Record for every trade
- Date, time, pair and direction
- Entry, stop-loss and target — and why
- Position size and money at risk
- Exit price, result and costs
- How you felt and whether you followed your rules
Why it matters
Memory is selective: we remember big wins and explain away losses. A journal shows what really happens — which setups work, which times of day you trade badly, and how often you break your own rules.
A simple template
| Date | Pair | Setup | Entry | Stop | Target | Risk £ | Result £ | R multiple | Rules followed? | Notes |
|---|---|---|---|---|---|---|---|---|---|---|
| 05/10 | GBP/USD | Trend pullback | 1.2700 | 1.2670 | 1.2760 | 20 | +40 | +2.0 | Yes | Waited for London open |
"R multiple" is the result divided by the amount risked — a quick way to compare trades of different sizes.
Statistics to review weekly
- Win rate
- Average win and average loss (in R)
- Expectancy: (win rate × average win) − (loss rate × average loss)
- Results by setup, pair and time of day
- Number of rule breaks
Turning the journal into improvements
- Stop trading setups with negative expectancy.
- Avoid the hours or pairs where you consistently lose.
- Write one specific rule change per week — and test it.
Your journal is also a useful record for tax.
Frequently asked questions
Spreadsheet or app?
Either works. A spreadsheet is free and flexible; journaling apps can import trades automatically. Consistency matters more than the tool.
How often should I review my journal?
Briefly after each session and in more depth once a week.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money. Content is general information, not financial or tax advice.