Ease of Use
EdgeWonk is a digital trading journal, though it’s so much more than simply a piece of software. It allows you to track behavior, interpret data and optimize your trading systems based on a wide array of variables. Find out what we’ve discovered in this EdgeWonk review.
- Track your trading
- Draw insights from the massive amount of data that your trading produces
- Proprietary algorithms that can point you to the biggest leaks in your trading
- Simulate model portfolios based on your trading style to spot long-term risks
- Need statistically significant amount of trades to gain from the insights
- Much better for short-term, active traders
EdgeWonk is a digital trading journal, but it serves as much more than just a piece of software for logging your trades. It is more of a trading behavior tracker that interprets the data you feed into it and enables you to optimize your trading systems.
Needless to say, it’s vitally important to track your trading and learn from your mistakes. Listen to any interview with a decent trader, and at some point they’ll suggest a trading journal. EdgeWonk aims to take your scribbled legal-pad or Excel spreadsheet to the next level.
So, is EdgeWonk the right trading journal for you? Keep reading our EdgeWonk review to find out.
Currently, you can purchase a EdgeWonk license for $169 per year. This includes complete access to EdgeWonk’s trading software, journaling tools, and a trader development course.
EdgeWonk is first and foremost a trade journal. As such, it’s an invaluable tool for tracking your trading performance and managing your trading data. You can easily view your win rate as it changes over time, your maximum drawdown, and your biggest wins and losses. You can also track your performance on a daily basis and view a calendar showing your profits and losses.
Another handy feature is EdgeWonk’s tiltmeter. This is a graph that visually displays how often you have broken your own trading rules. Similarly, a discipline efficiency chart plots the number of mistakes you’re making in your trades over time. It’s easy to see if any changes you make to your trading strategy while using EdgeWonk are having an effect.
Entry & Exit Optimization
EdgeWonk has algorithms that look at all of your trades and help you optimize your system for timing entries and exits, choosing order types, and placing stop losses. A tool like this can serve to drastically increase your win rate.
As an example, say you’re trading S&P 500 E-minis. You may be using multiple different stratgies, but it’s your breakout strategy that has been the biggest contributor to your losses. EdgeWonk’s algorithm will pick up on the fact that your breakout trades are consistently losing money and make it clear you should stop trading them.
Another example is that you may place your stop losses too close to your order prices. This can shake you out of a lot of trades that would have been profitable if you had a wider stop loss. EdgeWonk’s algorithms will not only tell you to widen your stops, but how to set them better.
EdgeWonk includes a backesting tool for comparing multiple trading strategies. Just set the entry and exit rules for each strategy and choose the market and timeframe for your backtest. You’ll be able to compare the results head-to-head in a chart, plus dive into each backtest to see all of the individual trades that were simulated.
When you have a statistically significant sample of trades, you can use EdgeWonk to run simulated portfolios based on your trading activity. This shows you multiple possible outcomes for your trading account if you traded using similar signals, time frames, and styles, but just made different trades. This shows how robust your strategy really is to different market conditions.
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Advanced Trading Classifiers
EdgeWonk brings a ton of data to bear about each of your trades. It takes note of macro events that occurred around your trade, such as whether the market was trending or trading in a range, whether there was in FOMC meeting, or whether the US President was speaking at the time of your trade.
We think that EdgeWonk’s psychological classifiers are the real game-changers to this platform. EdgeWonk has classifiers for your emotional state at the time of each trade. For example, you can write “tired, forgot to have coffee,” or “feeling great,” and apply those classifiers to any trade. Additionally, you can attribute an emotion to why you exited a trade, like “impatience” or “greed.” Over time, you will collect enough data to know what emotions and psychological states are holding back your trading the most.
Compatible Assets & Brokers
EdgeWonk can log trades across all markets, including the stock, forex, futures, CFD, cryptocurrency, and commodity markets. You can import data automatically from more than a dozen popular brokers and trading platforms including:
- Custom Excel
- Dukas Copy
- ForexTester 3
- Global Prime
- IG Forex
- Interactive Brokers
- MetaTrader 4 & 5
- NinjaTrader 7 & 8
- Optimus Flow
- Sierra Charts
- TD 365
- TD Ameritrade
- Think or Swim
If you use a broker or platform that isn’t supported, you can always import your trades manually.
How Does EdgeWonk Compare?
Our EdgeWonk review has found that this platform stands head and shoulders above a lot of its competitors. It’s not just a simple trading journal. Rather, EdgeWonk is a data-driven trade analytics tool that includes all of the basic features of a trading journal.
Although there are other trading journals out there, like TraderVue and Profitly, none of them include the same in-depth data analysis tools that EdgeWonk provides.
Read more of our reviews to see how EdgeWonk compares to other top trading journals:
- Tradervue Review (Comprehensive Reporting)
- Tradersync Review (Feature-Rich)
- Chartlog Review (Great Charts)
- Profit.ly Review (Great Community)
- Trademetria Review (Multiple Assets)
- Kinfo Review (Great Social Features)
What Type of Trader is EdgeWonk Best For?
EdgeWonk is an excellent piece of software that, broadly speaking, we think can help any trader improve their discipline and refine their trading strategy. Based on our review, active traders, including day traders and swing traders, will get the most out of this platform. They can readily utilize EdgeWonk’s trade analytics tools to get insight into things like entries, exits, stop losses, and the psychological factors that affect trading.
The longer your time horizon, the less actionable EdgeWonk becomes. That’s simply because EdgeWonk needs trade data to be effective. If you only place 10 trades per year, it’s going to take a very long time to build a statistically significant set of data from which EdgeWonk can draw insights.
Is EdgeWonk Worth It?
We’d argue that any active trader who isn’t using EdgeWonk is missing out. This platform can easily pay for itself in just a few trades, either by helping you avoid losses or by helping your optimize your strategy and earn bigger gains.
It’s unfortunate that EdgeWonk doesn’t offer some sort of trial or money-back guarantee, as this means you have to commit to an entire year before you even try out the software. However, we think day traders and swing traders will be glad they gave EdgeWonk a chance.
2 thoughts on “EdgeWonk Review – Trade Analysis and Journal”
I have a similar opinion but i think if you are good at excell it is more than useless. You waste a lot of time due to the simplicity of the places you put the inputs. In excell i made the same backtest in 20% of the time. The only advantage it is the functions they have to analyse yours trade. But if you are smart and willing to learn you can do almost the same in excell. By the way muuuuch more faster.
As a 40+ year trader and a user of Edgewonk (and others) since their inceptions, I disagree with your comment. Best of trading. -hg