Zerodha’s new feature allows users to tag trades, become a better trader

Stockbroking firm Zerodha has announced a new tagging feature on Console – a central dashboard for Zerodha users. The new ‘nudge’ feature will have portfolio and trade tagging, thereby allowing users to maintain a trading journal and track their investing goals. Zerodha’s founder and chief executive officer, Nithin Kamath, took to microblogging site Twitter to announce the new addition to the 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 said while introducing the new feature.

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. https://t.co/E5j9gZi0NA 1/5

— Nithin Kamath (@Nithin0dha) June 1, 2021

At present, if a trader has to keep tags or make notes for a particular trade, he/she has to do it manually which is a cumbersome process. The new tag feature will allow the user to easily note the exact reason for taking a trade in the P&L statement or on the holdings/positions page. This will act “as your trading journal that will also display your performance,” Zerodha said in a statement.

Making use of the new tags feature will allow the user to review all the trades and figure out which ones are generating profits and which is making losses. According to Nithin, this would help the users become better traders and 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 explained in a tweet.

The tags can also be used to track investment goals. Users can tag their holdings like stocks and mutual funds to goals like retirement, kids education, vacation, etc.

Zerodha is working further to expand its Tagging Nudge feature, including alerting the user if a particular tag is being used while placing an order which hasn’t been profitable historically.

Here’s are the steps to follow to use the Tag feature:

1. To tag, go to the P&L report on Console
2. Select ‘context menu’ next to any security on the P&L and select view breakdown/tags
3. In the P&L breakdown window, click on create and apply a tag to all trades.
4. 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.
5. 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.