We have just launched Console 2.0. While it might look the same as before, the backend has been rewritten from scratch so that we can build analytics, reports, & visualizations crunching vast amounts of data almost instantly. Do check it out.
As you are probably aware, our next big focus as Zerodha is to help you do better when trading and investing. We are attempting this with Nudge on Kite, which will alert you if you are breaking fundamental rules that need to be followed to be successful when trading, with the idea of nudging you away from making those mistakes. While currently, we have simple nudges, like the one that discourages you from trading in penny stocks, we have a lot more coming soon.
Another important aspect of getting better at trading is to analyze your own trades and figure what is working and what is not. While Console has comprehensive reports including equity curve visualizations, it doesn’t really help if you want to figure out your P&L based on strategies or the reason why you decided to trade. You’d today have to maintain a trading journal and manually keep a track of this by marking trades taken for a particular strategy and then calculating the P&L.
We are introducing Tags on Console which will help you easily mark holdings and P&L to strategies and goals. This is currently in beta, so do post any issues you spot or your suggestions below.
Trading journal using tags
Every stock holding including the breakdown and your P&L can now be tagged on Console. These tags can be the reason for the trade or a trading strategy you used. You can then track profitability based on tags to figure what works best for you, avoiding tags or strategies that lose money.
So for example, you can have tags like Gut based, TA-Moving average, Stock tip - XYZ news channel, etc. You can then track P&L based on what makes money and what doesn’t.
Go to https://console.zerodha.com/reports/pnl
Click on the context menu next to any scrip
Click on apply tags and click on create New tag
You can apply this tag to all the trades for this scrip in the breakdown or separate tags for each breakdown by clicking on manage breakdown tags.
Note: If you select a tag for the entry trade in the breakdown, the exit trade for that scrip will also automatically get tagged. Tagging takes a few seconds, refresh the page to see if the tagging process is complete.
Once tagged, you can use the filter by tags in the P&L to view the profitability of your tags.
Note: Your tags are linked to trades. If you search for a P&L period outside the tagged trade dates, you will not see any results. The charges shown on using the tag filter isn’t for the particular tag but for all trades within the time period selected on the P&L.
Goals using tags
Similar to how you can tag P&L, you can do the same with your stock holdings. The tags here can again be the reason for taking the trades like mentioned above, or they can also be goals. So for example, you can tag your holding to goals like - Retirement, Kid’s education, and more. You can then track these on the holdings page.
https://console.zerodha.com/portfolio/holdings
You can filter the holdings by tags
My Retirement Goal
And yes, the next step is to allow you to tag when taking a trade on Kite and Coin to make the entire experience of managing your trading journal and goals seamless. We will also soon have a tagging analytics page to give you intelligent and actionable items based on your tags. Also, a tagging manager page to manage all your tags.
Like I mentioned earlier, the tagging feature is still in beta, do let us know if you spot any issues or if you have any suggestions in terms of improvements below.
