You will be better off if you use one of the best crypto journals that comes with the best reports which you need to analyze.
- This will allow you to find any mistakes and create a pattern for your moves.
- This will also eliminate the chances of incurring losses due to consistent failures.
You should also use some of the best crypto journal apps as well. These apps will also be of great help just as the journals.
These apps will enable you to take notes and keep a track of the most efficient ways and those erroneous ones that resulted in a loss.
You can come to know different influencing parameters such as:
- Entry price
- Position size
- The strategy followed and
- The errors made.
In short, the crypto journals and journal apps both will help you to trade better and more successfully.
- Best Crypto Journals and Journal Apps
- 1. Coin Market Manager – Useful and Interesting Features
- 2. CryptoJournal – Best for Tracking Performance
- 3. TraderSync – A User Friendly Platform
- 4. Trading Journal Spreadsheet – Easy to Follow Excel Spreadsheet
- 5. MyCryptoJournal – Built In API Manager
- 6. Edgesheet – Simple User Interface
- 7. Edgewonk – A Pioneer in Journaling Platforms
- 8. Journalytix – Main Focus on Futures
- Journal Apps
- Different Metrics and Approaches to Look for in the Best Crypto Journals
Best Crypto Journals and Journal Apps
When you use some of the best crypto trading journals you will be able to know the strengths and weaknesses of your trades and develop a feasible plan and workable trading strategy without being influenced by your emotions.
Since it boosts up growth and ensures a better performance, a crypto trading journal is a must-have for both beginners in this field as well as the professionals alike. Check out Best Crypto with Low Market Cap.
However, with so many such trading journals out there, you will find it difficult to make your choice if you do not research or do not know what to look for in them. Here is a list to help you out.
1. Coin Market Manager – Useful and Interesting Features
In spite of being a portfolio manager primarily, Coin Market Manager is also considered to be one of the best crypto trading journals.
This comes with a host of useful and interesting features which not only makes it easy to use and understand but also makes it stand out from the other crypto trading journals that feature in this list.
The features of this journal provide you with the ability to:
- Upload trades manually or automatically
- Categorize open and concluded trades
- Calculate the risks according to the set target price and your confidence level
- Upload screenshots of candlestick charts from the exchange
- Create tag-based graphs to summarize all of the transactions
- Calculate different parameters using math lab and
- Create graphs and reports of performance.
However, most of these features are available only in the paid version of Coin Market Manager.
2. CryptoJournal – Best for Tracking Performance
You will get several useful and beneficial solutions through CyptoJournal. It will be very easy to analyze all records and reports which will help you to trade according to the needs of the market and its volatility.
The useful features of this journal include:
- Emotion tracker
- Performance graph
- Several calculator tools
- Smart journal and
- Screenshot upload choice.
You will be able to know about the trading history from the graphs as well as all the updates when a specific trade is closed. This will help in tracking your performance.
The dashboard will also let you know all the trades that you have made as well as those that you may have missed out on. You can even review the exact times and dates of your trade and the best entry points as well.
All these features will allow you to identify your mistakes and create a feasible trading pattern taking lessons from them.
3. TraderSync – A User Friendly Platform
TraderSync is a very user friendly platform that will allow you to keep a track of your crypto trades. The features of this journal are equally good.
- It will allow you to trade manually. On the other hand, you can also trade by informing the trading platform that you are doing so by importing a .csv file.
- This easy to understand platform is available both as a smart phone app as well as a website. This means that you can journal while you are travelling.
- The dashboard of this journal is very useful as well since it displays both your open trades and concluded trades.
- You will also get several useful reports to know about your performance, your mistakes and identify and analyze the areas that you need to improve on.
Available in free, pro, and premium plans, this journal also comes with a performance evaluator and manager, and also a section where you can note your mistakes or mark those trades that you consider as low performing,
4. Trading Journal Spreadsheet – Easy to Follow Excel Spreadsheet
Using an MS Excel spreadsheet, the Trading Journal Spreadsheet comes with a pre-defined heading for the columns that will indicate what to enter in each column.
It also comes with pre-built formulas to help you in the calculations.
The table comes with different specific sections such as:
- Tracking codes and more.
In addition to maintaining a proper record of your crypto trades, this journal will also help you to analyze them which will in turn help you to distinguish between the trades that are performing well and those that are underperforming.
It will also help in identifying the specific pattern based on different categories such as:
- The lost trades
- The profit made
- Daily or weekly performance
- Performance of the crypto
- Exit and entry strategies.
You can also make a summary of all the mistakes you made while trading along with their frequency and the effect it had on your earnings.
5. MyCryptoJournal – Built In API Manager
MyCryptoJournal comes with an API manager built in it that will allow you to add trades automatically or manually.
It will also connect the journal with the exchange and update your trades automatically as and when you make them.
Though this is a basic journal, it still comes with some useful features such as:
- Performance report
- Screenshot upload
- Risk or reward ratio calculation
- Profit or loss ratio calculation
- Size of positions and
- Average price of making an entry.
In addition to the above, there is also a specific section wherein you can keep a note for the specific reasons for which you made a particular trade.
6. Edgesheet – Simple User Interface
Edgesheet is a specialized journal that is dedicated to crypto trading only.
The useful features of this crypto trading include:
- An easy to use and simple User Interface
- Ability to keep track of more than one account
- View all those important stats of your trades and
- Know the exact entry and exit points from the open charts.
Simplicity is the key of this crypto trading journal which is good for any trader to use to know about the basic stats of the trades, importa all of their trades automatically and keep a track of the mey metrics.
7. Edgewonk – A Pioneer in Journaling Platforms
Edgewonk is considered to be the pioneer in journaling platforms that has proved to be one of the best and most favored platforms for the traders to educate them about crypto trading strategies.
You can also use Edgewonk 2 and 3 which are downloadable software and an entirely online platform respectively.
The features of this trading journal will offer everything that you need in terms of stats. Apart from that, you will get:
- An equity simulator
- Multiple journals
- Trade setups and more.
You will also be able to create your entire trading plan and use it most efficiently for the following trading sessions.
Edgework offers much more than journaling. The best part is that it offers a lot of cheat sheets and a diverse set of PDFs That will help you significantly in your trading efforts and psychology.
You can import statements of your trade automatically from different sources such as:
- Metatrader 4
- Forex trader 3
- Sierra Charts and
If you need to import statements from other sources, you can do it manually.
8. Journalytix – Main Focus on Futures
Journalytix is a real deal that is built by Jigsaw which focuses mainly on Futures. The features that make this crypto journal a good one to consider are:
It offers a complete performance tracker
- A built-in calendar
- Audio news feed
- Group chat option
- Management dashboard
- Group analytics and more.
Apart from the crypto journals, here are some of the best journal apps that you can also follow.
The apps are very useful, especially if you are least interested in doing it in the old school method, writing it all down on a paper.
9. Evernote – Most Popular
This is a popular app but is also very complex. However, it will help you extensively in all possible ways and allow you to attach files, images, clips from web pages, and also record audio.
10. Simplenote – Simple
It is in the simplicity of Simplenote where its beauty lies. The features will not distract you and you can use it on a Mac, on your phone, or in the cloud.
11. OneNote – Basic but Useful Features
OneNote has made big in the field of note taking apps and you can use it for trading journaling easily and efficiently. It will allow you to organize your thoughts and also create a to-do list. Even its basic features are good and useful for that.
12. Google Keep – Create Checklists and Documents
It is from Google and is the best app for creating checklists, collecting images, and drafting documents, all of which are useful for trading journaling.
13. Squid Notes – Free-Form Writing
This free app is best for free-form writing. It is also very useful for document annotation. You can use the features that the free version comes with or add some additional features to it for a few dollars.
Different Metrics and Approaches to Look for in the Best Crypto Journals
Here are some of the different metrics to look for while choosing a crypto journal to facilitate your crypto trading efforts.
- Date and Time
Check for the date and time which should be exact so that it helps you to track the precise patterns and to spot the differences.
This will help you to choose the best and most favorable hour of the day as well as the best day of the week to trade.
Ideally, this will be of significant help for those traders who trade for shorter time periods. It will help them to omit the other irrelevant hours entirely.
Check that all the relevant and necessary stats of the particular instrument that you want to trade is well reflected in the journal.
It should come with all the minute details regardless of the fact that you are focusing on one particular market or ten markets.
This is extremely vital because it will allow you to find out the products that you want to trade and are good at as well as the ones that you should avoid.
- Trading Setup
You should track each trading setup separately if you are using many of these. This will allow you to analyze more efficiently as to how well each of them is performing.
Therefore, it will be easier for you to identify those that are underperforming so that you can either improve their performance or eliminate them fully.
On the other hand, it will allow you to increase your stakes on those trading setups that are performing well.
- Maximum Adverse Excursion
Commonly known as MAE, this specific metric will allow you to identify the biggest loss that you may have incurred during trading, especially when it opened.
It will also allow you to see whether or not the stop-loss placement was too small or too big.
- Maximum Favorable Excursion
MFE is another useful metric to look for in a crypto journal. This is the metric that indicates the highest profit made by your trade when it was closed out.
The most significant benefit of this metric is that it will expose those particular trades that you are holding on for too long a time resulting in a significant loss by leaving a considerable chunk of the potential profit on the table.
A crypto trading journal will ensure success in crypto trading but it does not simply involve creating an account. You will first need to choose one of the best journals, preferably from the list mentioned above, and then go ahead with it.