Welcome, all. Today I will talk about the trader diary. If you have previously traded in the stock or forex markets, then most likely you have heard already about it. In the cryptocurrency market, it is also necessary to use the trader diary. Why it is needed and how it is can help in your trading, I’ll tell you in this video. Here we go.
What is the trader diary
Trader diary is a history of records about your transactions and actions regarding trading in the crypto market. I suppose that many people thought about why they are not lucky and they cannot earn money from trading Bitcoin. There are many reasons, for example, failure to comply with money management and your trading strategy, unsystematic open or close the deals.
This also includes the inability to fix losses on time and premature closing of trades, which leads to the loss of potential profit. And when you think about it, you probably hard for you to remember why you closed the deal a couple of days ago, but what happened a month ago, you almost forgot forever. Perhaps the mistake is not in your actions but in the trading strategy.
In this case, you need to change the trading strategy or find another one. But how to understand this? For all these questions and to learn from your own and others’ mistakes, just the trader diary will help you. There you should doing notes about why and when you opened or closed the deals, get a profit or loss, and also how to do better next time.
How to use trader diary
A trader diary is needed to improve your trading results in the crypto market, to learn how to open more profitable trades and lower loss. A constant analysis of trade and discipline will help you reach a new level and become a professional digital money trader. You can start to keep the diary in a paper or notebook application.
The notebook application can be like Microsoft Word, Excel spreadsheets, or any note programs. For example, I used before the Evernote program, but now I prefer the Diaro application more – there is a web version for PC and apps for iPhone or Android. Whichever option you choose, the following information is required to be written in a notebook:
1) Time and date of opening the deal. 2) Reason for opening the deal? According to the uptrend, downtrend, mathematical analysis, news, signals, and more. 3) Order size. 4) Reason for closing the deal? Take profit, stop loss, the appearance of a new signal, and more. 5) The result of the closed trade is profit or loss. 6) Analysis of the trade – for example, it premature closing of order and the price go further.
Trader’s diary in 3commas
As an option, automate the process and save all the information in the Excel spreadsheets. According to the results of a month or a week, you need to analyze your trades and find the reasons why you have losses. In this, the trader diary in 3COMMAS will help you. You trade manually via Smart Terminal or use bots, all information will be automatically saved.
The trader diary of 3commas you can find on the main page of the site – Dashboard. At the top there will have 3 buttons: Dashboard, My exchanges, and Trader Diary. Click on the “Trader Diary” button and you will see on the trader diary page. Here will be the whole statistics of your account. In the top right corner, your total profit or loss is displayed.
On the left, you can sort the statistics for your specific exchange, for example, BINANCE. Or choose a crypto pair, time to create, and close the deals. All statistics are displayed below with full information about your trades – a traded pair, opening, and closing trades, with profit or loss. After “Search” there is an opportunity to find a deal by keyword.
The “Export” button allows you to export all the data from 3COMMAS to Excel spreadsheets. In general, this section will greatly facilitate the trader diary, but I still advise you to keep separate notes in a notebook (real or program), and use the 3commas diary as an auxiliary. This will be enough that you were able to reach a new level of trading.
The video about the crypto trader diary has come to the end. I told you what trader diary is, why it is needed, and how to use it. If you trade bots and want to automate the trader diary, I advise you to use the 3COMMAS website. This will save you a lot of time and nerves because everything happens automatically. Goodbye and see you in my new videos!