The company has announced a new Nudge feature on Console – portfolio and trade tagging, which can be used as a trading journal and track your investing goals.
Online brokerage firm Zerodha has announced a new tagging feature on Console. The 'Nudge' feature on Console can be used as a trading journal and track your investing goals.
''We launched Nudge as a first step and are now excited to announce a new Nudge on Console – portfolio and trade tagging, which can be used as a trading journal and track your investing goals,'' the company said in a statement.
''We @zerodhaonline are stoked about the new tagging feature on Console. Tagging your trades and maintaining a trading journal can help you become a better trader and also help you track your investment goals,'' Nithin Kamath, CEO, Zerodha said in a tweet.
Kamath said that the new feature will help traders learn from their mistakes. ''You can't become a better trader if you don't learn from your mistakes. But in order to learn, you need a proper journal of all your trades and the reasons you took the trades. You can then look back, review, and do more of what is working & less of what isn't,'' he added.
You can use these tags to create & track goals like retirement etc. While Console allows you to tag trades after you've taken them, traders might procrastinate. We know that the optimal solution is to get traders to tag while placing the trade itself, he said.
How to use the feature:
''Today, if you have to tag a trade or take a note for taking a trade and track profitability, you have to do it manually, which is cumbersome and perhaps why most traders don’t maintain them,'' Zerodha said.
The company said that one can now do this easily with the “Tags" feature on Console.
-Tag the exact reason for taking a trade in the P&L statement or on the holdings/positions page, acting as your trading journal that will also display your performance.
-To tag, go to the P&L report on Console.
-Click on the context menu next to any security on the P&L and select view breakdown/tags.
-In the P&L breakdown window, click on create and apply a tag to all trades.
-Now enter the tag’s name and add a description of the tag you want to create, and hit save. The tag name has a 15 character restriction as different reports and platforms will use the tags for display purposes in multiple places. You can elaborate on the tag in the description box.
-You can apply this tag to all the trades for this instrument in the breakdown (different trades that led to the P&L) or separate tags for each breakdown by clicking on edit tags.
-Once tagged, you can use the filter by tags in the P&L to view the profitability of your tags. You can also track your best and worst-performing tags on the Tag manager.
-To create Goals, visit the holdings page on Console. Click on the context menu next to the desired stock and select view breakdown/tags.
-Similar to tags in P&L, you can tag either the entire quantity of a particular security to a specific tag or tag the breakdown (buy trades that led to the holding). Again, the applied tags can take several minutes to reflect.
-Once tagged, you can start filtering your portfolio by tags on the holding page to track your goals.
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