The Custom Statistics eliminate all limitations and restrictions when it comes to tracking personalized data in your trading journal. You can not only track data which you think we should have included when creating Edgewonk, but you can also set up new Custom Statistics to tackle very specific and unique problems and personal challenges.
Edgewonk comes with 9 custom statistics, which allows you to fully personalized your journal without any restrictions. Here are just a few examples of how to use them:
- Timeframes (Daily, 4H, 1H, 30min, 15min, 5 min)
- Trading sessions (Asian, Frankfurt, London, New York. Or: pre-open, morning, lunch, afternoon, close)
- Market data (VIX, risk on/off sentiment, market direction, …)
- State of mind (Feeling great, Feeling down, Feeling indifferent, Feeling unmotivated,…)
- News releases (GDP, earnings, NFP, CPI, interest rate decisions, press conferences, pre and post news times…)
- Indicator settings (values or standings of indicators, divergences, overbought/oversold, …)
- Pattern (Head and shoulders, pinbar, trendline, moving average, …)
- Psychological factors (not enough sleep, stressed out, feeling rushed, …)
The possibilities are endless. Furthermore, after you have tracked your trades with some of the Custom Statistics, you can use the filters at the top to analyze your trading performance based on your personalized statistics.
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What Exactly Should I Track With The Custom Statistics?
To get started, we suggest you take a look at your strategy, where you keep having problems, what you think might add more clarity and then decide what to track. Here is some food for thought:
- A popular way to use the Custom Statistics is by tracking higher timeframe direction or the overall trend and market condition
- If your strategy utilizes indicators, it may be wise to track crosses, overbought or oversold levels and divergences
- If you use price action patterns or individual bar patterns for confirmation of your setups, track those and see how their absence or presence affect your performance and which works best
- You can track individual criteria of your entry methods to find out which signals are adding the most to the prediction value. You can then differentiate between mandatory, “nice to have” and not needed criteria.
- Use a slot to track multiple entries and exits of your trades so that you are able to see how scaling into and out of positions impacts your performance
- Tracking the time frame you made your trade entry on can also help you understand your performance better
Not Just For Technicals
Another way to use the Custom Statistics, apart from dissecting your strategy even deeper, is by using them to track your psychological state. How is your performance when you are stressed out, when you did not get enough sleep, when you rushed through your day, when you had a workout in the morning, or when you had too many drinks last night? Does it affect your performance when you had an argument with one of your beloved ones or with your co-workers?
As traders, we have to perform at 110% all the time and small things can make a huge difference. If you think that a psychological barrier takes away from your performance, start tracking it and see whether you can find a correlation to negative results. Then eliminate that behavior.