How do you journal your trades?

[runmael]

I am referring to a trading journal as a record of all trading activity. I can see how trading journals help traders assess the overall performance of trading decisions and how effective specific trading strategies are. An options trader can learn from previous options trades, gain insights into what works and what does not, adapt and plan accordingly.

I've come across many options traders who are using Excel for journaling. They compile overall metrics like total gain/loss, successful vs. unsuccessful trades, expectancy and so on. I also read traders take screenshots of every trade entry and exit. However, all of this effort seems like a lot of manual labour and it leaves me wondering if there is a better way to do journaling? How do you do it?

 

[runmael]

To make the question more specifically - what tools are you using for trade journaling?

 

[proptrader101]

To make the question more specifically - what tools are you using for trade journaling?

i use good old fashioned excel. I like to keep things simple.

 

[options-george]

I use Excel for recording trade statistics. Generally, I don't take more than 5-10 trades a day, thus am happy to enter data into Excel manually (rather than import data from my broker). I record items such as entry time, duration, instrument, gain/loss, stop size, date, day of week, p/l measured in units of risk.

I also take screenshots of each trade and save it in Microsoft Paint, sometimes with some commentary.

All in all, journalling and documentation is quite a big part of my trading operation, and has been tremendously helpful for reviewing, analysis and adjusting things.

 

[tomorton]

Essential to keep track of what you've done. But the point is to work out what you could do to improve. So record the least you can in order to answer those questions specific to your style. Excel is more than enough for this.

A key key piece of data is why you exited the trade when you did.

 

[tomorton]

PS - As well as reviewing trades taken, I attempt to review the best trades I DIDN'T take per week, to understand what held me back or why I didn't see them. This actually helped me understand my own strategy better.

 

[NVP]

I tend to focus on the losers to improve my game......winning trades tells me nothing .....

 

[kardkovacsi]

I am referring to a trading journal as a record of all trading activity. I can see how trading journals help traders assess the overall performance of trading decisions and how effective specific trading strategies are. An options trader can learn from previous options trades, gain insights into what works and what does not, adapt and plan accordingly.

I've come across many options traders who are using Excel for journaling. They compile overall metrics like total gain/loss, successful vs. unsuccessful trades, expectancy and so on. I also read traders take screenshots of every trade entry and exit. However, all of this effort seems like a lot of manual labour and it leaves me wondering if there is a better way to do journaling? How do you do it?

There are a lot of trading journal software on internet. There are web-based and some of them desktop software (if you don't want to share your trading history with somebody else). Enter trading journal software into the google and you can find a couple.
The main problem with the excel that you have to enter your trades manually which is a pain in the ass.

 

[Signalcalc]

I'm using excel, the amount of work is relative to the number of trades, good for live testing against a strategy and helps to tweak performance.

I'm finding that manual entries are like note taking, you get a feel for the subject better than just running reports. Reports are good for cross checking against excel entries. A manual journal feels kinda subjective whereas broker reports feel kinda objective.

 

[runmael]

There are a lot of trading journal software on internet. There are web-based and some of them desktop software (if you don't want to share your trading history with somebody else). Enter trading journal software into the google and you can find a couple.
The main problem with the excel that you have to enter your trades manually which is a pain in the ass.

Thanks for the answer. I agree that there are lots of journals but there aren't many (almost none) which are mainly focused on options trading. Which one are you using?

 

[kardkovacsi]

Thanks for the answer. I agree that there are lots of journals but there aren't many (almost none) which are mainly focused on options trading. Which one are you using?

Truth be told I'm the developer of one. It supports options strategies .

 

[BlueRoo]

Excel is a great place to start...

I think the best place to start is by having a spread sheet...building the metrics and learning the maths yourself...apart from statistics I have found defining each trade in terms of its setup and psychology at entry and exit is invaluable. See more details in my trading buddies thread here of t2w...

 

[stopdownlimitup]

Journaling is a lot of work. Especially if you are trading everyday. I keep two. I keep a journal of my experiences and keep track of how different reports affect the market, and I keep track of all my trades in an excel journel.

For example when trading on FOMC days, it is crucial to journal how the market is affected during these days. We see much more volatility, side ways action etc. It's always a great reminder to look back on your notes on these high volatility days and not make the same mistakes you did the previous report

 

[Dinos]

Excel for me, I journal every trade in conjunction with a statistical database, I use a technical pattern trading approach, the entries being consistent and repetitious, therefore, the data I collect is meaningful and accurate and enables to manage how I approach my trades from R/R, stop, limits, wins, losses etc.

 

[stopdownlimitup]

Thanks for the answer. I agree that there are lots of journals but there aren't many (almost none) which are mainly focused on options trading. Which one are you using?

I attended a webinar about future options and I was sent the link because I guess they recorded it as well. Here is the link. I found it pretty insightful. Hope this helps.

https://vimeo.com/174512808/a88e99a55d#at=0

 

[Splatal]

For futures I use tradinganalyser.com to parse my broker statements data which I can then download in excel format for data manipulation. But usually I only need to see profit and track margin which is provided by this software.