Review of coin market manager
One timeless piece of advice you see profitable traders share all time: It is essential to quantify your method and analyze your trading behavior. You should have a way of looking back at your trades and determine the exact reasons why you win or why you lose. This way you can keep doing what works and drop what doesn’t.
The easiest way to do that is to hold a trading journal. A trading journal is an important tool that helps you keep track of your crypto trading activity and improve your performance.
Coin Market Manager is the leading automated journaling and analytics tool for crypto traders on the market. This review will show you why you need to adopt it as your digital trading mentor right now.
Before we delve into Coin Market Manager’s features and how it can help improve your edge in the crypto market, let’s first identify what gives crypto traders an edge.
#1- Developing a Proven Crypto Trading Method
There are three ways you can approach the crypto market: 1) you can approach it discretionarily, using your intuition and experience to make trade calls; 2) you can approach it systematically, using hard rules to guide your actions creating consistency; 3) you can approach it using a combined discretionary-systematic method.
Traders often get into heated debates over which method is better. At the end of the day, your personality and goals will often dictate which kind of method works best for you. But all these approaches are simply different ways of reaching the same destination: profitability.
Regardless of the type of method you choose, ultimately, as a trader, one of your most urgent tasks is to explore, observe, understand, explain, and evaluate your approach. This helps you gain predictability over the long term outcome — and Coin Market Manager helps you do exactly that.
#2 — Understanding Market Dynamics
After you’ve figured out your preferred trading method, you must endeavor to understand how the market behaves and moves.
Many factors determine whether crypto prices rise or fall. As a trader, one of your main tasks is to time the market and get in at a low-risk entry point.
Sometimes the market will go your way, sometimes it won’t, and based on your observations, you will find yourself making periodic adjustments to your method until you find a sweet spot — something that delivers consistent profits with minimal risk.
Coin Market Manager provides you with the tools and insights you need to better anticipate when money is either entering or leaving the market.
#3 — Managing Your Risk
A trading loss arises when the market moves contrary to our expectations. Risk management is the process of identifying, evaluating, and mitigating the risk of trading losses. It is an essential component of successful crypto trading.
All successful traders, regardless of what they trade, manage their risk. They know and accept that trading is a complex process and that an extensive risk management strategy is what wins the game.
As a crypto trader, you must figure out what risk management protocols work best for you, and you must turn them into rules. And perhaps more importantly, you must follow those rules.
Coin Market Manager helps you analyze your trades and figure out what risk management protocols work best for you.
#4 — Developing a Winning Attitude
At the end of the day, trading is a mental game. The best-looking setups are sometimes the ones that end up in losses. When that happens, you must cut your losses. You must not overthink things; you must keep a positive outlook and continue to trust your process.
And this is always a work in progress. Thankfully Coin Market Manager also has your back there by helping you find the inconsistencies in your trading behavior and correct them.
Now, these four steps aside, it’s important to remember that trading is a long race. It often takes time for your desired results to materialize. And while you’re waiting for the long-term rewards of your efforts to compound, Coin Market Manager helps you stay on track in the short term.
The Importance of Tracking Your Trades
Elite performers and business owners will often track, measure, and quantify their progress in various ways. Each outcome provides them with feedback and offers a signal on whether they’re making progress or need to change course.
All-too-often, traders skip this fundamental step, thinking it’s superfluous and unimportant. But, tracking your trades and the thought process behind them tells you more about your method and own actions than what is shown in your account statements.
Tracking is an important aspect of growth. In fact, it’s one of the fastest ways (if not THE fastest way) to become an outlier and succeed as a crypto trader.
One’s trading improves through trial and error. If an approach doesn’t deliver the desired outcome, then we adjust. A trader’s job is to constantly be testing. You find a setup, you place a trade. You look to see if it works, you get real-world feedback, and you uncover new information about the market, your method, and yourself.
Upon analyzing your results, you make some kind of adjustment or improvement if needed, and then you trade again.
As you continue doing this, over time, you find out what works and what doesn’t, and you also have the data to back it up. In other words, a journal is an important error-correcting tool, and it helps you maintain rigor and reproducibility when you find a way of doing things that consistently works.
This is very important… in fact, that’s one of the reasons why hedge fund managers, commodity trading advisers, commodity pools operators, commercial traders, proprietary trading desks, and market-makers maintain detailed records of their trading activities. In essence, a journal helps one trade the data, not one’s emotions.
So, if you’re a retail crypto trader and feel resistant to the idea of maintaining a journal despite its maintenance by your competitors, you need to examine the reason behind such resistance.
Some of your biggest insights about your trading will come when you develop the habit of recording your trades in a log and reviewing it periodically. Some of the major improvements you’ll make to your method will also come as a result of doing so.
So, if you’re not tracking and reviewing your trades, you’re essentially trading blind — you’re shooting in the dark hoping to hit your target.
Coin Market Manager — The Leading Tracking Tool for Crypto Traders
The truth is, you could use a physical notepad to record your trades. But if you want to gather critical data about your method — metrics like winning percentages, average hold time of winning and losing trades, worst peak-to-valley drawdown in equity, and so on — a physical notepad won’t cut it.
What about a spreadsheet? That’s much better, but the caveat is that not everyone is well-versed in Microsoft Excel or Google Sheets. If anything, most people are average at using those, and calculating the above metrics can get daunting.
The third option is to use Coin Market Manager. It’s the leading automated crypto trading journal and analytics tool for a reason and has been created by a team of professionals to help make things easier for you — orders of magnitude easier!
Coin Market Manager is beautifully designed and has a very intuitive interface. You don’t need to have strong math skills to use it; Coin Market Manager does all the heavy lifting for you in the background and shows you the results using colorful charts and easy-to-understand metrics. All you have to do is trade, analyze, and improve.
Here’s a quick rundown of Coin Market Manager’s main features:
Auto syncing Your Trades
Coin Market Manager makes journaling trades seamless through automation. This means that you can automatically import your full trade history from an exchange within a click or two. And then, all that’s left for you to do is to analyze, discover patterns of success and failure, and work towards bringing your trading to the next level.
In addition to tracking your exact entries, exits, position sizes, R multiple, and so on, Coin Market Manager lets you track your emotions for each trade.
You can also write about your experiences and observations―what the market did, what you did right, what you did wrong―in a thoughtful, original, and engaging way.
It includes an option to import the chart of your trade from TradingView so you can know exactly where you entered the trade, what technical setup motivated the entry, and where you closed it.
Keeping track of all your experiments (trades are experiments) and all your successes and failures helps you crystalize the important things that either help you or plague you. This way, these things are not hazy thoughts and feelings anymore, they become tangible pieces of data that you can use to improve your game.
Traders are destined to experience 100s and 1000s of trades (data points) throughout their careers. But curiously, the vast majority of them obsess over the results of a single data point.
The process of trading is made up of many ups and downs, so it’s normal for the ups to be elevating and the downs to feel a little blue. Reviewing your trade analytics can allow you to put things into perspective and realize how much you’re actually achieving.
Coin Market Manager generates complete trade analytics reports showing you exactly how your strategy and performance are evolving over the long run. Statistical significance is so important to interpreting your results because, in trading, your statistical edge plays out over many many trades.
Coin Market Manager helps you stay focused on the process of placing good trades while not obsessing too much over the short-term ups and downs.
Simple, Intuitive, and Useful
Tracking your trades should help accomplish 3 things:
- It should be quick and easy. Though tracking your trades is important, you shouldn’t spend too much time with it.
- It should be useful. The people that hold physical trading journals and spreadsheets tend to overflow their journals with data and most of it is useless. A good tracking log contains essential information. In a nutshell, you want to be able to measure two things: How your trading system behaves over time; how your execution evolves. Anything else is just superfluous.
- Your trade log should be easy to consult at the end of each day, week, or month. Sorting through the data to notice common problems and spot your strengths and weaknesses should be easy and intuitive.
Coin Market Manager checks all those boxes and makes the process of improving rather enjoyable.
Want to build an audience? With Coin Market Manager, you can get your own personal Verification page, with a customized vanity URL, and showcase your live account data to your followers and friends. All data is pulled directly through your read-only exchange API key, compiled and hosted by Coin Market Manager.
Powerful Open Interest Market Scanner
Open interest indicates the intensity of trading in a particular market. If open interest increases suddenly, this may indicate a near-term rise in volatility.
Coin Market Manager’s powerful open interest market scanner helps you see when new money is flowing into the marketplace, which helps you make more informed trading decisions.
Institutional Grade Security
The team behind Coin Market Manager deeply understands and values the importance of security in the crypto space. Hence, API keys are Read-Only and all passwords are stored in the database.
Treat Crypto Trading with the Seriousness it deserves
Cryptocurrencies are an exciting asset class that has become a global phenomenon, with names like Bitcoin and Ethereum entering the mainstream, leading the way.
The crypto market is quite different from more traditional markets like Equities or Forex because it is a relatively new asset class and is not yet influenced by many of the same forces as those other more established markets.
Some critics argue that the crypto market is too volatile and risky. But that volatility and risk is the price one pays for the out-of-this-world gains that are only possible in such a nascent market.
So, volatility is a feature, not a bug, and it opens up amazing trading and investment opportunities for savvy participants.
Now, most people are better off ‘hodling’ than getting in and out of their positions in short periods of time–aka day trading and swing trading. When you hodl, there’s less work to do, you can just sit back, enjoy the show, and reap the rewards.
But the downside of hodling is that it’s a waiting game, and you could end up waiting years before your rewards are substantial enough to make a difference for you.
That being said, for the more adventurous types who seek greater rewards in a shorter period, trading is an amazing way to do that.
But make no mistake. Trading is not like hodling where you can be average and still do well. To do well as a trader, you have to become an expert.
On this journey, a trading log/journal will act as your trading career’s ledger and become part of your legacy as a trader. So right now, endeavor to hold one. Don’t neglect such an important piece of the market success puzzle.
If you can’t measure what you do and the results you get, you can’t improve. Pure and simple. And there is really no better way to do so than to hold a trading journal. That’s because tracking your observations and thoughts extends your memory, clarifies your thinking, and facilities insight, perhaps like nothing else out there. And this makes success more tangible.
So, track, analyze, and adjust. Treat your crypto trading with the seriousness it deserves. And if you’re not willing to do this work, do yourself a favor… just hodl. Don’t trade. You’re much better off that way.