There are many exchanges from where one can trade. But before choosing any exchange a few things need to be pondered over. And these things include the number of coins, trading fee, features, and many more. KuCoin exchange is an exchange that can solve all these problems. It offers a very minimal trading fee and a variety of coins, including KCS, SHIB, SOL, DOT POLL, and many more; it provides a high bonus and many other features that contribute to KuCoin being one of the most significant exchanges.
What Is A Trading Journal?
A trading journal is a log that the traders use to record their trades. It aids traders in reflecting upon previous transactions to evaluate themselves, and the new traders can use journals to assess where they can improve their trading. They are a valuable form of record keeping.
What Are The Advantages Of Maintaining A Trading Journal?
A few advantages include that it aids in keeping the trader accountable by identifying weak and strong points in the trader’s style. The second advantage is that it helps the traders to be more vigilant, disciplined, and consistent. It also allows you to spot profitable trading strategies.
The Main Components Of The Journal
Each trader has its style of assessing and maintaining the records, but a few essential components must be included in the trading journal. The first component is Date and Time. t is vital to record the date and time of each transaction. Another is the Traded instrument. This component describes the financial instrument that has been traded. Besides the traded agency, the trader can also include the market such as Forex – EUR/USD, Commodities – Gold, Stock Indices – S&P 500) to make it comfortable to filter the new trader’s market. The next thing to mention is Trade direction. The trade supervision entry can be either buy or sell.
Another thing to note is Entry and exit prices. These are three separate fields that allow for the entry price, stop-loss level, and take-profit level. The next thing to mention is position size. To determine whether position sizes meet the traders’ risk management rules requirements, the trader needs to enter the position size for each trade. This will help to analyse whether the trader takes too much risk on your losing trades. The last thing is the result of the trade. The final compulsory thing of a trading journal is the result of the trade. Together the profit or loss in USD terms (or another currency in which the trader’s trading account is denominated). For example, the current BitCoin Price is 23,216.70USD, and then the price rises or falls will determine the profit or loss. Market commentary and reasons for taking a trade are other optional things that can be written in the trading journal.
Thus, a trading journal is necessary to judge successes and failures accurately and give the trader some insights into the level of exposure and if there’s room to enter any more trades. Thus every transaction should be noted, and trading can be done through the KuCoin exchange, which is the best exchange and does a lot for its users.