We get dozens of emails each day and we noticed that some questions come up over and over again. That’s why we compiled the 5 most frequently asked questions in this article. And if you have any other questions around Edgewonk, don’t hesitate to contact us; we are more than happy to help you with anything that comes across your mind.
1. How can I use Edgewonk in the cloud?
You can use Dropbox, Google One Drive or any other cloud based service to access your Edgewonk trading journal from different computers. After saving your Edgewonk trading journal for the first time, you will notice that Edgewonk creates two new files (see the screenshot below). Place these two files in your cloud and install the Edgewonk application (the file with the robot – the Wonk – head) on the computer you want to access your trading journal from. And that’s it.
PS: If you install Edgewonk on a second computer, you have to open and close your journal once. Afterwards, you can then choose to open your saved data from your cloud.
2. Can I use Office365 with Edgewonk?
Edgewonk requires you to have Excel 2010 or newer. But the good news is that Microsoft is now offering Office365 which is a subscription based version and it also works with Edgewonk. There are two versions; the first one costs $ 6.99 per month and it gives you access to all the Office programs. The second version is where it gets really interesting; it comes at $9.99 per month but you can share it with 4 other people, which brings the cost down to $2 per month, and you also get 1Terra Byte OneDrive cloud storage per user.
You always get the latest updates for all Office products and many of our Edgewonk users have taken advantage of this deal already.
3. What is the difference between the RRR (Reward:Risk Ratio) Realized and R-multiple?
The RRR Realized and the R-multiple are similar statistics but interpreting the numbers is very different.
The R-multiple is probably what most traders are used to and it’s more of a performance measurement; an R-multiple of +2 says that your trade was a winner and that you made twice the amount of the initial risk; an R-multiple of -0.5 says that you had a losing trade, but you cut your loss in half. [read more about R-multiple here]
The RRR Realized is a proprietary measurement that analyzes the overall trade distance and it cannot turn negative, which sometimes causes confusion. For example, a losing trade where your “Planned RRR” was 1 and you exited at your stop loss still has a RRR Realized of 1 (whereas the R-multiple will be -1).
The RRR Realized allows you to immediately compare it to your initial (planned) RRR and to analyze your trading behavior.
If you believe that the RRR Realized does not offer any helpful information to your trading, don’t let it distract you and instead focus on the R-multiple. Edgewonk offers a variety of different measures so that each user can choose what he feels most comfortable with.
4. Do I have to track all my trade data?
Edgewonk comes with a lot of different features, but the truth is, not every person needs all the functions all the time. You might start out only using the emotional and psychological functions to work on your mental game and as you progress, shift towards the Updraw and Drawdown statistics to work on your order placement. Further down the line, you might decide to start tracking alternative strategies to find a better stop loss method and then start making use of the grading and the Custom Statistics to separate your trades and to create a better risk management strategy.
The point is, although Edgewonk offers so many different functions, you should take it step by step and work on one area of your trading at a time. Here is another article that discusses this topic:
Only track what you really need to make improvements fast!
5. Help, where is my save button?
In the newest Edgewonk version, we improved the stability and functionality of the saving process to allow for cloud storage, among other aspects.
If you see a greyed out Excel save symbol, it doesn’t mean that you can’t save Edgewonk or that you have to close Edgewonk and wait for Excel to ask you to save; this doesn’t work always and you might lose some data.
Simply click on “File” and you can see the save option.
Tip: You can create as many save files as you wish to track different accounts or use Edgewonk in any other way.