Edgewonk and Myfxbook are two of the most recognized names in forex performance tracking, but they are fundamentally different tools. Edgewonk is a paid trading journal focused on self-analysis and behavioral improvement. Myfxbook is a free broker-connected analytics platform with social and community features. The comparison matters most to traders deciding whether they need a true journal — or just a dashboard.
Quick Comparison
| Feature | Edgewonk | Myfxbook |
|---|---|---|
| Pricing | $169/year | Free (ad-supported) |
| Pricing Model | Annual subscription | Free / freemium |
| Trade Journal | Full — notes, rationale, tags | None |
| Psychology Tracking | Yes — Tilt-O-Meter, discipline scores | No |
| Broker Sync | Manual CSV import only | Direct sync — 200+ brokers |
| Mobile App | No | Yes (iOS + Android) |
| AI Features | No | No |
| Community | No | Yes — public portfolios, leaderboards |
| Best For | Discretionary traders focused on self-improvement | Traders wanting free automated performance tracking |
Edgewonk Overview
Edgewonk is a browser-based trading journal designed around the psychology of trading improvement. At $169/year, it targets serious discretionary traders who want to understand why they win and lose — not just when.
Key features:
- Tilt-O-Meter: tracks how emotional state correlates with trade outcomes
- Setup tagging and win rate analysis per setup type
- Entry and exit quality scoring (1-10 scale)
- Equity curve, R multiple distribution, and session-level analytics
- Discipline score tracking with rule-based checklists
- Post-trade notes and trade rationale fields
Pricing: $169/year (~$14.08/month). A 14-day money-back guarantee is offered.
Pros:
- Most thorough psychology and behavioral tracking of any trading journal
- Detailed per-setup analytics help identify your actual edge vs perceived edge
- Clean interface purpose-built for journaling workflows
Cons:
- No live broker connection — every trade requires manual import
- No mobile app, which limits in-session logging
- Annual subscription model means costs compound: $338 at two years, $507 at three
Myfxbook Overview
Myfxbook is a free forex analytics platform that connects directly to your broker account and pulls trade history automatically. It started as a portfolio-sharing tool and has expanded to include analytics, a social community, and an AutoTrade copy-trading service.
Key features:
- Direct broker sync — connects to 200+ brokers via account URL or API
- Performance analytics: win rate, profit factor, drawdown, trade duration
- Public portfolio sharing and community leaderboards
- Economic calendar and market data tools
- iOS and Android mobile apps
- AutoTrade: copy-trading service (paid, separate from analytics)
Pricing: Free for analytics and portfolio sharing. AutoTrade plans start at $9.95/month.
Pros:
- Zero cost for core analytics functionality
- Automated broker sync eliminates manual data entry entirely
- Mobile apps allow real-time portfolio monitoring from anywhere
- Public portfolio feature is useful for building credibility or applying to prop firms
Cons:
- No journaling capabilities — cannot log trade rationale, notes, or emotional state
- Ad-supported interface can feel cluttered
- No behavioral or psychology tracking whatsoever
Feature-by-Feature Comparison
Trade Journaling
This is the most important distinction. Edgewonk is built around journaling — you log why you took a trade, what your emotional state was, how well you executed the entry and exit, and what the setup was. Every field feeds into analytics that show you patterns in your behavior, not just your numbers.
Myfxbook has no journal fields. There is nowhere to write a trade note, tag a setup, or log that you broke your rules. The platform knows what trades happened; it does not know why. For traders who want to diagnose their own tendencies — overtrading after losses, oversizing during drawdowns, skipping trades during winning streaks — Myfxbook offers no data.
Psychology and Discipline Tracking
Edgewonk’s Tilt-O-Meter correlates your self-reported emotional state (scale of 1-10) with your trade outcomes. After 50-100 trades, you can see whether your win rate drops when you’re trading angry, or whether your average R multiple improves when you stick to your defined setup criteria. This is the kind of behavioral feedback loop most traders never build because it requires consistent logging.
Myfxbook offers no equivalent. There is no mechanism for tracking discipline, emotional state, or rule compliance.
Broker Integration and Data Entry
Myfxbook wins this category clearly. Once connected to your broker, trade data syncs automatically — no imports, no spreadsheets, no copy-pasting. The setup takes under ten minutes for most supported brokers, and the data is available in near real-time.
Edgewonk requires manual CSV import from MT4/MT5 or direct entry. For active traders placing 20-plus trades per week, this friction is real. The upside is that manual entry forces a review process that passive sync does not — but many traders find it a barrier to consistent use.
Analytics Depth
Both platforms offer more than surface-level statistics. Edgewonk calculates R multiple distributions, session-level performance, setup win rates, and equity curve analysis. If your average winning trade is 2.1R and your average losing trade is -1R, Edgewonk shows that clearly alongside the frequency of each.
Myfxbook’s analytics cover similar ground — drawdown, win rate, profit factor, trade duration, and pip-level returns. Its drawdown tracking is particularly good, showing both absolute and relative drawdown with time-series charts. However, because Myfxbook has no setup tagging, you cannot filter analytics by trade type. Every stat is across your entire account, not segmented by strategy or setup.
Pricing Breakdown
| Time Period | Edgewonk | Myfxbook |
|---|---|---|
| 1 month | ~$14.08 | $0 |
| 6 months | ~$84.50 | $0 |
| 1 year | $169 | $0 |
| 2 years | $338 | $0 |
| 3 years | $507 | $0 |
Myfxbook is free, which changes the cost comparison entirely. Traders who only need automated performance tracking have no financial reason to pay for a tool like Edgewonk unless they specifically need the journaling and psychology features.
If you are comparing total cost of ownership across multiple years, Edgewonk at $169/year adds up. After three years, that is $507 — more than most one-time lifetime tools cost.
Who Should Choose Edgewonk vs Myfxbook
Choose Edgewonk if:
- You run a discretionary strategy and need to analyze your own decision-making patterns
- You are preparing for or working within a prop firm challenge and need to track rule compliance
- You are willing to log trades manually in exchange for richer behavioral feedback
- Psychological edge and discipline improvement are your primary focus
Choose Myfxbook if:
- You want a free, automated view of your broker account performance
- You trade algorithmic or systematic strategies where rationale logging adds no value
- You want to share your live track record publicly or compare performance with other traders
- You are a beginner not yet ready to invest in journaling software
Our Verdict
Edgewonk and Myfxbook solve different problems. Edgewonk is a journaling tool that helps traders understand their behavior — it requires manual effort but returns behavioral insight. Myfxbook is an automated analytics dashboard that requires no effort but returns no behavioral insight. If your primary need is psychology tracking, setup analysis, and self-coaching, Edgewonk is the better tool. If you want free, automated reporting from your broker with a social layer, Myfxbook delivers that well.
Neither platform offers AI-powered behavioral analysis. If you want journaling depth plus AI pattern recognition built specifically for forex, PipJournal is worth a close look — it is $179 one-time with no annual renewal, built exclusively for forex, and includes an AI co-pilot that Edgewonk and Myfxbook do not offer.
Frequently Asked Questions
Is Myfxbook a trading journal?
Not in the traditional sense. Myfxbook pulls trade data from your broker automatically and displays analytics, but it has no fields for logging entry rationale, emotional state, or trade notes. It is an analytics dashboard, not a journal.
Is Edgewonk worth the $169/year?
For active forex traders running discretionary strategies, Edgewonk’s psychology tools and journaling depth are among the most thorough available. If you trade fewer than 30 setups per month or want a fully automated solution, the price may be harder to justify.
Does Edgewonk connect directly to brokers?
No. Edgewonk requires manual CSV import or copy-paste entry. There is no live broker sync. Myfxbook has the clear advantage here with direct connections to over 200 brokers via account URL.
Can Myfxbook track psychology or discipline?
No. Myfxbook offers no emotional tracking, discipline scoring, or behavioral tagging. If those are important to you, Edgewonk or a dedicated trading journal is the better choice.
What is the cost difference over two years?
Edgewonk costs $338 over two years. Myfxbook is free indefinitely. However, if you need journaling features that Myfxbook simply does not offer, the comparison is less about cost and more about whether each tool matches your workflow.
Is there an alternative to both for forex traders?
PipJournal is worth considering. Built exclusively for forex, it costs $179 one-time — no annual renewal — and includes AI-powered behavioral analysis alongside full journaling. See also Edgewonk vs TraderSync and Myfxbook vs Tradervue for more context on where these tools fit in the broader market.