Want to know the one thing that separates successful traders from the ones who lose money? The essential why some traders have extraordinary crypto trading results, and others struggle?
They do the boring stuff.
They are willing to do the things everybody knows they should do. Yet, most don’t do it because it is simply too boring.
Documenting — My favorite boring task to improve crypto trading results
One of these tasks is documenting.
Frankly speaking, I don’t like documenting either (I wonder if there are really people who like it).
However, I found out that documenting is one of the trader’s most powerful weapons.
It is exactly one of the boring things that separates the successful ones from the rest.
The power of documenting
You may ask yourself how or why documenting should improve your crypto trading results.
Here’s the short answer: It directly creates two huge benefits.
- Documenting requires time, but this time is ideally invested. It’s time I take to reflect. Thus, it’s been a source of hundreds of findings and subsequently improved.
- By documenting, you create a rich source of data. The more you document, the more you can analyze and improve.
Both aspects lead to huge advantages compared to other traders.
It’s a simple tool everybody can use to improve their crypto trading results
The best part: You can start immediately.
You don’t have skills, experience, or anything else.
You just need the willingness to start and the commitment to document consistently.
Expert Tip to stay consistent!
And here’s a tip based on my experience:
When I started documenting, I was super skeptical (boring work, no benefits, I just wanted to trade, etc.).
So, I created a challenge for myself:
- I created a baseline set of KPIs (win rate, average win, average loss, etc.)
- I committed to document every trade for 3 months.
- Afterward, I would re-assess the KPIs
I allowed myself the option to stop documenting in case my KPIs didn’t improve within the 3-month timeframe.
Here’s what happened:
- During the first month, nothing spectacular happened.
- However, during the second month, I started to adjust my strategies and behavior based on the findings.
- By the middle of the second month, I could already see how my results started to improve.
- This process accelerated massively during month 3.
- Even before the end of month 3, I started to create additional templates to document even more.
Summarized:
I am not here to give advice, but if you are looking for the easiest hack to improve your trading results, start documenting.
Here are three essential, free-to-use Notion templates you can use:
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