Your first steps in Edgewonk
When you get your new Edgewonk trading journal, you are ready to get and start journaling right away. There are g only a few things you should do first to ensure that you have the best journaling experience with Edgewonk.
The screenshot below is what you will see when you open Edgewonk for the first time. It’s still empty but we will soon fill it with life. So first, head over to the Settings tab – where the arrow is pointing to.
Step 1 – select your markets and make a deposit
In the settings, you can first choose where market(s) you are trading. You can also make multiple selections if you want to track more than one market in your journal. Then, you can record your initial deposit to make sure that Edgewonk has the same starting balance as your brokerage account.
Step 2 – Creating your first comments (optional)
Actually, you’d be ready to start journaling already by now, but we recommend setting up your first trade comments as well which you can then use later on.
On the left, use the navigation to go the “Entry, Exit, Trade Management…” section. Here you can now enter comments that you can then use during your trade input to tag your trades. The dropdown allows you to switch between comments for the trade entry, exit and trade management. Below are a few examples so that you understand what we mean:
|Too early||Stopped out||Scale-in appropriately|
|Too late||Too early – No patience||Stop too tight|
|Impulsive entry||End of day exit||Widened stop loss|
|Not in trading plan||Reason to exit||Added to a loser|
|Hesitated||Too late – greedy||Widened take profit order|
Ideally, the comments are tailored around your weaknesses, problems and strengths and you can then later analyze those tags and trades in depth – we will show you how to do that.
The column called “Rating” defines whether the comments describe a positive, a negative or a neutral trading action. For example, a comment called “Good exit” needs the rating “positive”, while the comment “Widened my SL” is a “negative” comment.
The rating then influences the way your Tiltmeter shows up in your trading journal and you can use the tags and the Tiltmeter to analyze your trading performance.
Now, you are ready to go and start journaling your trades. You can go ahead to our next article where we explain how to enter your first trade:
How to enter your first trade in Edgewonk