If you're a trader, you most likely, hopefully have a trading journal. If you're not a trader yet but you're thinking of becoming one, you should probably familiarize with what a trading journal is, how to set it up and how to use it. At first it may look like another task that you don't want to do but trust me, it's going to play a central role in your plans. Most professional traders use it and not only them. There's a good reason for that. If you want to evaluate not only your portfolio, but your trading evolution, you need clear data, accurate data to do that. How else are you going to see how well you've done.
A trading journal is one of the most effective tools for performance management. It is where you record and review daily trades for better output and for future reference. A journal can help you track progress as well as study mistakes made when entering or exiting a trade. In the long run, these reports can act as the foundation for better executions. source
This quote above mentions two important things regarding keeping a trading journal: track progress and study mistakes.
With all the madness going on these days in the crypto world, things are speeding up and it's easy to miss the details, that can cost you dearly in the future.
Yesterday I've spent quite a few time updating my journal and I'm happy it's done as it can help me now, to see clearly what, how much I hold, the entry price, when I'm planning to take profits and exit.
Pen and paper is also good for those who like old school but in a digital era it's nice to have a journal with some functions that can save you time and also money, as time is money these days. We're in the middle of a bull market. No to mention you have it wherever you go and don't have to carry your notebook with you.
Today I'd like to recommend you two trading journals, two very different ones.
This is a complex one, coming from @ paulag, who's running @ theexcelclub.
Here's a video about how to set up your crypto portfolio tracker.
The bonus here is that you can see how much every asset you hold means of your portfolio.
The other comes from Binance. Actually you can find a nice article about what a trading journal is and how to set up one, here -> What Is a Trading Journal and How to Use One
It's a very simple but effective one. You have all you need to help you track your portfolio. Save your own copy, update it every time you make changes in your portfolio and you're good to go.
It took me some time to update mine and I'm glad I could finish it yesterday. Now I know I have a tool I can rely on to help me make the best decision when the time comes.
Join me at Bybit and get $10 bonus in BTC! Plus, up to $600 worth of rewards await in your Bybit Rewards Hub.
Get started with my referral code: m3yjA
https://www.bybit.com/en-US/invite?ref=m3yjA
