From our work with hundreds of traders we found out that many traders have good intentions when they enter a trade, but once in a trade, things often go wrong. With Edgewonk we have developed a variety of different features and functions that analyze how you manage your trades so that you can find out what you should be doing.
When Edgewonk tells you what to do to maximize performance and minimize errors, it helps you avoid confusion and eliminates guesswork. Traders can then trade from a state of pure confidence and make much better decisions.
Set and forget – what to do in a trade
Especially for new traders, the “set and forget” approach can often make a big difference in their trading. Set and forget means that after you have entered your trade, set your stop and take profit orders, you simply do not touch the trade again until the stop loss or take profit is hit; the Trade Management area in Edgewonk analyzes your active trade management decisions.
The set and forget approach has two goals. First, it is the best way to build discipline. Once in a trade, traders are always hoping that a current loss could still turn into a profit or are worried that a current profit could turn into a loss. Then, these traders move around stop loss and take profit orders based on emotional responses and not based on sound price analysis. The set and forget approach forces you to sit on your hands and be patient – an important characteristic for every professional trader.
Second, in the Trade Management sheet of your Edgewonk trading journal, we analyze your potential performance. The yellow graph visualizes your performance if you hadn’t touched your trades after having entered them – the set and forget approach. This feature helps you understand if your trade management actions are really improving your performance or if they are making things worse.
Building discipline and identifying the best trade management approach are two things that can make a big difference in your trading.
Alternative Strategies – answering the what-if question
Traders are always wondering “what if!?” What if I would use a different stop loss strategy, what if I would apply another take profit method, what if I would enter your trades a bit earlier? Almost every trader has those nagging thoughts which can lead to sloppy trading and inconsistent results because they are always questioning their trading approach.
Edgewonk is aware of this immense problem and that’s why we have created the Alternative Strategies. With the help of the Alternative Strategies you can simultaneously analyze different stop loss, take profit, entry and trade management methods. Instead of opening a new trading account and tediously copying your trades using different ideas, simply analyze how a different approach would have performed and note the outcome in the Alternative Strategies. Edgewonk then compares the performance to your actual trading performance and you can see exactly what the best approach for your trading style is.
The Alternative Strategies are a time-saving solution to help you get rid of doubts and eliminate nagging questions. By understanding what you should be doing, you gain confidence and a new sense of clarity.
No more “what-if” and second-guessing
We at Edgewonk understand the struggles traders have on a day to day basis. By eliminating uncertainty and analyzing the best possible trading approach for your trading style, Edgewonk helps you develop new confidence which will then turn into much better trading decisions. A trader who does not have to worry about what he could be doing can focus on what is really going to make a difference in his trading – executing the best possible trades without having doubts.
Do you think you have problems with trade management and are not sure what to do once you are in a trade? Take a look at our 12-week trader development program where we help you uncover and overcome your weaknesses step by step.