Key Takeaways
- A crypto trading journal is a tool used to record and analyze trades in the cryptocurrency market.
- It helps you keep track of performance, identify patterns in their trading style, and refine their strategies over time.
- A well-designed trading journal should include features such as trade analysis tracking, performance graphs and reports, and risk analysis to enhance your skills and accountability.
What is a Crypto Trading Journal?
A crypto trading journal allows you to record your trades and analyze them in detail.
This journal helps you keep track of your trading performance, understand your trading habits, and make informed decisions based on real data.
With a crypto trading journal, you can review your trades and identify patterns in your trading style.
By recording the entry price, exit price, and trade history, you can analyze the profitability of your trading strategies over time.
This helps you refine your trading strategy and improve your overall trading skills.
One of the main reasons for maintaining a crypto trading journal is accountability.
It forces you to be honest with yourself about your trading decisions, whether they were successful or not.
By reviewing your trades, you can learn from your mistakes and avoid repeating them in the future.
In addition to simply recording your trades, a crypto trading journal can also provide comprehensive reports and analytical tools.
Some journals even offer powerful tools like on-chain analysis, technical indicators, and market news feeds.
These features allow you to dive deeper into the crypto market and the financial market, helping you make more informed trading decisions.
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Benefits of Keeping a Crypto Trading Journal
▍Refine Your Strategies
It helps you develop successful trading strategies.
By reviewing your past trades and recording the entry and exit prices, you can identify patterns and trends in your trading style.
This allows you to refine your strategies over time and improve your trading skills.
▍Review Past Trades Objectively
A trading journal helps you keep your emotions in check.
Emotions can often cloud judgment and lead to impulsive or unplanned trades.
By documenting your trades and the reasoning behind them, you can objectively evaluate their success or failure, helping you make more rational trading decisions.
▍Speed up Your Growth in Crypto Trading
By tracking your trades and their outcomes, you can assess your profitability and identify areas for improvement.
This enables you to focus on your strengths and weaknesses, making adjustments to your trading approach accordingly.
▍Align Trades With Your Goals
It prevents impulsive trading.
By writing down your trading plan and sticking to it, you can resist the temptation of deviating from your strategy in the heat of the moment.
This ensures that each trade is carefully considered and aligns with your goals.
▍Build your Crypto trading plans
One size does not fit all when it comes to trading styles, which is why it is important to customize your trading plan to suit your individual preferences and risk tolerance.
Whether you are a conservative investor or a risk-taking trader, tailoring your plan to your trading style will help you make informed decisions that align with your strengths and weaknesses.
What Features Should a Crypto Trading Journal Have?
A well-designed trading journal should have several key features to help you improve your skills and enhance your accountability.
The purpose of a trading journal is to record important trade details and motivations, allowing for a better understanding of one’s trading decisions.
▍Trade Analysis Tracking
This allows you to document and review each trade’s entry and exit price, as well as any stop-loss or take-profit levels.
Additionally, it should offer the ability to categorize and sort your trades, giving you a clear overview of your trading history.
▍Performance Graphs & Reports
These visual representations of trading performance provide a clear overview of profitability, win rate, and risk management.
▍Risk Analysis
It allows you to assess the risk-reward ratio of each trade, helping you make more informed trading decisions.
Integra
▍API Integration
A trading journal should provide the option to enter trades manually or through API integration.
It should at least integrate with popular exchanges, as it allows you to import your trade history directly into the journal and save time on manual data entry.
This allows you to keep a comprehensive record of all your trades, regardless of the trading platform you use.
▍Add Notes and Screenshots
This allows you to document your thoughts and observations during the trade, as it helps you review the reasons for your trades.
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Use Excel or Google Sheets as Crypto Trading Journal for Free
These spreadsheet platforms provide a convenient and customizable way to record and analyze your trading performance.
You can create charts and graphs to analyze your trading history, track trends, and gain valuable insights into your trading performance.
Google Sheets is free to use, making it appealing.
While they offer basic functionality, they may lack some advanced features specific to trading, such as integrations with trading platforms or automated trade entries.
Additionally, manually entering and reconciling trade data can be time-consuming and prone to human error.
▍Asset Class
If you are trading more than one asset class, you should add the column.
For example, other than crypto, you may trade equities (stocks), fixed income (bonds), real estate (Reits), or commodities.
▍Asset
The type of cryptocurrencies you are trading, such as Bitcoin and Ethereum.
▍Instrument
Common trading instruments are spot, futures contracts, perpetual futures, and options.
▍Trading Platform
It is possible to utilize multiple platforms, as some platforms provide discounted transaction costs or offer unique cryptocurrencies for trading.
For example, you might use Bitget to trade derivatives and use Pionex for its crypto trading bots.
▍Leverage
Typically, when we use derivatives trading, we want to use leverage to make more money.
The leverage should align with your trading styles and trading strategies.
So, take note of this.
▍Date and Time
Specific time factors can also significantly impact trade decisions.
The cryptocurrency market operates 24/7, and different timeframes may exhibit unique characteristics or trends.
Including the time of each trade allows you to identify any time-specific factors that may have influenced your decision-making process.
For example, certain trading strategies may be more effective during specific market hours or when trading volumes are higher.
Time-stamping trades and incorporating comments related to time-sensitive factors is essential for accurate record-keeping.
Having a comments section to jot down any time-related observations or events (such as news releases or technical indicators) can provide valuable insights.
▍Strategy
Numerous trading strategies exist, but not all of them will suit your trading style.
By recording your trades, including the strategy you used and the profit/loss, you can review your performance and determine whether the strategy is right for you.
▍Trade Direction (Long/Short)
Taking a long position means you expect to sell at a higher price in the future.
Taking a short position means you expect to buy it back at a lower price later.
By recording the probable time frame for each trade, you can assess the accuracy of your predictions and adjust your trading strategy accordingly.
This helps you develop a better understanding of market trends.
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▍Entry price, Exit Price & Stop Loss
The entry price is the price at which the trade is initiated, providing a reference point for future analysis.
Similarly, the exit price is the value at which the trade is closed, helping to evaluate trading performance.
The stop loss is a predetermined price at which the trade will be automatically sold, limiting potential losses.
By documenting these important details in a trading journal, you can effectively track and analyze your trading activities.
▍Trade Size
To calculate your trade size, you need to consider two factors: the tradable amount and the percentage you are willing to risk in a single trade.
The tradable amount is the capital you have available for trading, while the percentage risked is the amount of your capital you are willing to potentially lose on a trade.
It allows you to ensure each trade aligns with your risk tolerance and overall trading goals.
Additionally, it helps you maintain consistency in your trading strategy by determining the appropriate position size for each trade.
▍Profit and Loss
By having a clear record of your trades and their outcomes, you can assess your profitability and identify areas to refine your trading skills.
This information can help you identify successful trades and avoid repeating mistakes.
▍Notes
Some of the key information related to every trade should be included:
Qualitative Factors
Include any qualitative factors that influenced your trade decisions.
This could include news events, market sentiment, or any other external factors that played a role in your trading strategy.
Reasons for Entering a Trade
Document the reasons why you decided to enter a trade. This could include technical analysis, fundamental analysis, or on-chain factors.
5 Best Crypto Trading Journals This Year
The order in which I present them does not indicate a ranking from high to low.
These 5 journals are the best and most suitable for various types of traders.
Here we go!
▍1. Trademetria
Trademetria is a comprehensive crypto trading journal and analytics platform that helps traders of all levels improve their performance.
It offers a wide range of features, including:
- Trade journal: Track your trades by date, instrument, strategy, and more.
- Analytics: Monitor multiple metrics on multiple accounts to understand your trading habits and identify areas for improvement.
- Portfolio tracker: Track all of your positions from different brokers in one place.
- Simulator: Run simulations on your past trades to discover areas of improvement and find the best set of trading conditions to trade.
- Challenges: Create your own trading challenges to stay motivated and disciplined.
Pricing Plan
Trademetria offers three pricing plans: Free, Basic, and Pro.
- Free
It includes all of the essential features you need to start tracking your trades and analyzing your performance.
You can import up to 30 orders per month, track one account, and access all of the major asset classes. - Basic: $29.95 per month
It includes all of the features of the Free plan, plus unlimited delayed quotes, unlimited trade tagging, unlimited image uploads, and portfolio tracking. - Pro: $39.95 per month
It includes all of the features of the Basic plan, plus unlimited order imports, unlimited delayed quotes, tracking for up to 50 accounts, and fundamental research.
Which Pricing Plan is Right for You?
- Free
If you are just starting out, the Free plan is a good option. - Basic
If you need to track more trades and accounts, the Basic plan is a good option. - Pro
If you are a serious trader who needs to track a large number of trades and accounts, the Pro plan is the best option.
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▍2. Coin Market Manager
Coin Market Manager helps you identify patterns of success and failure, track your performance over time, and get verified to showcase your live trade data to followers and friends.
Key features include:
Automated journaling
Autosync your full trade history through Read-Only API keys with a single click and begin tracking instantly.
Advanced analytics
Monitor trading progress and analyze performance over every historic interaction with each asset pair in real-time.
Charts and tagging
Visualize your trading data with charts and tags to identify patterns and trends.
Trade reports
Get in-depth analytics on your trading performance, including trade history breakdown, performance analytics, and overall exchange PNL.
Account Performance Sharing
Get your own personal Verification page, with a customized vanity URL, showcasing your live account data to your followers and friends.
Import in one click
Pull trade data from connected exchanges with a single click.
Institutional grade security
All passwords are stored in the database and Read-Only API keys are exclusively accepted.
Pricing Plan
- Basic: Free
Casual trading overview, basic portfolio overview, real-time refresh, 1 account slot per exchange, live browser tab balance, manual trade journal. - Professional: $69.99/month
All Basic features, plus unlimited verification pages, in-depth account analytics, trade history and performance, unlimited trade uploads, automated trading journal, CSV downloads, and reports. - Enterprise: $89.99/month
All Professional features, plus 20 extra exchange slots. - 14-day free trial of each plan
Which Pricing Plan is Right for You?
- Basic
If you’re just starting out, the Basic plan is a good option. It includes all of the essential features you need to track your trades and analyze your performance. - Professional
If you’re a more experienced trader or you want access to advanced features, the Professional plan is the better option. - Enterprise
If you’re a professional trader or you need the most advanced features, the Enterprise plan is the best option.
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▍3. TraderSync
TraderSync uses artificial intelligence (AI) to help you avoid costly mistakes and improve your performance.
It offers a range of features, including:
Easy trade journaling
It makes it easy to log your trades in a matter of seconds, either manually or by synchronizing your trade history from your broker, exchange, or trading platform.
Insightful analytics
It provides reports on setups, mistakes, monthly, weekly, price range, volume, and more.
These reports are easy to understand and powerful enough to allow you to apply filters to the minimum detail.
AI-powered coaching
TraderSync’s AI coach, Zukzu, uses data mining and artificial intelligence to tell you straightforwardly what has worked and not for you in the past.
Tailored to your needs
It allows you to track the data that matters to you and shape your journal to contain what you really need.
You can select from a wide range of widgets and metrics to create a journal that is perfectly suited to your trading style.
Discover your trading edge
It is built to assist your trading skills in order to provide accurate reporting based on your patterns/habits.
Track your trades on the go
TraderSync is available on the web, iOS, and Android devices, so you can track your trades wherever you are.
Pricing Plan
- Pro: $29.95 per month
All essential features. - Premium: $49.95 per month
Pro features + backtesting, custom reports, and trading simulator - Elite: $79.95 per month
Premium features + unlimited accounts and portfolios, custom dashboards, and interactive charting - 7-day free trial of each plan
Which Pricing Plan is Right for You?
- Pro
If you’re just starting out, the Pro plan is a good option. It includes all of the essential features you need to track your trades and analyze your performance. - Premium
If you’re a more experienced trader or you want access to advanced features, the Premium plan is the better option. - Elite
If you’re a professional trader or you need the most advanced features, the Elite plan is the best option.
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▍4. Trading Journal Spreadsheet (TJS)
TJS offers a wide range of features to help traders track their trades, analyze their performance, and develop winning trading strategies.
Here are some of the key features of TJS:
Supports multiple markets
It has a version for all major asset classes, including stocks, options, futures, forex, spread betting, and cryptocurrencies.
Customize and analyze
It allows you to customize and analyze your trading performance in a variety of ways.
You can view your expectancy figures for all categories, track your strengths and weaknesses, compare strategy performance, and filter the top producers to find your “Ultimate Trade Scenario.”
Compatible with Excel and Works on Windows and Mac
It is the de facto standard for spreadsheet software.
This gives you access to Excel’s powerful data analysis, data visualization, and customization capabilities.
Random sample generator
It has a built-in random sample generator that allows you to view your performance in 100-trade samples.
This is a great tool for running “what-if” scenarios and comparing the performance of different strategies.
Drawdown and loss streak calculator
TJS also has a built-in drawdown and loss streak calculator.
This is a valuable tool for risk management, as it allows you to determine how much equity you stand to lose based on your performance metrics.
Milestones tracker
TJS includes a milestones tracker that allows you to track significant events in your trading journey.
This can be helpful for identifying patterns and trends in your performance.
Pricing Plan
All of the plans are one-time fees.
- Single Market: $119.99
This is the plan for trading on one single market, you can choose one of them to purchase: stocks, options, futures, forex, CFD’s, spread Betting (UK), or cryptocurrency. - Stocks & Options: $149.99
- All Market (Without Crypto): $179.99
- All Market (With Crypto): $199.99
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▍5. Edgewonk
Edgewonk helps traders of all levels improve their performance. It offers a wide range of features, including:
Trade management optimizer
It helps you identify and correct trade management mistakes.
Backtester
Easily backtest new trading strategies and compare their performance side by side.
Milestone challenges
It helps you focus on specific trading behaviors and improve your trading skills.
Future simulator
The future simulator simulates potential future account growth scenarios based on your current trading performance.
Multiple journals
Create multiple trading journals within your Edgewonk account to track different trading accounts separately.
Compare graphs
Choose from a wide variety of over 13 graphs and display them side by side to analyze your trading on a whole new level.
Missed trades
Enter and track missed trades to identify opportunities for improvement.
Emotional analytics
It offers a variety of features to help you work on your trading mindset, psychology, and discipline.
Pricing Plan
- Single pricing plan for $169.00 per year, plus VAT for EU customers.
- 14-day money-back guarantee trial
Who Should Use Edgewonk?
it is especially well-suited for the following types of traders:
- Swing traders
Because it allows them to track their trades over longer periods of time. - Day traders
Because it provides real-time data and insights into their trading performance. - Traders who want to improve their emotional trading
It offers a variety of features to help traders work on their trading mindset, psychology, and discipline.
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Final Thought
Keeping a crypto trading journal is of utmost importance for any trader.
Not only does it offer a myriad of benefits, but it also provides the opportunity to improve trading strategies and the decision-making process.
A trading journal acts as a reference tool for future trades.
You can review past successful and unsuccessful trades, analyzing what factors contributed to each outcome.
This helps you make more informed decisions while trading crypto based on real data and past experiences.
However, it is important to note that using a trading journal also has its downsides.
The process of maintaining a detailed journal can be time-consuming and requires discipline.
Furthermore, the analysis of trade history may not always provide clear-cut answers or guarantee future success.
Despite these cons, it serves as an analytical tool that provides a comprehensive overview of your trading journey.
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*Note
1. Profits are not guaranteed. Providers may change any terms at any time.
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