All traders know that emotions and discipline are very important influencing factors in trading. Just think about your own trading for a moment and ask yourself how your equity graph would look like if you were able to control your emotions and your discipline better!?
But as you probably know, it’s not as easy as just deciding to stop repeating the same mistakes. Once we sit in front of our charts and have to make trading decisions and need to manage our live trades, our rational thinking usually takes a backseat and we give in to impulsive and emotional thinking. We all have been there.
In Edgewonk, we developed the Tiltmeter as an effective way to help you improve discipline and emotional decision making. The Tiltmeter analyzes and visualizes how well you execute your trades and it shows your level of discipline. But it also acts as an invisible mentor who is always looking over your shoulder and with the Tiltmeter-challenge, traders can significantly improve their discipline.
The Tiltmeter column can be seen in the journal tab.
For the Tiltmeters bar in the journal to work, you must create trade entry, exit and trade management comments in your settings (read more) and rate each entry positive, negative or neutral.
Once you enter a new trade, you can assign those comments to your trades and the Tiltmeter bar will then adjust accordingly.
The Trade Comments are located in the "Add a trade" popup under the Advanced Trade data tab.
Read more: Add a trade step by step