I have been working through iterations of different formats for a daily newsletter.
For now, I have settled on this simply process:
2x a day (US morning and evening)
Access to Google Drive (Sheets) Trade board
Trade board (excel sheet)
Here's a guide to reading these briefings as well as a couple examples:
Reading the Trade Idea and Trade Progression:
All trades are based on BTC value
No recommendation on position size, an important factor I will discuss separately.
An open trade:
A trade idea will be described in a block of 12 cells:
- Ticker (symbol) of the crypto asset/currency
- Entry Price Level: quoted in satoshis. 1 BTC = 10000000 Satoshi. So in the example above. We want to enter LTC/BTC
- Target Price Level: The price where we should take profit or trim.
- Stopped Loss Price Level: The price where we should exit and take a loss.
- Potential %Gain: The potential gain in terms of percentage, assuming no leverage.
- Potential %Loss: The potential loss in terms of percentage, assuming no leverage.
NT (Near-term): Expected execution during the session. Target or stop also expected within a session or two. Usually canceled the next session if not executed.
ST (Short-term): Expected execution in the next couple of sessions with target/stop expected within the week. Usually cancelled within the week if not executed.
MT (Medium-term): Expected execution in about a week with target/stop expected outside of a week, but within a month or so.
LT (Long-term): Expected action outside of the month.
Watch List: Long-term trade ideas that still require some trading cues
- Status of the trade:
Open - The trade will be executed if entry price level is hit.
Entered - The trade has been triggered, but price has not hit the target nor the stop loss.
Stopped Out - The trade has failed and incurred a loss in terms of BTC value.
Target Hit - The trade was a success and produced a profit in terms of BTC value.
- Time of Trade Entry: Usually, this is either"Morning" or "Evening" (in terms EST or EDT time). If the trade idea is still open from a previous date, it will be that date.
- Target Adjustment Date: If the target is adjusted, there will be a date here for that adjustment.
- Stop-Loss Adjustment Date: If the stop-loss is adjusted, there will be a date here for that adjustment.
- Exchange: Note that prices differ slightly across exchanges, so making note of the exchange we used is for the sake consistency.
Finally, the trade blocks are also color coded based on status of the trade: