Recordkeeping: Trade Log

Recordkeeping: Trade Log

Hello. I've created this thread mainly to help beginners since experienced traders most probably already have a recordkeeping system in place. However, anyone is free to use this simple & basic log sheet I am providing.

We have all heard it's essential to have a system when trading. Well I also believe it is important to have a recordkeeping system. It's important for many obvious reasons such as monitor progress, correct money management issues, set future expectations/goals. It's also important in the event you have a discrepency with your broker. Now a log probably won't be sufficient proof in a dispute, but it could help catch any errors made by your broker. The log may also be useful when it comes time to pay taxes.

I am attaching a blank log sheet and a sample so you can pretty much see how it's done (very simple). All you do is fill out the first half-side of the page when placing the order. Then you fill out the second half when you close out. If you are going to split the trade with partial exit, then you may want to list each portion separate (just need to change lot/unit size if split was unplanned and then record split-off portion separate). If the order is pending, I just simply place "limit" or "stop" before the buy/sell (see sample). If you have any questions or ideas to add please post them or send me a message. Good luck!

2+2

Nice trade log, I would add an extra column, for something like "reason to trade". I mean, S&R, Pivots, Externals Signals, News, Fib level, P.A. and such. So at the end of week/month you'll have a stat of which "reason" works better for you.

Not a bad idea. When I have a chance I will add that one also. I wanted to make it simple, but adding that isn't too much. I'm also all for analyzing which method has most success. Thank you. I'll let you know when I add it.

Okay I revised it to include a "reason to trade" column. I have attached it to this post and also post #1.

I'm also partial to keeping handwritten records. I feel it creates a certain "intimacy" with what we are doing. My logs are similar to yours. I do vary them a little making them "method specific"; My scalping logs look a little different than a trend following log or a breakout log. And I like to rate my trades as either A or B. Sometimes this will reveal that "B" trades, over time, are still well worth taking as long as you apply well-defined parameters. And at the end of the month your B trades actually outperformed the A's. Or that the B trades should have been avoided all together. If you don't keep track, you'll never know.

Good topic. BTW, I'm not asking you to add another column--just throwing out another example.

thank you for this i started my record keeping as of today and this is gunna make it a little easier

regards damien

how about this
look at the chart adn evrytime u see repeated patterns,that u saw before many time,take a screenshot and save it for later,and also try to find out what why the price behaved as it did

I just created the log and thread as a general record keeping instrument. If anything it might be too complicated as it is. I tried to put the main items a trader might record (Price, buy/sell, Take Profit, etc.). Anyone is free to take what I did and change it to their preference. Thanks for the suggestion.

i think taking a screenshot is the better option than putting "reason to trade".
get a screenshot capturing software
or you can do it with mt4, simply put the screenshot function into the buy/sell script then you'll have a screenshot automatically taken everytime you open an order. that works for closing orders as well.