Crypto trading journal app
Meticulously recording your trades, calculations, and moves during a trade will help you have detailed notes. You can use the detailed notes to form a robust framework for your trading strategy. This framework can determine your trade success and help you avoid making inconsistent moves. Different market situations will affect your emotions.
However, a trading journal will help you organize your thoughts and understand the emotional triggers behind every trade. When you master the strategies that work through journaling, you can make better trading decisions with proven strategies and not from emotion. In addition, a consistent strategy will help you stay focused in different market situations. It Notes Your Strengths and Shortcomings Since you would be able to see the trigger behind every trade you take, you can use the information to correct yourself and reinforce better trading decisions.
Keeping a journal will also help you to be more accountable for your errors, considering you will be able to know the decisions that lead to the best trading results and the ones that might need some adjustments. Doing this will help you optimize your trading strategy and incorporate adjustments into your strategies.
It Helps You Set Up a Growth Plan By measuring some critical aspects of your trades, you can set goals for yourself to get better results. The goals can be to increase your win rate, reduce your average risk per trade, let every trade run to the end no matter the market conditions, or even lower the rate at which you make mistakes.
Elements of an Effective Trading Journal It is time to see the important things to include in a trading journal. Your trading journal can be in a book or diary; it could also be online in a spreadsheet like Google Sheets and Microsoft Excel or a Word document.
You will have to create your trading journal with information relevant to your style. Some keys components you can include are as follows: Date and time Trade execution and order type Trading Instrument e. The information can include: Your trading goals Strengths and weaknesses in each trade Your thoughts on trades Aspects that need adjustment or reinforcement You can also add screenshots of your trade setups and other important information.
The main thing to note is that your journal should fit your trading style and cover important information for improving your trades. Let's quickly look at three platforms that offer journaling services. Coin Market Manager Coin Market Manager CMM is a portfolio manager and cryptocurrency trading journal packed with a fair number of practical and appealing features.
The system prompts you to upload your trades manually when you create a journal. This way, the journaling process becomes automated as CMM will automatically categorize your opened and closed trades. Coin Market Manager services come in different packages. As much as CMM is a great tool, it locks its best features behind the subscriptions.
TraderSync TraderSync is another platform designed to record and track your trades. Newer traders will find that one of the most basic recipes for success is meticulous record keeping, simply observing your account profit and loss go up, or just down as the case may be, is the first step on the road to ruin if your serious about trading. I use it DAILY and have noticed the vast improvements being made, not only in profit but also in my mental approach to trading.
This is a must-have tool and is more important than any indicator you could ever use. They offer extensive statistical data at an amazing price that almost seems too good to be true. You have access to an amazing support team that seems to be active at all hours of the day.
My support agent helped me through a complex import issue and had it solved within 24 hours. I can't tell you how blown away I am with their software and their service. I'm more than happy with my experience and so excited to see what new features they bring to the table as they continue to grow their business. If you're on the fence, I encourage you to jump right over and take it for a spin with their risk-free trial.
Thanks to all the TradesViz team members who continue to make my Trade Journaling efficient and effective. Yours is night and day over them all. I particularly appreciate the degree of available customization and your quick, ever-patient response to support requests. I have a small trading account. Thank you for offering such a sophisticated program at an affordable price. It takes the chore out of journaling — the number of stats, data, and information available on my trades is a complete game-changer.
The importing process via MT4 file is extremely easy and the automated charts with entries are amazing. The whole process is extremely easy and helps to keep me accountable for my trading by having a professional system to manage my business. The platform is very comprehensive and takes a bit of time to get used to, but they have many videos on their YouTube to help with this as well as their support team.
Their support is exemplary and gets back to all my queries in well under 30 minutes with comprehensive answers and solutions to my questions. This platform is absolutely essential for any trader and I would highly recommend it to any of my trader friends looking for a journal.
Certainly one of the best online support I have ever experienced. Even though it took a while for me to get my settings right, I never felt rushed I appreciate that. Hope to stay with you guys for a long time. Certainly would like to learn how to utilize most of the features on TradeViz.
I also don't know of any other trading journals that offer so much for the price, their free version has pretty much everything you would need if you trade stocks and offer so many of the paid features that are on other websites for free. They have templates for almost every broker and if it's not there, their support team is only 1 email or message away and will work with you to include your broker on their platform.
By far the best support I have gotten from any trading journal as they are open to feedback and feature requests and are very active on their chat for any questions. A trading journal built by traders, for traders. I had to learn the hard way.
PREPAID FOREX CARDS
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But it doubles up as a crypto trading journal that offers interesting and useful features, which make it stand out among all the other platforms listed herein. For starters, when you create a new journal on Coin Market Manager CMM , it prompts you to upload your trades manually or use its automated feature. It then calculates your risk. 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. CMM also offers these additional features: Math lab: allows you to calculate various parameters such as the consecutive loss percentage and risk associated with a trade.
Performance graphs and reports. Notes: This tab shows the uploaded screenshots and additional reasons you may have typed while entering the trade. 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. CryptoJournal CyptoJournal offers many useful solutions that make trading easy and the learning process associated with analyzing records a breeze.
It was created as a collaborative effort involving a group of traders, programmers, and entrepreneurs. Their guiding principle was that, although trading journals used in other financial markets exist, their solutions are not suited for crypto traders. CryptoJournal is tailored to meet the demanding needs of crypto trading and the volatility of the market.
CryptoJournal has the following features: Performance graph. Calculator tools, e. Emotion tracker. Screenshot upload option. The graph summarizes your trading history and updates whenever you close a particular trade. This tool enables you to track your performance and the lessons learned from trading.
It also allows you to review the exact days, weeks, and months you trade. In doing so, you get to identify a pattern, the mistakes made, and lessons learned according to the date. The screenshot upload option provides a visual basis for your decision-making, enabling you to understand the reasoning behind each trade.
However, all these features come at a cost. CryptoJournal does not have a free subscription. Every user has to pay a subscription fee, depending on the chosen plan, i. Additionally, the platform is not as robust and reliable as the web copy purports. You are likely to experience some downtime, especially in the registration phase. TraderSync Although TraderSync markets itself as the ultimate stock trading journal, it still enables you to record and track cryptocurrency trades.
You can add a trade either manually or by importing a. You have to specify the broker or trading platform you conduct your trades on while importing the file. TraderSync is a very user-friendly platform that is easy to understand.
It is available as a website and as a smartphone application. As such, with this crypto journaling platform, you can journal on the go. TraderSync offers the following features: A dashboard that displays your open and concluded trades. You can mark trades you consider mistakes. TraderSync is available in three different plans: free, pro, and premium.
It is a spreadsheet with pre-built formulas and pre-defined column headings that describe what entries the column should have. The table is divided into sections, e. The other sections follow a similar pattern. Besides recording trades, the Trading Journal Spreadsheet also enables you to analyze the trades to establish their performance and identify trends. The analysis sheet consists of tables summarizing various aspects of crypto trading.
These tables show the following performance tracking categories: Trades that you lost or won. Your performance according to the days of the week. Entry strategies. A summary of mistakes made, their frequency, and how much they cost you in earnings.
It also supports other financial instruments, i. However, it is less user-friendly than other crypto trading journals because it is merely an Excel spreadsheet. Once you do this, MCJ will automatically update trades as soon as you make them. A section in which you can input the reasons for entering trades. Position size quantity. Average entry price. Performance report.
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