I've been trying to get into journaling my crypto trades, mainly just spot buys on $BTC and $ETH when I see a dip, nothing major. I understand the concept for active traders, but for someone just building a long-term position with small, infrequent buys, what details are actually useful to track? It feels like overkill sometimes, and I'm struggling to see the benefit beyond just a transaction log.
I can see how it might feel like overkill for long-term holders. Perhaps focus on the 'why' behind each dip buy – what indicators or news made you feel it was a good entry? Over time, you might notice patterns in your decision-making that could be refined.
I've wondered the same thing! For small, infrequent buys, maybe just tracking the date, asset, amount, and price is enough. Are you thinking about adding things like your emotional state or research notes too?
For spot buys like that, you're right, a full journal is probably overkill. Just record your entry price, date, and conviction level at the time. The conviction part helps you look back and see if your thesis holds up, especially when prices dip further.