Crypto trading journal: What Is a Crypto Trading Journal and Why Do You Need It?

Crypto trading journal

Crypto trading journal

However, the impact of blockchain games extends beyond the gaming industry, as students are increasingly drawn to the prospect of earning money while playing games. Many of these games simulate real-world trading and investment scenarios, allowing students to gain experience and knowledge without risking real money. All these have now created a significant impact on student’s career choices, with many choosing to pursue trading careers as a result. If you’ve been using trading journals for some time, then you probably know just how important tagging can be. TV provides you with the ability to suggest keyword tags that you can conveniently use to pull data and create meaningful reports. A trading journal includes the classification of a buy or sell order, trade size, executed price, trading strategies, commissions and notes.

We’re also a community of traders that support each other on our daily trading journey. Without a journal to track your trading business, the odds are pretty high that you’re going to forget pieces of your analysis, trading plan, and catalysts to watch out for. You’ll likely make the same mistakes over and over, and never see real improvement in your trading performance. Let’s review what you’ve learned so far from previous lessons about creating a crypto trading strategy.

How to use fundamental analysis to look at a cryptocurrency, develop a directional bias (“bullish” or “bearish”), and generate potential trade ideas (go “long” or “short”). Create your trading journal, all data are sync with your favorite crypto exchange. It’s a good plan because it provides you with the ability to key-in unlimited trades. The Gold tier is even better as it provides you with risk analysis – it goes for $49 per month.

You will be mesmerized by how easy things can get if you don’t rush and just focus on the things you’ve done and the things you can make better. A trading journal helps you see where you might be making mistakes with the handling of risk. Blain Reinkensmeyer (founder of has more than 20 years of trading experience with over 2,500 trades placed during that time. Referenced as a leading expert on the U.S. online brokerage industry, Blain has been quoted in the WSJ, New York Times, Fast Company, the Chicago Tribune, and other media outlets.

For example, day trading requires far more trades, time, and stress than buying and holding long. Log the trade details – This includes the ticker symbol, trade date, buy price $, total shares, sell price $, return $, return % . Other great data points to track include stop price, risk, and commission spend. Learning how to create a trading journal is the easy part, though.

Many projects could perform well over 2023, although many analysts tasked with finding the best cryptos to buy are returning to AltSignals as a fantastic opportunity for big returns. Whether other cryptos offer better layer-1 functionality is debatable, but Cardano has struggled with releases even during the current bear market. The project uses its cryptocurrency, ADA, to pay for gas fees on transactions, although its current gas price on Cardano is much lower than that on chains like Ethereum. The project has also been able to gain exposure as a result of its outspoken founder, Charles Hoskinson. The Ethereum ecosystem is a very popular choice for developers, and this could mean a high growth percentage over the coming years. Shiba Inu is a meme coin project that Dogecoin heavily inspired and, like most meme coins, began with very little utility.

You can overwrite them into any other pairs, depending on which markets you trade. But remember to also modify the column with Google Finance integration that gets you the conversion rate into USD. However, most of the useful features on Coin Market Manager are only available for paid plans. The free plan only allows you to enter trades manually, use the math lab tool, and link your CMM account to only one exchange.

Build your own trading journal using Excel

The rationale behind keeping a crypto trading journal is to track the performance and logic behind all your trade, in effect, justifying every move. As a crypto trader, if you want to improve and make consistent gains, you’ll need a system in place to make reviewing your trades a habit. A crypto trading journal is a profitable traders’ secret weapon. This article will show you how you can implement one for yourself and take your trading to the next level.

You can also upload a screenshot of the candlestick chart from your exchange that informed the target price and tag the screenshot with a reason for the trade. On the backend, this and other tags are used to create tag-based graphs summarizing all transactions made using the reason mentioned in each tag. A good habit to get into is to record your trades the moment after you execute them. That’s when they’ll be fresh in your mind, and you’ll save yourself time in the future. Note that, in this example, we’ve added a second tab that works like the written document we discussed above. There you can add all sorts of thoughts and comments to track your decision-making process and the results of the previous trades.

Crypto trading journal

And if you want to build something on your own, of course, then roll your sleeves up and open Microsoft Excel. If you don’t want to pay for third-party solutions and want to take full control of the features and functionalities, you can opt to build a spreadsheet trading journal from scratch. Microsoft Excel allows for the development of various features. If you don’t want to start from scratch, you can get a solid base using a free spreadsheet template from the web.

Create a thread of notes including links to your charts to talk about what you saw, why you entered, and anything else you think is relevant to mention. These will then allow you to filter through your trades later down the line, when you are analysing your performance. Identify the TAGS that feature most in your winning and losing trades, to learn more about where you need to improve, and where to manage risk.

Using a trade journal effectively can turn an unprofitable trader into a profitable trader. You can find a free trading journal template in the next section, but it’s also important to learn how to create one. You can customize your trading journal in a variety of formats to fit your trading style and needs. As long as you have somewhere to plan and document your trading activities, you’ll be set.

What is Ethereum?

In his book Trade Your Way to Financial Freedom, Van Tharp advocates finding the right strategy for you. The more you test different strategies and learn about yourself, the more successful you will be over time. As an example of how using a trade journal correctly can be effective, over a year and a half of day trading in my spare time I found that I wasn’t profitable. Trademetria is very basic as far as what data is tracked and what you can analyze, but it is easy to use and covers the foundation components of a reliable trading journal. He started trading forex five years ago, and not long after that, he picked up interest in the crypto and blockchain systems.

However, it’s important to note that trading cryptocurrency also comes with risks. The cryptocurrency market is highly volatile and can be subject to manipulation and fraud, which can result in significant financial losses for traders. Therefore, it’s crucial for students to thoroughly research any cryptocurrency they plan to invest in and to always practice caution when trading.

What are the risks of investing in Ethereum?

So holders of UNI believe that the ability to earn rewards by providing liquidity puts it among the best crypto out there. If we see a rise in the trading of projects with low market capitalization, Uniswap could continue to grow over the coming years. Whilst many trading journals will allow you to track your trades over different markets such as Forex and stocks, they are often more suited to one market over another. Crypto trading spreadsheets are a key partner to the trading journal. Moreover, they allow the trader to keep track of their portfolio and keep the journal from becoming too cluttered.

Cryptocurrency Glossary

When I’m losing on what seems like every trade, my journal will let me know loud and clear. A well-kept journal assists you in developing your trading skills in the financial market while also making you accountable for your wins and losses. They are not only valuable for the crypto market; every trader who is involved in the financial market (forex, stocks, etc.) needs them.

Better tiers exist namely Premium at $50 per month and Elite at $80 per month. Lastly, if you fancy the idea of sinking your teeth in tons of data, TraderSync’s robust reporting system will certainly work for you. Don’t get us started on the fact that you can drill down the stats needed all thanks to the built-in filtering tools.

Recording each entry is bound to keep you occupied and can distract you from making important observations. Although not all these elements have to be in your crypto trading journal, it pays to have most of them. A story that ultimately defines your trading principles and strategies.

Journals can be beneficial to both beginners and professionals. For professionals, it will fine-tune their strategies and make it easier to deep-dive in detail and analyze. Most of our crypto trading losses come from a set of trading mistakes. Once you have analyzed the patterns to identify which crypto trading mistakes are making you lose money, you can focus on ensuring and avoid them. If you are just getting started trading and you don’t need to bulk upload a long account history, consider trying the free version.