been released and here is what is new:
– Screenshots in the Chartbook will now scale with the window
– New time of day filter: filter your trades by hourly intervals
– More Tiltmeter information is shown in the top menu area
– Edgewonk remembers the size and position of the journal and opens the same way every time
– IG statement import: you can import your IG Markets csv and Excel statements
– Forextester 3 statements can be imported now
– Cryptocurrencies enabled: enter your crypto trades with up to 8 decimals
We have followed thousands of traders over the years and noticed that they almost all go through the exact same 5 stages. In psychology, it’s often referred to as the “conscious competence ladder” and it applies to trading as well.
Understanding at which stage you are right now can help you make the next step more easily and help you avoid the most common mistakes
Stage 1: Unconscious incompetence
This is the initial phase of a novice trader when he is just getting his feet wet in the markets. At that stage, a trader doesn’t know how much he doesn’t know, which can often be a liberating, but dangerous place to be in because the dangers are not obvious to him.
You might have noticed it but we just released a new update yesterday (June 12th).
The mid-June update is the newest 2.0.19 version of Edgewonk and we did not introduce any new features in this update. Here is a quick overview with things that did change:
We are excited to announce that we have just launched the latest end of May update.
Here is a list of the new features and improvements:
>> Select multiple tags per Custom Statistic during the trade entry
>> Excel export function of the core trading data (under Settings)
>> First set of pips/points metrics in the Trade Analytics and other tabs (the pips/points for Futures trading will be added later)
>> Visualize pips in the equity graph
As we all know, emotions and psychology play an important role in trading and are often the maim cause for trading failure. In our Edgewonk trading journal we included a set of unique features and metrics that not only analyze the impacts of psychological biases, but also shows you exactly how to overcome these problems. In the following article we introduce the 4 most commonly observed psychological biases among traders and how Edgewonk helps you with overcoming these obstacles.
We all know what a drag a day job can be. When you come home at night you barely have energy left to talk to your partner, let alone start up your trading platform and pull yourself together in order to have the patience and discipline to make good trades. Additionally, all the time you spend at your day job is opportunity cost – and the currency is called trading experience. It’s a vicious circle.
Without a day job you do not have an income, but with a day job you do neither have enough resources nor time at your disposal to become a profitable trader. And how the hell is a trading journal going to help you with all this, because it takes even more of your trading time away? Well, whether you want to keep your day job and make trading an additional source of income or you want to go fulltime one day, Edgewonk will help you reach your goals in trading. How? Let’s take a look.