How to keep a trading journal

A trading journal isn't a diary for its own sake. It's data that shows which trades make money and which only look good. Below: what to record, when, and how to review it later.

Why keep a journal at all

A trader's memory is selective: a big win is remembered for weeks, while five small stops in the same period blur into "just a bad day". A journal removes that bias. After a month of records you see that, say, trades in the first half hour of the session make half of the loss, and the setup that felt best is actually negative.

What to record about every trade

• Symbol, side, entry date and time. Time lets you compare sessions and hours later.
• Entry, stop, take and exit. They give the result in R — the main unit of the journal (more in what R is).
• Size, commission and spread. Without them the result on paper is always better than on the broker's statement.
• Setup. A short name of the model you entered on. One per trade — otherwise there are no stats per setup.
• Chart screenshots on the higher and lower timeframes at entry. A week later, without a screenshot, you won't remember why the trade looked good.
• Mistakes. Early entry, moved stop, entry without confirmation. Keep the list short and consistent so they can be counted.
• State. Tired, rushed, trying to win it back. A 1–5 score is enough.

When to record

Screenshots and levels at entry, while the chart is in front of you. Result and review right after the exit. A review postponed to the evening almost always becomes "later" and disappears. That's why recording must take seconds: one key for screenshots of every TF and fields that calculate themselves.

Day plan and day review

Before the session, note the high-impact news, the idea you're waiting for and the levels you work from, and tick your rules. After the session — what went well, what you broke and an overall score. Then the journal shows not just trades but how closely you follow your plan.

How to review: once a week

1. The week's total in R, win rate and profit factor — no emotions, just numbers.
2. Three best and three worst trades. What do the best have in common? Were the worst on plan?
3. Frequent mistakes. The same mistake three times in a week is not chance; it's what to work on next.
4. Discipline. How many days went by without broken rules and without the daily loss limit.
5. One change for next week. One, not five.

How a journal stops you repeating mistakes

Breakdowns by setup, session, hour and mistake show where exactly the money goes. MAE and MFE — how far price went against the trade and in its favour — tell you whether the stop is too wide or you take profit too early. All of this only works on data that is recorded honestly and consistently.

In short

• Record prices, not just the result — R comes from them.
• A screenshot at entry beats any text.
• Review the whole week and change one thing at a time.