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What Is A Trading Journal And How Useful It Is? Learn With KuCoin

What Is A Trading Journal And How Useful It Is? Learn With KuCoin

Introduction

A cryptocurrency is basically a digital or virtual coin that is almost impossible to counterfeit because it is protected by cryptography. They are made to be used as a general medium of certain exchange for purchasing goods or services and have their store values, which include ethw usdt. Journaling is a process that is required in most professions, not just the trading industry. Cryptocurrencies are generally decentralized, which means that any authority does not regulate them. Professional athletes review practices and games to find ways to improve their craft on and off the court, whereas doctors take notes on patients’ health and treatments. In general, keeping a journal and taking notes help achieve any goal in life. KuCoin is a pioneering and ambitious cryptocurrency player deadline with an array of currencies such as btc. Well, btc is considered as one of the top ranked currencies. Currently, the btc price varies from 15000 to 15638 euro. Since its inception in 2017, the exchange has experienced significant expansion and is now one of the industry’s leading players. Accordingly, the trade is ideal for new and experienced merchants who need openness to famous and less-known little-cap crypto tokens and resources.

What exactly is a journal of crypto trading?

A log you use to track your trades is called a trading journal. It keeps track of how well you trade and, more importantly, help you think back on previous trades and what went wrong. Many people don’t practice or enjoy writing down their thoughts and ideas regularly. However, you should quickly adopt this habit to become proficient in your craft. 

Maintaining a trading journal is the first step toward developing your discipline, and a disciplined trader is a profitable trader.

If you don’t keep a journal to keep track of your trading, you’ll probably forget parts of your analysis, trading plan, and warning signs to watch out for. You are most likely to repeat the same mistakes repeatedly, and your trading performance will never truly improve.

What does a trading journal contain?

A trading journal might include the following elements:

  •         Write down any notable news and events, as well as your biases and expectations, as you read the news daily to see how markets act.
  •         Develop a directional bias and generate trade ideas by utilizing fundamental analysis. Put them on paper.
  •         Find entry and exit points by utilizing price action and technical analysis. Put them on paper.
  •         Put down your strategy for risk and trade management.
  •         Keep an eye on open trades and pending orders.
  •         Adapt your trade and risk management strategy to new circumstances. Report these changes.
  •         After shutting an exchange, note the market’s behaviour and record why your exchange did or didn’t work.
  •         Consistently survey your exchanging diary and check whether there are any illustrations to be learned and changes to any of your cycles going ahead.

What advantages does a trading journal provide?

Keeping a trading journal has many advantages, including assisting you in determining your trading strategy’s strengths and weaknesses. It helps you make decisions without bias. One could decide whether reinvesting profits from crypto investments or crypto derivatives would be best for their portfolio. The fact that there are no judgmental errors or irrational beliefs in the final decision helps protect you from subconsciously having your investment goals influenced.

Whether you trade day or swing, keeping a trading log helps you stay on track with your strategy. It is easy to become distracted by winnings when trading with real money. You can begin to use sloppy entry points or acquire more cryptocurrency than usual after a run of profitable transactions. You will be less likely to rush into potentially risky trades if you have a trading plan to help you stay on course.

How can a trading journal be made?

A trading journal can be created using any spreadsheet application, like Microsoft Excel or Google Sheets, in which you record your actual trades and a written document, such as Microsoft Word or Google Docs, in which you add your thoughts. You can also start using a free trading journal template like the one made by KuCoin to tell the difference between a profitable trading strategy and one that can be avoided. Notwithstanding the thing layout you are utilizing, guarantee that you have every one of the important segments connected with each exchange. To make the journal more useful, you can also take screenshots of the trading charts you’ve been following and link them to the right trade on the sheet.

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