Edgewonk: Diary Review
EdgeWonk is a specialized daily journal designed for cryptocurrency traders. This service is created to collect and analyze statistical data related to trading. Let's examine the functional capabilities of the trading journal, its user interface, available integrations, and pricing model.
Attention! This article is for informational purposes only and does not contain recommendations or calls to action.
The review has been prepared by the Trader’s Diary team. You can get Trader’s Diary by leaving your e-mail in the form below.
The review has been prepared by the Trader’s Diary team. You can get Trader’s Diary by leaving your e-mail in the form below.
Interface and Features of EdgeWonk
EdgeWonk is a tool for traders and investors designed to analyze and optimize their trading strategies. The journal assists traders in making more well-founded and informed decisions by considering past experiences and analyzing previous trades.
— Detailed trade analysis: EdgeWonk allows traders to record their trades in a journal, including entry and exit points, position size, stop-loss and take-profit levels, as well as reasons for opening and closing the trades. This creates a comprehensive history of trading actions and helps identify the strengths and weaknesses of the strategy.
— Analysis of results: Using EdgeWonk, traders can analyze their performance, including profits and losses, as well as the ratio of profitable to losing trades and other key indicators. This enables them to identify successful tactics and pinpoint areas that need improvement.
— Strategy Optimization: By analyzing the statistics of trading actions, EdgeWonk helps traders optimize their strategy, improving forecast accuracy, reducing risks, and increasing overall trading profitability.
— Detailed trade analysis: EdgeWonk allows traders to record their trades in a journal, including entry and exit points, position size, stop-loss and take-profit levels, as well as reasons for opening and closing the trades. This creates a comprehensive history of trading actions and helps identify the strengths and weaknesses of the strategy.
— Analysis of results: Using EdgeWonk, traders can analyze their performance, including profits and losses, as well as the ratio of profitable to losing trades and other key indicators. This enables them to identify successful tactics and pinpoint areas that need improvement.
— Strategy Optimization: By analyzing the statistics of trading actions, EdgeWonk helps traders optimize their strategy, improving forecast accuracy, reducing risks, and increasing overall trading profitability.
Performance Tracking
EdgeWonk is a valuable tool for traders primarily serving as a trading journal. It provides the ability to track your trading performance and manage all your trade-related data. It allows easy monitoring of changes in your win rate over time, tracks maximum drawdowns, and analyzes your largest profits and losses.
Furthermore, EdgeWonk comes equipped with a convenient "Tiltmeter." This graphical tool visually displays the frequency of your violations of your own trading rules. Similarly, the discipline effectiveness chart shows the number of mistakes you make in your trades over time. This makes it easy to observe how changes to your trading strategy impact your performance when using EdgeWonk.
Furthermore, EdgeWonk comes equipped with a convenient "Tiltmeter." This graphical tool visually displays the frequency of your violations of your own trading rules. Similarly, the discipline effectiveness chart shows the number of mistakes you make in your trades over time. This makes it easy to observe how changes to your trading strategy impact your performance when using EdgeWonk.
Entry & Exit Optimization
EdgeWonk offers algorithms that track all your trades with the aim of optimizing your trading strategy. These algorithms help determine the optimal timing for entering and exiting positions, select the most suitable types of orders, and efficiently place stop-losses. Utilizing this tool can significantly increase your percentage of successful trades.
For example, let's say you actively trade the S&P 500 E-mini and use several different strategies. However, research conducted using the EdgeWonk algorithm shows that your breakout strategy is the main reason for your losing trades. Based on this, the algorithm recommends discontinuing the use of this strategy.
Another example is the possibility of placing stop-losses too close to your order price. This can lead to premature closing of trades that could have been profitable under different conditions. EdgeWonk algorithms provide guidance on how to optimally widen stop-loss levels and set them correctly, which contributes to improving trading results.
Thus, EdgeWonk provides valuable insights and recommendations, helping you optimize your trading system, enhance its effectiveness, and ultimately increase your success in the market.
For example, let's say you actively trade the S&P 500 E-mini and use several different strategies. However, research conducted using the EdgeWonk algorithm shows that your breakout strategy is the main reason for your losing trades. Based on this, the algorithm recommends discontinuing the use of this strategy.
Another example is the possibility of placing stop-losses too close to your order price. This can lead to premature closing of trades that could have been profitable under different conditions. EdgeWonk algorithms provide guidance on how to optimally widen stop-loss levels and set them correctly, which contributes to improving trading results.
Thus, EdgeWonk provides valuable insights and recommendations, helping you optimize your trading system, enhance its effectiveness, and ultimately increase your success in the market.
Backtester
EdgeWonk allows you to compare multiple trading strategies. Simply define the entry and exit rules for each of them, choose the market and timeframe for historical data testing. Test results can be directly compared on the chart, and each backtest can be thoroughly analyzed to examine all the details of modeling individual trades.
Trade Simulator
When you have a statistically significant sample of trades at your disposal, EdgeWonk allows you to run simulated portfolios based on your trading activity. This tool displays multiple potential outcomes for your trading account if you were to use similar signals, timeframes, and styles but executed different trades. Thus, EdgeWonk helps assess the robustness of your strategy under various market conditions.
EdgeWonk Connections
EdgeWonk has the ability to record trades on various markets, including stocks, forex, futures, CFDs, cryptocurrencies, and commodity markets. This allows users to automatically import data from over a dozen popular brokers and trading platforms. Even if you use an unsupported broker or platform, there is always the option to manually import your trades.
The cost of using EdgeWonk
At the moment, you can purchase an annual license for EdgeWonk for $169. This package provides full access to the EdgeWonk trading software and includes trading journal tools and access to a trader development course.
Conclusion
EdgeWonk is a great tool for traders looking to improve their skills. The platform offers a simple and intuitive interface, as well as an extensive set of features.
However, EdgeWonk does not have a free option. If you're not willing to pay for a subscription to a service designed for storing and analyzing trading history, we recommend checking out TradersDiaries. It's a completely free dashboard for traders with no limitations on storing trade operations and connecting API keys. TradersDiaries collaborates with leading exchanges such as Binance, Bybit, and OKX.
However, EdgeWonk does not have a free option. If you're not willing to pay for a subscription to a service designed for storing and analyzing trading history, we recommend checking out TradersDiaries. It's a completely free dashboard for traders with no limitations on storing trade operations and connecting API keys. TradersDiaries collaborates with leading exchanges such as Binance, Bybit, and OKX.