Crypto trading diary? Ignore it and you will lose money!

What is a cryptocurrency trading journal and how does it work?

A cryptocurrency trading journal contains the record of all your trading activities and the reasons behind them. It helps you track and analyze your own trading activity.

As you follow a particular crypto, your activity should be followed: position taken, profit, loss, etc.

A well-kept journal can help you improve your skills as a trader or investor by analyzing your successes and failures. All successful serious traders keep a trading journal.

The trading journal not only records your actions, but also contains your trading plan and your intention and your Goals. Even your trading strategy ideas should be written in your journal.

Why is a crypto trading journal important?

The purpose of the crypto trading journal is to prevent you from repeating the same mistakes that cause you to lose money. The idea is that if there is a loss or if a strategy does not work, you stop trading to check what you’ve done and see where the shoe is holding.

This method is more beneficial than constantly switching from one strategy to another without analyzing your trading activity.

It’s like an airplane with flight complications. The airline is not just thrown away to buy a new one. But he investigated what happened to repair the damage. And this is possible because of the airline’s trading log, which is its black box.

You can always write a list of rules in your trading journal.
⚠️ Do we still need to apply it
The key is consistency and discipline 👉🧠#business #Trade discipline #tradingeducation #crypto #BTC #thought #pangutok #leaders #trade plan pic.twitter.com/ilPhIRrwlW

– Christelle Montillet (@lyricsdecoach) September 15, 2022

1 — The crypto trading journal is used to create trading strategies

Details of your market intentions and methods should be written in your trading journal. This will save you from buying and selling tokens randomly without planning anything.

2 — The trading journal contains your trading activities

You should take detailed notes, carefully document your trades, profit and loss targets, etc. We will see the list at the end.

This detailed information can be used to create a solid framework for your trading strategy.

3 — Trading journal to control your emotions

In general, entrepreneurs need to work hard on their psychological state. Your emotions will be influenced by different market conditions. However, keeping a trading journal can help you organize your thoughts and understand the emotional factors that influence each trade.

By writing down a plan that you stick to, you are less likely to regret or act too quickly. You just follow the plan. If it’s not good, we’ll analyze it later.

Things to put in your trading journal

It’s time to list what a trade journal needs. The latter can be stored in a notebook or an old diary or online in a spreadsheet such as Excel or Google Sheets. The advantage of the latter is that you have access to it via mobile.

Here are some important things to note in your black box!

• The time and date of any action
• Trade Execution and Order Types
• Crypto or traded pair (eg BTC/USD, DOGE/USD, etc.)
• Duration of the transaction
• Position size
• Distance and amount of take profit and stop loss
• Exit point and reason
• Entry point and reason
• Trading results (profit or loss)
• risk return ratio for each transaction
• Your trading goals
• Advantages and disadvantages of each strategy
• Mistakes made and their causes (such as not following the plan)
• Any other element that helps analyze your trading activity.

Which crypto trading journal platform is used?

A spreadsheet allows you to have a customized journal, but there are solutions that can help you.