Ethereum Classic
$57.09 -1.41%
ETC · 3w

How Trader Journal Helps You to Improve Your Trading. Part 2

Tips & Tricks

In the first part of this article, I explained why keeping a journal is maybe the only way to a stable income in trading. If you haven’t read it yet, I highly recommend starting with this one. And here I will try to show you how to keep a journal as efficiently as possible, spending the minimum amount of time. The rest of the time you will spend drinking a cocktail on a white beach, spending the dollars you earned and remembering how you started your way in trading. 😎

How to start to keep journal

Laziness is the engine of progress. 📌 And it was laziness that gave rise to our trader’s journal. Why fill in manually what a computer can do? It is enough to add an API key and the journal will show all your transactions at once.

The first step is to add an API key (read only!) to the site. This can be done on the page “My API keys”. After successfully adding the key, all your futures trades will appear in the “My trades” section.

Filling in transactions

As we remember from the first part, every trade must have a reason to enter. This is one of the most important parts that I highly discourage beginners from skipping. When you enter a trade, it appears in the journal, and you immediately add the reason for entering. This will greatly help you avoid unnecessary trades and find working setups that are profitable, eliminating the reasons for entering, for which you regularly lose.

✔️ Have you noticed something unusual or want to highlight something special for the future? Write it down in the transaction description. Here you can add nuances or describe in more detail how the transaction proceeds. Did the price move in your direction, or did a pullback start immediately? A major player has appeared? Alternatively, you can write down the value of your secret indicator. That would then compare with the result of the transaction and make a conclusion.

✔️ The deal is closed. The profit (or loss) is fixed. It is...

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