Keeping track of past successes and failures is important for a trader of any proficiency. Whether you are a novice just getting started in your trading career, or a seasoned pro in the market going back and reviewing past trades allows us to work out the details of any profitable trading plan. One of the easiest ways to record your trades is through keeping and maintaining a trading journal throughout the trading week. This may be a difficult task at first but consistency is important, and can be made easier by having a premade trading journal to log.
Sample Trading Journal
- Day ____________
- Time Open: ____________Close: ____________
- Currency Pair: _____________
- Entry Price: _____________
- Stop Price:_____________
- Limit Price:_____________
- Lots Traded:_____________
The selections you choose to record in your trading journal may vary from person to person. If you don’t know where to begin you can find a sample journal above. I would recommend that at minimum you include the currency pair (such as the EURUSD), open/close prices, and p/l (profit and loss) for tracking purposes. Remember the template of your journal should be something that can be easily filled out throughout the trading day. This way when it is time to review your past trades you have the important details to do so.
Also be sure to include a notes section under each trade. This will be a miscellaneous section that will allow you to record information including what prompted you to enter into a trade. Other information to record may include what indicators were used (CCI, FIB lines, RSI, Etc), market conditions (range, trend, breakout) or any other information that may become useful when reviewing past trading successes and failures.
---Written by Walker England, Trading Instructor