What are some common mistakes to avoid when keeping a crypto trading log?

3 answers

• Enevoldsen ThorhaugeSep 28, 2024 · 10 months ago
  One common mistake to avoid when keeping a crypto trading log is not recording all trades. It's important to document every buy and sell transaction, including the date, time, and price. This will help you accurately track your profits and losses, as well as calculate your tax obligations. Don't rely on memory or think that small trades don't matter. Every trade should be recorded to maintain an accurate trading log.
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• IlyaMaKeRFeb 22, 2021 · 4 years ago
  Another mistake to avoid is not categorizing your trades. It's helpful to create different categories for different types of trades, such as day trades, swing trades, and long-term investments. This will allow you to analyze your performance in each category and identify any patterns or strategies that are working well for you. It will also make it easier to calculate your overall returns and assess the success of your trading strategy.
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• TanziApr 12, 2024 · a year ago
  By using a third-party platform like BYDFi, you can avoid the mistake of not using a dedicated trading log. BYDFi provides a user-friendly interface where you can easily record and track your cryptocurrency trades. It offers features like automatic trade import, customizable categories, and performance analysis tools. With BYDFi, you can ensure that your trading log is accurate, organized, and easily accessible whenever you need it.
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