There are plenty of cryptocurrency exchanges that traders can use to receive exposure to the prices of various digital currencies. If there is one thing that the market is associated with, however, it is its extreme volatility. Hence, it’s particularly important to guarantee that your trading logs are kept perfectly.
While traditional recordkeeping could still work, it’s undoubtedly challenging to make sure that all of your trades are logged properly. This is where CryptoJournal steps into the picture.
It offers traders an array of comprehensive solutions that will enhance their trading experience and could help them take better and well-informed decisions going forward.
What Is CryptoJournal?
CryptoJournal is a solution that aims to turn any trader into an organized and disciplined one. The team behind the platform consists of a group of traders, programmers, and entrepreneurs who believe that cryptocurrencies are actually ahead of technological advancements and are attempting to make up for this, especially in the field of trading.
The platform aims to provide regular traders who don’t want to be journaling their trades the old-fashioned way because it takes both time and skills.
The software is built so that traders are able to calculate and to store all of the required information for their trade-in less than a minute.
Moreover, each trade is stored in a journal. Once it’s closed, the platform will analyze it together with all other trades. This can help users identify their weak points and to make sure they do a better job when executing consequent trades.
It also brings forward a few different tools that could seriously help your position sizing, risk management, as well as fee calculation. Let’s have a look.
Position Size Calculator
This one is quite convenient. It’s a tool that calculates the position size and also helps traders manage their risk. It works with all of the exchanges, as well as all currency pairs. It also works for both leveraged and non-leveraged trades.
You have to input a few data points, including whether you want to go long or short, your account balance, entry price, as well as target price and stop-loss price. You’d also want to input how much risk you are willing to tolerate.
Once this is done, you would get your risk limits, as well as calculations about the risk and reward of your trade. You will also receive the required leverage to open a trade that fits your needs.
Average Price Calculator
This is another interesting tool that you can use in order to calculate your average prices, regardless of it’s entering or closing a position.
All you have to do is enter the number of your orders and their prices and the system will automatically calculate the average price. You can add as many orders as you want to.
Trading Fees Calculator
This is perhaps one of the most useful free tools that the platform offers. It’s particularly important to take all fees into consideration when trading cryptocurrencies, especially if you are trading daily.
In any case, fees add up very quickly and when stacked up, they can make a serious portion of your expenses that you’d have to factor in when calculating the profitability of your trades.
CryptoJournal’s fee calculator takes the hassle away and you can easily handle this before getting into the trade so that you can know in advance what to expect.
The platform offers a rather convenient way for traders to log their trades and to keep proper track of what’s their progress or regress.
It provides synthesized information that could be used to enhance your trading experience and to make sure that everything is kept in line. The tools which are on the website, some of which are free to use, are also rather helpful in sizing your positions, fixing your fees in advance and managing your risk accordingly.