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Whether you killed it or got rekt in 2024, you should spend a few hours reviewing exactly how you did.
Most traders/investors don't do it, which is exactly why you should.
Here are a few key areas for an annual crypto trading/investing review:
1. Performance Metrics Analysis
• Calculate your total return (both percentage and absolute value)
• Break down performance by: Individual assets/coins, trading strategies (e.g., day trading vs. long-term holds), time periods (monthly or quarterly) to identify when you performed best/worst - look for patterns
• Compare your returns to benchmarks like Bitcoin, Ethereum, or total crypto market cap
2. Risk Management Review
• Examine your position sizing and how it affected outcomes - likely big improvements for most in here
• Review your largest losses and gains to assess if your risk management was appropriate
• Evaluate how well you stuck to your stop-loss rules if you use them
3. Strategy Assessment
• Document which strategies worked best/worst (e.g new shiny coins, onchain vs CEX, fundamentals vs attention vs narrative etc)
• Analyze if your entry and exit criteria were effective
• Review your reaction to major market events
• Evaluate your diversification approach
4. Behavioral Analysis
• Review your trading journal if you keep one
• Look for emotional patterns in your decisions
• Identify any recurring mistakes or biases
• Examine trades where you deviated from your strategy and why
5. Operational Review
• Assess your choice of exchanges and tools
• Review fees paid and their impact on returns
• Evaluate your security practices (DO THIS)
• Check tax implications and record-keeping quality
Feel free to chuck any other suggestions in the replies.
@truth_terminal I'm not sure what people are trying to do with that - but it has nothing to do with me. So not going to discuss anything there.
Do you want to talk about having a crypto wallet you can control? We might be able to help you set that up. Thought it might be interesting.