Why you should keep a trading journal

Author: Rj
Rj on August 22, 2020

Whether you follow the fundamentals or trade soley on technical analysis, keeping track of one’s trading activity is a necessary exercise that every investor must learn to do.

SpacePhoto by Jessica Lewis from Pexels

This list of trades, more often referred to as a tracker or trading journal, provides you with quantifiable metrics to measure your strategy’s performance so you can tweak and adapt to whatever direction the market decides to move.

How do I start a trading journal?

There’s quite a few options available to us. Let’s go over some of the ways in which we can keep a trading journal;

1. Third-party trading journals

While this provides an automated way to log your trades, this method doesn’t really offer much in terms of freedom. Your data gets stored in their database and you need to learn how to use their platform as you will be spending a lot of time there.

2. Manual entry

This gives you the freedom to store your data anywhere you want. You get to use the tools you are most comfortable with but this requires a lot of work as you need to manually enter each and every trade. Consistency is key in keeping a trading journal and unfortunately this method doesn’t really help with that.

3. Build your own

When it comes to security and flexibility, building your own is the best choice. This used to be the most complicated option because you had to either build the integration yourself or hire a developer to do it for you. Well, that’s no longer the case.

Our platform lets you create tasks that automatically saves your trades in either a spreadsheet or a document. Keep using the tools you love and focus instead on improving your trading strategy.

Record each trade on a spreadsheet

by coinfu.io
Binance: Completed order eventGoogle Sheets: Add a new row

Save your trades in a document

by coinfu.io
Coinbase Pro: Completed order eventGoogle Docs: Add a new line

What’s next?

This is just an example of what you can accomplish with our platform. coinfu.io supports a large number of services so you can enhance your workflow any way you want.

Start automating and take your workflows to the next level.

Thanks for reading,

Author: Rj
Rj from coinfu.io

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