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?
š They do the boring stuff.
They are willing to do the things everybody knows they should do. Yet, most donāt do it because it is simply too boring.
One of these tasks is documenting.
Frankly speaking, I donāt like documenting either. However, I found out that documenting is one of the traderās most powerful weapons.
You may ask yourself how or why documenting should improve your #crypto trading results.
Hereās the short answer: It directly creates two huge benefits.
1ļøā£ Documenting requires time, but this time is ideally invested. Itās time I take to reflect. Thus, itās been a source of hundreds of findings and improvements.
2ļøā£ By documenting, you create a rich source of data. The more you document, the more you can analyze and improve.
ā The best part 1: It's a simple tool everybody can use to improve results.
ā The best part 2: You can start immediately. You donāt need skills, experience, or anything else. You just need the willingness to start and the commitment to document consistently.
Hereās a tip based on my experience:
When I started documenting, I was super skeptical (boring work, no benefits, I just wanna trade $BTC ,...).
So, I created a challenge:
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
If the KPIs didnāt improve within the 3-month timeframe I would stop documenting.
Hereās what happened:
ā During the first month, nothing spectacular happened.
ā During the second month, I started to adjust my strategies and behavior based on the findings.
ā By the middle of the second month, I could already see how my results started to improve.
ā This process accelerated massively during month 3.
ā Even before the end of month 3, I started to create additional templates to document even more.
Summarized: One of the best decisions I made!