Step 1: Choose one place for every trade
Use one journal for all the trades you plan to evaluate, whether it is a dedicated app, spreadsheet, or notebook. Splitting records across several tools makes it harder to compare setups, fees, mistakes, and results over time.
Decide which accounts and markets belong in the journal. Keep broker or exchange statements as the source record, and use the journal to add the decision context those statements do not contain.
- Use consistent field names and setup labels
- Keep trading results separate from deposits and withdrawals
- Record fees so you can review net results
- Never store passwords or API secrets in journal notes
Step 2: Write the plan before the outcome
Before entering, record the market, direction, setup, entry trigger, invalidation point, planned stop, target, and amount at risk. This creates a timestamped version of the plan before profit or loss changes how you remember it.
Keep the entry brief. A repeatable checklist is more useful than a long paragraph you will stop writing during a busy session.
- Why this setup is valid
- What must happen before entry
- Where the idea becomes invalid
- How much you plan to risk
Step 3: Complete the record after closing
After the position is closed, add the exit, realized P&L, fees, and whether you followed the original plan. Note changes such as moving the stop, adding size, exiting early, or trading after your daily limit.
Attach a chart screenshot when it helps preserve context. Grade the quality of execution separately from the result: a profitable trade can break rules, while a controlled loss can follow the plan exactly.
- Final entry, exit, size, and net P&L
- Rule-following or execution grade
- Before-and-after chart screenshots
- One factual note about the decision
Step 4: Turn entries into a weekly review
Set one regular time each week to check that records are complete and compare trades by setup, market condition, direction, and mistake. Avoid drawing conclusions from a very small sample.
Finish with one measurable action for the next week. Examples include recording risk before every entry, avoiding a specific low-quality setup, or stopping after a defined loss limit. The journal becomes useful when its evidence changes a future decision.
- Reconcile trades and fees
- Review the largest win and loss
- Count repeated rule violations
- Choose one behaviour to keep and one to change