Practice doesn’t make perfect – perfect practice makes perfect. As traders, we could be charting, analyzing, and trading day in and day out non-stop. But, we could actually be just going within a loop and not improving even though we keep on doing the repetitions. It’s important to work hard, but being sincere in mastering the craft means more than just showing up – we need to look for the bitter pills and painful lessons that help cure our shortcomings and weaknesses. This is where mindfulness comes into action as we need to be aware of how our trades are playing out in order to find out how we can be better the next time. However, It can be overwhelming to do everything on your own – from building your trading logs to going through and creating the analytics for your trades. This can be troublesome. We know the pain, which is why we came up with the InvestaJournal, a tool to help you work on yourself and even bigger trading returns. More than just being an all-in-one solution for trading notes and tracking your portfolio, the InvestaJournal features a wide variety of advanced analytics that can help you level up your trading game.
Let’s see how convenient and powerful the InvestaJournal is in helping us grow as traders.
- Creating a journal account
Once you have access to the InvestaJournal, creating journals is as easy as just clicking a few buttons. You just need to click on the add account button on the right to start making a new trading journal.
You are free to make as many trading journals as you’d like should you need to create multiple for organizational purposes.
- Logging deposits and withdrawals
The next step towards building your own trading journal in the InvestaJournal is to input how much capital you’ve put into your trading account. Again, this will be as simple as just clicking a few buttons. Simply go to the portfolio tab, and you’ll find the option to add deposit and withdrawal transactions.
Adding these transactions shouldn’t take long as all you need to do is input how much you withdrew or deposited when you made the transaction, and how much the transaction fees were.
- Setting up strategies
Should you have multiple strategies under your belt, you can list all of them in your journal so that you can tag what strategy was used per trade that you made.
You can even add buy and sell conditions, along with a description of your strategy should you need to review your rules on a later date.
- Logging trades
Of course, what’s a trading journal without our trade executions? To start taking note of trades, you can head on over to the Trade Logs section and select the option to Add Trades.
Here’s the fun part: while adding your trades the InvestaJournal will let you do a lot of neat customizations. Aside from adding the trade details (ex. Price and amount of shares), you can also add notes such as what you could have been thinking while executing the trade. In addition, you will also have the capability to add what strategy you used for the trade as well as a screenshot of the chart to further help you when reviewing.
You can even take note of what you felt! You can use the emojis in the description to note if you were happy, neutral, or fearful.
BONUS: Should you need to input a big amount of trades from your brokerage account, the InvestaJournal can save you time by simply importing your ledger to the journal! Just choose the import option and simply follow the instructions for the brokerage that you are importing data from.
- Analyze, analyze, analyze!
Once all the data is set, you’re good and ready to start analyzing your trades. InvestaJournal still includes basic information such as the current equity value along with realized rofits and losses. However, what sets it apart are the advanced analytics that you can take advantage of in order to find improvements left and right.
For example, statistics such as Avg. Profit can be used to determine if you really make the most out of your trades. If ever you feel like you take profits off the table too soon and want to explore holding on to a bigger portion of moves, this statistic could help you gauge how you’re improving. The InvestaJournal even shows you how strong your different strategies compare with one another, so you can see what strategy really works best for you!
Although the InvestaJournal is really simple and easy to use, it will surely make an impact on your development as a trader. We guarantee you that you will be able to find a lot of insights through the InvestaJournal that will let you take the next step towards mastery.
Want to know more about what we offer? Head on over to the InvestaPrime landing page to look at all the features that we provide to our subscribers!
