This is my first post. I’m BRAND new to trading. Why FX? I don’t know but I’m sure glad I found this site. I’m writing this post because the last few days of researching trade journals I found that there definitely isn’t any standard for what goes into the journal. So below I’m listing what I’ve found from two different sources (Adam Khoo and Timothy Slater’s Forward in Mark Douglas’s THE DISCIPLINED TRADER)
First thought was to set this up as a spread sheet.
Spread sheet column’s represented in order left to right:
Trade #
Entry Date/Time
Direction (short vs long)
Pair (USD/CHF)
Entry
Stop Loss
1R
Target Price
Exit Time
Exit Price
R Multiple
Comments (might change, move or eliminate - see below)
Screen Shot
Then I started to read The Disciplined Trader and Timothy Slater posed some great suggestions:
QUESTION EVERY TRADE
What motivated it?
How was the trade managed?
Was it successful? Why?
Did I lose (or win)? Why?
Write down assessments and refer to my comments before making next trade.
So starting with a spread sheet but then adding these individual questions would make for a VERY WIDE spread sheet are my thoughts. There must be a better way to organize this possibly.
So being new, I’d definitely like to ask opinions on this. Am I missing anything? Are any of these mundane or unnecessary? Is there a suggested more efficient way about this other than a spread sheet or with my organization?
Thank you for your time reading reading this and your responses.
Hi! I wish I could help you, but am new too. I am writing to say that I read your post, and that am also eagerly waiting for the answers to come in. Here’s wishing the best for both of us. Stay safe.
So there are some paid journals out there. Edgewonk and Tradervue are two that I found today, literally within an hour of my post. But because these are paid, they are not in my budget as I am starting from scratch. Also I was really hoping for an iOS app but the search in app store returned nothing of quality. I am trying to put together a google spreadsheet (when I’m remotely happy with it I’ll try and share it).
Additionally I found Tradervue by searching “Edgewonk VS”. This is how I always research products/services on google. It usually returns a competing product/service.
Keeping a journal is mandatory in my view. I’ve played poker for several years and it’s easy to dismiss losses when not keeping track. It was the first stepping stone for me to make the jump to full time. But my poker journal needs much less scrutiny and info than a trading journal IMO.
I appreciate the reply. I wish you the best of luck on your trading journey. I plan to be on this site for the foreseeable future so don’t hesitate to follow
Thank youi so much. I am taking note of the info you have given here. Yes, I have followed you. I am sure I will be learning from your posts. Thanks and stay safe.
Start by drafting the questions you want your journal to answer in a month’s time or 3 months or a year. This will tell you what to record, you can ignore everything else.
I read your post again. This seems to be the issue:
“So starting with a spread sheet but then adding these individual questions would make for a VERY WIDE spread sheet are my thoughts. There must be a better way to organize this possibly.”
Am thinking If i do my spreadsheet in excel, I wlll be hiding some columns and lines.
Excellent comments about the Trade Journal.! You certainly did a lot of research and covered every aspect of what should be included in your Trade Journal. I would be happy to give you a like, but don’t know how to do it!
Strategy used (Number your strategies and variations so that you can add that to your spreadsheet)
Analysis Timeframes Used (Monthly, weekly, daily, etc)
Execution Timeframe (1H, 15M, etc)
Adding these to your list will probably allow you to answer pretty much any question you have. For screen shots, I would also attach the marked up analysis chart, the execution chart at time of entry, the analysis chart at exit, the execution chart at exit. That pretty much completes the picture and you won’t always need to fire up your trading software for visuals when you’re analyzing your trades.
I’m going to start with a generic one spreadsheet based. I tried for about 40 minutes this morning on google sheets so it would be easier to share (AND because it’s free) but it was a little frustrating to be honest. I’m not the best with google sheets. So I’m going to put together an Excel sheet and probably use multiple pages. I’ll still share it but Excel isn’t free so some people won’t be able to use it on their google drive. At least not that I’m aware of. Come to think of it google sheets might be able to convert format . I should have a generic one ready by Monday.
I’m going to start with a generic one spreadsheet based. I tried for about 40 minutes this morning on google sheets so it would be easier to share (AND because it’s free) but it was a little frustrating to be honest. I’m not the best with google sheets. So I’m going to put together an Excel sheet and probably use multiple pages. I’ll still share it but Excel isn’t free so some people won’t be able to use it on their google drive. At least not that I’m aware of. Come to think of it google sheets might be able to convert format . I should have a generic one ready by Monday.
What’s tough with Excel or even Google Sheets is managing notes (then again I’m also not the greatest at either). I suppose from a purely numbers standpoint or like just keywords, then it could work but I find that I like the “diary”-ish entries better. Gives me a more “well-rounded” feel if that makes sense. Spreadsheets work though for reviewing more trades!
Either way, will be on the lookout for that from you!
Take a look at the linked product. It’s free to use for the most part. @Blackduck suggested it some time ago but I haven’t had the time to explore it as yet.
. I should have a generic one ready by Monday.