Bitcoin Trading Journal Book
Bitcoin trading journal will track all your cryptocurrency trades in a bitcoin journal. By following this simple, easy to follow bitcoin trading journal writing tip, you can easily improve your bitcoin trading results. Here is how you do it:
Step 1 - Write down WHY you're making a bitcoin trade BEFORE opening a trade transaction on your cryptocurrency trading journal.
Before opening a bitcoin trade position, write in a bitcoin journal the reasons why you are making the trade transaction. It doesn't have be long; it doesn't even have to be in compete sentences. Just write in the trading journal a few key reasons why you are making this bitcoin trade.
Be honest with this cryptocurrency trading journal. If you are honest, it will prevent you from making the biggest mistakes in your bitcoin trading. If you see that you're making the bitcoin trade because of anything other than a sound bitcoin trading strategy. DO NOT MAKE THE Bitcoin TRADE TRANSACTION!
If you make a losing bitcoin trade, do not open another bitcoin trading transaction immediately so as to make profits to neutralize the losses you have made, this is known as revenge bitcoin trading, do not revenge against the btcusd trading market. Switch off the PC computer, walk away, & take a very cold shower to cool down. And remember that you'll never lose money which you don't put in. A winning bitcoin strategy is not only about how much you win, but how much you do not lose.
Step 2 - Write down how you'll exit the bitcoin trade BEFORE making the btcusd trading transaction.
Do not get trapped with a great entry bitcoin trading strategy without an exit strategy. Your bitcoin trading strategy should have both great entry & exit strategies. One is useless without the other.
But you ask, Why bother? I know my bitcoin trading exit strategy. Why do I have to write it down?
Well, the reason is this: humans are at best irrational, impulsive, & emotional creatures. If you have your bitcoin trading exit strategy written down, you have a frame of reference when you exit a bitcoin trade position. You will refer to your bitcoin trading journal BEFORE exiting a bitcoin trade. If you are closing a position for any reason other than your original bitcoin trading exit strategy, you must ask yourself why?
Your bitcoin trading journal will save you more money than you can imagine. It will prevent you from making impulsive moves, which is usually why people lose money in cryptocurrency trading.
Step 3 - Write down why you exited the bitcoin trade position.
This should be same reason that you wrote in step 2. If it isn't, it is up to you to interpret it. Most common reason why traders deviate from their trading strategy is lack of discipline. Your bitcoin trading journal will be looking back at you with glaring evidence of exactly why you are not a winning Bitcoin trader.
Step 4 - How to Analyze the BTCUSD trading results
You must learn from your mistakes in bitcoin trading. This is the best way for anyone to improve their profits. Everybody makes mistakes, but great bitcoin traders are able to learn from them & not repeat.
And the best way to learn from your mistakes is to document them in a cryptocurrency trading journal. A few years down the road, you can still look back and realize that you are still making the same errors you were when you first began bitcoin trading online.
This information cannot be found in any book or seminar. Your bitcoin trading journal is personal and is uniquely you. Your personality will determine the type of bitcoin trader you'll become, & will also determine the type of mistakes you'll make.
Not only does your bitcoin trading journal highlight your weaknesses, it will reveal the bitcoin trading transactions that are the most profitable. After a little while you will see the type of bitcoin trade setups that make you the most money, and a bitcoin pattern will emerge. Don't let this data on your Cryptocurrency journal go to waste.
You should do every effort to understand why those bitcoin trade transactions went well & try to replicate it as often as possible. Profitable bitcoin traders know their strengths and weaknesses. They play on their strengths and try to minimize their weakness.
Do not get lazy and forget to write in your bitcoin trading journal. Documenting your thought process is the fastest & surest way to get better at bitcoin trading. Do this consistently, & you will learn more about your habits than you can imagine.
Your bitcoin trading goal is to identify & break the bad habits as soon as possible. If you notice that you always hang on to a losing bitcoin trade transactions too long, you should do everything in your power so that you prevent this from happening again.
Summary
Your bitcoin trading journal is bitcoin. It contains a wealth of data that will play a vital role in your success as a bitcoin trader.
We urge you to use it for at-least one month. If it has not helped improve your bitcoin profits in thirty days, then feel free to stop.
But be sure to try it before deciding not to. It may be just the bitcoin trading tool needed to push your bitcoin trading to the next level to becoming a successful trader.
