keeping track of trades

Is there a place I can go to read on a good way to keep track of trades? I have been making some trades lately and do not know the best way to "document" them so I can go back and study what I have done. I want to start a thread on here but, I feel it would be pretty messy. In the future, probably after the summer, I will start a journal here with explinations on my trades and hope for people feedback. But, for now, I am looking for directions on how to make a journal on paper. I sure hope I have explained myself the way I want.

Hi rens,

Well, first of all, you'd have to think of what you want/need to include in your journal.

You also have to have a clear purpose of making a journal because it is the "thing" (I can't think of the appropriate word ) that will make you stick for keeping a journal.
For example:
- I want to keep a journal because everybody says I should keep one - IMO, this is a weak reason for keeping a journal.
- I want to keep a journal so that I can keep track of my performance and re-evaluate my trading. - this is what applies to me

Furthermore, once you've kept a trading journal, you also have to have a plan on when to do reviews like weekly, monthly, etc. But anyway, that's another thing to do in the future. For now, let's go back to keeping or starting a journal.

Try making Akuma99 Squeeze CCI Journal as a model journal.

Furthermore, here's a list of things to include in a journal taken from "High Probability Trading" by Marcel Link:

1) What you bought or sold
2) What Time you did the trade
3) Why the Trade was Made (reason for entry)
4) How strongly you felt about the trade
5) Profit Goals
6) Stops
7) How Much you Made or Lost
8) Hold Times
9) System Traders - I think this is applicable if you're a system trader and then you make adjustments or tweaks on the system and then to keep track if those tweaks made a difference or not. I really can't remember.
10) Trading Decisions
11) Review the Journal

Just add/remove things as you see appropriate.

Another reminder though, also try to remind, think, or keep note of why a certain entry is needed in your journal. Any entry you include in your journal should have a reason for being there and that one you have to think for yourself.

Hope this helps.
East

P.S.
I've re-read your post and you're asking of a "place" to keep track of your trades? Well, I'm currenlty using MS Excel and MS Word to keep track of my trades.
You can also use a blog to keep track. try blogger.com by google.

Thanks East. Good info. The main reason I want to keep a journal is to keep records to see how consistant I am. I want to put my ideas down on paper so I can go back and see what ideas made the right choices. It would be a weekend thing after the markets close on Friday. Saturday would be my day to analyze what I have done. Yes Akuma has a ver good journal. This is something I need to work on.

I see you edited your post. Much more info for me. That list of 11 is great. I will work on this.

I might be a little more technical than others, but, I have an access database. Not only do I record the trades I took, with screenshots, etc. But, I also record trades I should have taken using my system rules. It's extremely helpful. For instance, I can definitively say that over the past two months, I have a 74% success rate, but, I should be at an 85% success rate. I also note trades I took but which violated my system rules. That's helpful for guaging my ability to stick to my system.

I recommend a database because it's easy to pull this kind of information out of it, rather than keeping track of the calculations by hand in a spreadsheet or other journal. If I have time, maybe I'll create a little sample access db and post it.

This would be great stockwet. I am also planning on using a database like MS Access but I am not yet familiar with its capabilities and how I can retrieve images or something like that.

I think Isotonic is using a similar setup with his currency correlation.

So, yeah, if you have time, presenting us with an example would be very much appreciated.

Regards,
East

Yeah I am lost when it comes to something like that.

Stockwet, this is a great idea too. would you be willing to share a blank copy of your access db??

Here's a trade template database to get you started. I based it on the BGX system, but, you can modify it however you like. It should be pretty easy to do. I added a sample trade in there as well as a readme to get you started. Good luck.

stockwet

I posted one that I made up in another forum with instructions, so I am just going to copy the post over to this forum.


****************************************************

Every trader needs a TRADE JOURNAL to track their trades and make them more successful.
Here is a TRADE JOURNAL I made up last year that may help some of you keep tabs on your trades. It is located at the bottom of the post.

Keeping a TRADE JOURNAL is a must when trading. It allows you to go through your trades at the end of the week and figure out why you made the mistakes you did and eliminate them the following week.

It allows you to MAXIMIZE YOUR SUCCESS & MINIMIZE YOUR MISTAKES!
It’s all part of that MONEY MANAGEMENT thing you keep hearing about!!


The picture below shows the blank form.
http://www.4xcampus.com/charts/journalblank.bmp



HEY MONEY DUCK, HOW DO I USE THE FORM?????


I am glad you asked. Below are the steps to filling out the form and analyzing it at the end of each week to help you become a better trader.

1. Print out the sheet on Saturday or Sunday. (or like me go to Office Depot and print out 30 or so)
2. After you place a trade, write in the PAIR, DATE, RATE, and TIME of trade.
3. RATE + TIME OUT: You will fill out after your trade is exited.
4. TOTAL TIME: Take the time in and time out and figure out how long you were in the trade.
5. ENTRY TYPE: Put in Market or Entry based on how your trade was placed.
6. B/S: Buy or Sell
7. FUNDY: Check it if the trade based on Fundamental Analysis.
8. TRAIL: Check it if you use a trailing stop.
9. C/R: Check this one if you Cancel and Replace your stop instead of using a trailing stop.
10. LOTS: Enter the number of lots you entered the trade with.
11. PIP TOTAL: This is the total number of pips that the pair moved. Do not multiply it times your lots.
12. PIPS LOST: Lost the trade. Take the LOTS x PIP TOTAL and enter here.
13. PIPS WON: Won the trade. Take the LOTS x PIP TOTAL and enter here.
14. EXITED BY: Write down how your trade was exited. (Ex: stopped out, manually stopped, C/R then stopped.)


http://www.4xcampus.com/charts/journalfilledout.bmp


Okay so know that you know how to fill out the TRADE JOURNAL, what do you do at the end of the week and how does that help you.

END OF WEEK:
1. Add the PIPS LOST and put it in the TOTAL section near the bottom.
2. Add the PIPS WON and put it in the TOTAL sections near the bottom.
3. Then divide the 2 numbers to get your ratio. In this example we have 120 pips lost and 352 pips won. So we divide the larger number by the lower number and this gives us the ratio or 1:29.
4. That means for every 1 pip we lost….we made 29 pips. Not bad.
5. If we looked at the trade ratio. We have lost 2 trades and won 3 trades. Divide 3 by 2 and you get 1:1.5
6. That means we are at a 1 to 1.5 ratio….not bad.

ANALYZE THE DATA:
Now that we have done all that we want to analyze the TRADE JOURNAL and figure out a few things.
1. Look at your LOSING TRADES
2. Take a HIGHLIGHTER and highlight your losing trades.
3. If you have a bunch of losing trades and you see that they were all placed during fundamental announcements……..then the next week do not trade the news and see how you do at the end of the following week. You may be more successful not trading the news.
4. If you have a bunch of losing trades and you see that they were placed using trailing stops…….don’t use trailing stops the following week. See how that increases your profits the following week.
5. If you have a bunch of losing trades and you see that they were placed using entry orders……….don’t place any entry orders the following week and see how you do that week.
6. Look at the total amount of time you were in the trades as well. You may find that the longer trades paid off and the short trades created more losers.

After analyzing the TRADE JOURNAL at the end of the week, it allows you to make educated decisions on your trading. By working on cutting out the losing trades you are cutting out the things you may be doing wrong or things that need worked on.


THAT'S WHAT IT IS ALL about: Finding out what you do well and doing it over and over again. When you try something new and it doesn't work for you. Don't do it. Just because Money Duck or someone else does it that way, does not mean it will work for your trade style.


Just remember over the weekend to look back over your TRADE JOURNAL.