by Rohit 

November 26, 2020

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A trading journal is one of the most important tools for any serious trader. Normally a simple trading journal would suffice for a cryptocurrency trader too. But that is not the case.

crypto trading journal
Crypto trading journal dashboard

Because crypto trading is spread across many exchanges, you need a crypto trading journal – designed specifically for crypto trading.

A crypto trading journal is designed to track and record your trades across all the exchanges. It allows you to analyse your trades and work on improving your trading strategy and trading results. It also acts as your progress record.

Before we jump into different options available for this cryptocurrency trading journals, let’s look into the features required from these journals.

Required features of Crypto Trading Journal

If you are trading only one cryptocurrency trading pair, then simple excel sheet or google sheet is sufficient for creating your own trading journal.

But when you grow as a crypto trader, these tools are not sufficient. Here are the features you definitely need from your trading journal:

List of trading pairs supported

This is the basic requirement. The trading journal should support the crypto trading pair you trade.

Whenever, cryptocurrency prices are going through their different cycles, different trading pairs gain value.

Yes, not all the crypto coins gain or lose value together. Read about the cycles of cryptocurrency price movements in detail in this post.

Thus, the trading journal should be able to track all the trading pairs that you trade.

Ability to connect with your Crypto Exchange

If you are trading in more than 3 crypto exchanges you need your trading journal to be able to connect with these exchanges and pull data from there.

Despite all the advancements, it is advised to trade on different exchanges as your trading volume grows. This way your risk is managed and also you can use the crypto exchange based on the best trading platform for that particular category.

The only problem is to keep track of your trades on all these exchanges. And at this point, a trading journal that can connect to these exchanges can help you.

When your trading journal is connected to your trading cryptocurrency exchange, you can import your trades and thus have single journal about profit and losses.

Note taking section along with trade details

You can’t be dependent on your memory to remember what made you take each trade.

Thus, you need to write down notes about the trades and reasoning. Only then you can analyse these trades and see what you can do about it.

Most of the trading journal have a note section along with trade details section, but there are few who doesn’t provide that, and thus I included this as an important feature.

Overall Analysis

Overall analysis or also called surface analysis, is a broad picture of your trading portfolio overall.

With overall analytics built into the trading journal, you get a clear idea of how many trades you took, how many were in profit, how many in losses, and what is your win ratio.

Additional Optional Features

These features are not necessary from a trading journal point of view, but if used properly can add a lot of value to your crypto trading results.

To place order from trading journal itself

Yes, I know it is little far fetched, but believe me when I say this, this feature alone can create wonders to your trading strategies. You can check your chart from single platform and then place order from there to the cryptocurrency exchange of your choice. Simple to use, and simple to track.

Fear Greed Meter

This tiny bit of information tells about the overall market conditions when you trading cryptocurrency.

An overly euphoric market condition is time to be cautious in taking a trade and vice versa.

Best Crypto Trading Journal – 2020

Based on the features mentioned above, here is the list of best crypto trading journals currently (November 2020).

3Commas.io

3Commas.io is not a trading journal per se. But with price and value feature comparison, this one provides the maximum number of features with competitive pricing.

3Commas.io is mainly an automated trading platform, which also provides paper trading and trading journal feature.

Coinmarketman

Coinmarketman is an automated trading journal for cryptocurrency trading. It’s a dedicated platform for crypto portfolio tracking and journalizing.

An additional feature is surface analytics that we just mentioned above. If you don’t need the advanced features of 3Commas.io above, then coinmarketman is a very good choice.

CryptoJournal.Online

I have not tested this platform myself so can’t comment on the user experience. But from the features list as well as other users’ reviews, it does sound good platform.

cryptotrading jounrnal online features

Thankfully, You can try cryptojournal.online for free before deciding to subscribe to their paid plans.

I would really appreciate if you can share your experience here in the comment section so that I can update that here in the post. 🙂 (Of course with credits back to you).

Conclusion

If you are serious about cryptotrading, then a crypto trading journal is absolute must tool to have in your trading tools list.

On top of that, if you like to keep optimising your trading strategy and plan to do it for considerable amount of time, then I would suggest to give 3commas.io a try. Read an in depth user review here.

Trading journal is just a small feature of 3commas.io. What you also get is trading bot and smart trading feature. Nearly at same prices.

On the other hand, if you are occasional trader or more of HODL trader, then Coinmarketman is good enough for you.

Share your thoughts in the comment section below.

Happy and profitable trading 🙂

About the author 

Rohit

A trader and investor with over 11 years in traditional stock markets. Got introduced to cryptocurrencies in 2018 and got hooked. Now spend half of the day in trading cryptocurrencies and another half in researching/reading about the whole ecosystem and cryptocurrencies in specific.

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