Furthermore, you couldn’t learn from your mistakes because a mistake on one of the strategies isn’t necessarily a mistake on a different strategy.īut if you would track all three strategies separately, you might find out that the majority of your losses come from one of the strategies and you, therefore, you should rather focus on the other two profitable strategies. If you would track all of them together, you couldn’t analyze which strategies are working and which aren’t. Let’s say you have three different strategies that you use very regularly. So it’s a huge mistake to track all your trades together. You might remember from the video that I showed you earlier that Tim Grittani and Michael Goode constantly emphasized the significance of tracking different setups differently.ĭifferent things are different. But another important thing that every trading journal has to do is track trades/setups separately. Here is a list of a few things that every trading journal spreadsheet needs:īesides this, you should ideally be tracking even more stats. That’s why you need summaries and visual representations of different aspects of your performance. You can’t really do a whole lot with this. There is nothing worse than having a huge spreadsheet filled with different numbers and notes. In addition to notes, you should also add different graphs to visually analyze your performance. Otherwise, you won’t be able to avoid the mistakes that you made on your next trade. It is extremely important to reflect on your trade, your plan, and its execution. If you skip this part, you won’t learn from your trades. You should ALWAYS add notes to trades in your trading journal. More Data = Better Insight = More Potential For Improvementsįurthermore, you should NEVER only track the numbers and other concrete stats. If you track more things, you will be able to improve your trading from multiple different angles. So it is not more than a waste of time! So what should you do instead?įirst off, the more metrics you track, the better.
Only doing this is POINTLESS! Your trading won’t change at all if you track your trades like this.īy doing this, you simply see your profitability… This can be seen in every broker platform as well. Let me give you an example of what not to do:Ī lot of people that use Excel as a trading journal simply create a table with entry price, exit price, position size, ticker symbol (and potentially one or two other similar metrics). Otherwise, there is no point in even tracking your trades. With that being said, if you decide to use Excel or a similar program to track your trades, it is important to create a good spreadsheet. But it will also allow you to track whatever you want to track and how you want to track it. Instead of spending a lot of money on such software, I just recommend using Excel, Google Spreadsheets or a similar program. The Best Alternative to Trading Journal Software: Excel
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