Keeping a Trading Journal

A trading journal is not just a table of trade results, but a comprehensive tool for self-analysis. There are two main approaches: a detailed manual journal and an automated spreadsheet with basic metrics.

The very act of keeping a journal improves discipline. When a trader knows they’ll have to record and explain every trade, they approach decisions more carefully and are less likely to act impulsively. The need to justify an entry in writing forces traders to assess signal quality more critically. Many impulsive trades are filtered out at the stage of “how will I explain this in the journal?”

Structure of an Effective Trading Journal

Minimum required data (mandatory):

1. Date and time of entry/exit

2. Instrument and direction

3. Entry/exit prices 

4. Position size and risk (as % of deposit)

5. Absolute and relative result

6. Reason for entry (short signal description)

7. Reason for exit (stop/take/manual/time)

8. Trade quality category (A/B/C/D).

Extended data set (recommended):

1. Chart screenshot at the time of entry (can be added after the fact to better understand the context)

2. Emotional state (scale of 1–5: calm, excited, upset, confident, unsure)

3. Confidence in the setup (1–5)

4. Rule compliance (yes/no + which rules were broken)

5. Market context (trend, volatility, session)

6. Notes or takeaways for the future.

Additional elements (optional):

1. Holding time of the position

2. Maximum profit and loss during the trade

3. Number of stop/take adjustments

4. News impact

5. Fees and slippage

Journal Formats

a) Excel/Google Sheets:

An optimal option for most traders — balances structure and flexibility.

Advantages: easy calculation of metrics (overall profit, win rate, average trade), charting and visualization, access from any device (Google Sheets), ability to create filters and pivot tables.

Disadvantages: requires initial setup, chart screenshots are stored separately, hard to include detailed text notes

Recommendation: Use the “Trading Journal Template” in Google Sheets format.

b) Specialized apps (Edgewonk, TraderSync, Tradervue):

Advantages: automatic trade import from exchanges, built-in analytics and visuals, screenshot integration, ready-made reporting templates.

Disadvantages: paid subscriptions, limited customization, not all support crypto exchanges

c) Paper journal / Notion / OneNote:

Advantages: maximum flexibility in note format, great for psychological tracking, ability to include any detail.

Disadvantages: no automatic calculations, hard to analyze statistics, more time-consuming to maintain

Recommendation: Start with Google Sheets for structured data + a separate folder for screenshots. As your needs grow, consider moving to specialized apps.

Journal Logging Frequency and Timing

Immediate logging (right after trade closes):

• Basic data: prices, result, reason for entry/exit

• Emotional state (while the feelings are still fresh)

• Chart screenshot.

Daily review (end of trading session or evening):

• Analyze quality of each trade (A/B/C/D)

• Identify mistakes and patterns

• Calculate daily metrics

• Plan for the next day.

Weekly review (weekends):

• In-depth breakdown of all trades for the week

• Identify recurring mistakes

• Check risk management adherence

• Adjust trading plan if needed.

Monthly review:

• Comprehensive analysis of all metrics

• Evaluate progress toward goals

• Review and refine strategy if necessary

• Plan for the upcoming month.

Key principle: It’s better to keep a minimalist journal consistently than an elaborate one inconsistently. Even a simple table with basic trade data provides more value than trying to write everything and abandoning it after a week.

Common Mistakes When Keeping a Journal

1. Only recording results, without analyzing reasons and context

2. Maintaining the journal irregularly, with long gaps

3. Recording only losing trades (or only winning ones)

4. Not taking screenshots of the chart at entry

5. Describing trades too vaguely ("entered with the trend")

6. Not classifying mistakes by type

7. Keeping a journal but never rereading or analyzing it

8. Using an overly complex system that takes too much time

9. Not documenting emotional state

10. Justifying mistakes instead of honestly admitting rule violations.