Long time ago I created my own excel spreadsheet as my trading journal.
Recently I have come across Edgewonk. And since I am going to praise it , please note that I am in no way related or connected to Edgewonk.
Edgewonk is a trading journal based on MS Excel (2010 and higher) with standard features plus lots of custom inputs. You can check it out here.
It is related to Tradeciety which is a blog with trading tips and tips on using edgewonk.
My summary:
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It has a very good youtube channel with short videos about using it;
They offer a 12-week program not only about how to use the journal but also about how to improve trading using the journal (though you can get the same info from different edgewonk resources, here it is presented in a concise and easy to understand way);
Standard features like performance evaluation of individual traded assets as well as setups, equity curves, and trade management evaluation;
Custom inputs like custom statistics (tracking whatever you like, for example time frames, indicators performance etc.;
Simulator similar to Monte Carlo;
"Tiltmeter" evaluating emotions impact on trading;
Excellent support;
etc.
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It is excel-based which is not my favourite tool but its just my opinion.
Successful trading.
Hana
The following 2 users say Thank You to hadamkov for this post:
Are you still using it totantaz.
My issue with Edgewonk and the other manual ones that can't download trades is that we spend a lot of our time after the fact getting all the MAE MFE stats etc rather than purely grading the trades.
It can be a real pain.
Eg if I forgot to screenshot it because I was otherwise focussed then I have to go back and setup my chart as it was then, including restoring lines etc. I am not convinced this is the best possible use of limited time
The following 2 users say Thank You to hoolio for this post:
I am participating in that beta but I want to keep all my options open.
Time is incredibly short and I'd rather spend it doing things like deliberate practice.
2.0 has been out for three months. We are working with the guys to develop this tool for Sierrachart.
Will keep you posted when ready.
Thank you,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
The following 2 users say Thank You to mattz for this post:
As far as I know, the integration with Sierrachart has been completed and integrated.
Thanks,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
The following user says Thank You to mattz for this post:
i was playing with edgewonk for couple of days, and i didnt like 2 things:
1. it does not get any data so impossible to see best exits, ie how far the price went after your exit, its possible to update MFE manually, but this is no good. This feature is available in tradervue and its very valuable indicator to follow when analyzing trade management
2. if you enter with 3 clicks by 1 lot, it does not combine them into 1 trade, in short, it does not support scale in/out, splitting all scales into separate trades, and i think it is a huge disadvantage. they do explain that they do it intentionally, but maybe they could leave this for traders to decide, and select combine or split trades? this thing was actually the main reason i stopped using them. They suggest some tags etc, and say traders abuse scaling etc. But guys, thats what the journal is for, you have to journal the way you trade, not the way Edgewonk thinks you have to trade and measure yourself.
All the rest i like very much, interface, measurement of emotions etc.
please, just let me combine my scales into 1 trade!
maybe anyone here found a way around this problem in edgewonk?
The following 2 users say Thank You to sjegorov for this post:
and have to say, thats a very annoying attitude from supplier who charge one-off fee, with no subscription. this edgewonk is now just lost somewhere on the harddrive and i dont use this, just because of scaling.
indeed, got the reply from them, they are working on this one, looking forward !!!
Hello Sergei,
yes we are aware of it and we are trying to experiment with different ways to scale in and out of trades. We haven't found the right fit for Edgewonk as we don't just want to throw the data together.
We'll get there and the scaling in/out feature will be improved in the future for sure, but I cannot say when this will be available as we're trying to find the best fit.
Best regards
Rolf Schlotmann,
Co-Founder & Managing Director
Quantum Trade Solutions UG (limited / haftungsbeschraenkt)
I’ve used edgewonk and all in have found it ok. I don’t think it lends itself that well to scalping methodologies due to the time it takes to edit all the trade data, other alternatives are quicker I find.
What I would say is customer support generally has been very quick but I’ve had to use it a few times. It might just be me being dull but I found that I spend most of my time tweaking the software and trying to get things to display information how I want it to rather than actually using it for benefiting from journaling.
I don’t like the way it deals with break even trades for example and although broker import is good, it takes ages for me to input stop and profit targets in because I have to convert prices from 32nds and quarters to decimal.
I don’t want to sound overly critical but to me it feels like it’s a program aimed at the forex retail chart pattern swing trader which has been adapted to offer support for other ways of trading, I felt I couldn’t get it to work for how I trade.
The interface is good though and there are a ton of stats in there, most of which I won’t use - maybe that’s a mistake but I think they can often be superfluous.
I gave edgewonk a try as well but primarily stopped because it doesn't adjust well to scaling out and frankly adds more work personally for me than it eases my workload. One thing it incorporates is the psychological factor which journals don't and that's a good thing. The other thing is it doesn't take in the trade stats, how many ticks against you, and how far it went during the trade and so forth.
While it has its pros and cons, at the moment it doesn't suit my beginner needs, perhaps itd be of more value once i am trading live and am consistently profitable (god knows when) then it could be of use to take trading to the next level by managing the nuts and bolts of my setup.
I'm at the stage of creating my setup. If you haven't used it for long, try asking for a refund. I couldn't find any information about it online but emailed Rolf and he gave me refund. Nice guy.
To be fair I’ve had it for a year, you are right Rolf is a good guy and always quick to get back to you with help. I’m happy enough with the data stored in it not to need a refund but I’ve moved away from using it.
Sometimes I think the search for her perfect journal has become a “thing” just like the perfect method! I think some basic data to work with is the way ahead for me, at least for now
Yeah it is definitely a good program but for the reasons mentioned above i feel itd be best if i export the stats sierra chart offers and then make my own trade analysis manually by hand which will also get me to learn about how to calculate risk of ruin, how many possible streaks of losing trades I can have , how to calculate that, what amount of drawdown should i be able to withstand that the losing streaks bring on...and so forth.
All of which I need to consider because trading is all about a statistical edge in order to stay afloat and profitable consistently. In the future other analytic tools may /will be implemented into edgewonk, and perhaps this is a good time to get the program for a cheaper price before it gets marked up by demand.
Rolf just told me yesterday that scale outs are planned for january release.
There are also some minor things that need an improvement but overal the way edgewonk looks i like more than tradervue. Scaleouts will put this thing into higher league for sure.
Does anyone know about the scale/in out options now? For me this is the biggest issue with Edgewonk.
Another thing is that charts uploaded to Edgewonk can not be seen in full size. This means you will look at your charts in miniature mode (stamp size), and you have zero details to recap later.
To be honest it seems to me they have given up on any updates and are busy with other projects.
The following user says Thank You to Dingo666 for this post:
They have been so quiet for so long, without any significant updates. I still use it but wish we would hear more from them and their plans. If there are any.
Edgewonk has announced a new 3.0 version that will be cloud based. They are going to be
charging all of the current customers for use of this new version.
We have been waiting so long for some sort of update this was disappointing news. I personally will
be looking for a new journaling app. This turned out to be a disappointment .
Do you think is really necessary paying for a service like this?
Even MT4 has a decent trade log history feature, with statistics and all...
I prefer taking screenshots and making annotations in them, and separate by folder of successful trades and losers.
Creating a vlog is very important too. If you record your screen, then afterwards you record the recording, you fast forward the video to the parts where you took the trades. This way you turn a couple of hours video into 10 - 20 min video.
, please note that I am in no way related or connected to Edgewonk.
