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.”

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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.

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. 2/5

— Nithin Kamath (@Nithin0dha) June 1, 2021How to use the feature?

Tag the exact reason for taking a trade in the P&L statement or on the holdings/positions page.

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 before saving it. The tag name has a 15-character limit as different reports and platforms will use it.

You can apply this tag to all the trades for this instrument 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. You can also track your best and worst performing tags on 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.

You can either tag the entire quantity of a particular security to a specific tag or tag the breakdown. The applied tags can take some time to reflect.

Once tagged, you can start filtering your portfolio by tags on the holdings page to track your goals.

(Edited by : Shoma)

First Published:Jun 3, 2021 6:39 PM IST