Online brokerage firm Zerodha has now rolled out a feature on its platform which allows investors to tag their trade "or take a note for taking a trade and track profitability.”
The tagging feature has been added to the retail reporting platform of Zerodha, Console.
“We… are now excited to announce a new Nudge on Console -- portfolio and trade tagging, which can be used as a trading journal and for tracking your investment goals,” the company said in a recent statement.
“Tag the exact reason for taking a trade in the P&L statement or on the holdings/positions page, which can act as your trading journal that will also display your performance,” added Zerodha in a related article published on its website on June 1.
Later, Zerodha co-founder and CEO Nithin Kamath tweeted, “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.”
Kamath added 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 tweeted.
In a thread of tweets, he gave the reason why the company came across the idea.
“Most traders don't maintain a journal because it takes some effort to tag trades, take notes & track P&L. This was a personal problem for me back when I was trading. So I'm super excited to announce the launch of Console tags which helps you easily journal your trades,” Nithin said in one of the tweets.
Among the list of things to do in the future, he said they could potentially alert the investor if a particular type of tag being used during order placement, hasn't been profitable historically. “This is next on our list of things to do with the Tagging Nudge,” he announced in the Twitter thread.
How to use the feature?
(Edited by: By Shoma)
First Published: IST