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Advanced Forex Trade Journal

May 18, 2010 (Last updated on September 25, 2018) by

I’ve already written about the trade journal and its application in Forex trading a year ago. Since then I’ve been using the journal extensively myself and I saw many disadvantages in it that could be fixed. I won’t be going far into saying how important it is to have a trade journal even if you have some perfect Forex system; I believe that to the most traders it’s quite obvious and if not — they can always read my previous post on this topic.

My last trade journal lacked a separate column for the actual profit/loss expressed in USD (or any other currency) and the column for the current account balance. Such information doesn’t usually characterize the Forex trading system used for trading but is very useful to track the success of a trader, especially if one makes any withdrawals/deposits to the account. Money management becomes much easier when you actually see the changes in the amount of money.

My new trade journal offers a full money tracking capability, including profit/loss per trade and current balance after each trade. It also automatically calculates the percentage profit/loss of positions now. The example trade journal is available for a download (Excel table). It features some example operations with the trading funds and a trading position example.

Update 2012-12-03: One of the blog’s readers had made a significant improvement over my Trade Journal template and was kind enough to share it with everyone — new TradeJournal 2.0 Template. It includes easy currency pairs insertion/sorting, a chart URL field and less division-by-zero errors.

If you have any questions, comments or recommendations regarding further improvements of the Forex trade journal, please feel free to reply below.

13 Responses to “Advanced Forex Trade Journal”

  1. charles

    Hi,

    I really don’t use trade journals even though i know the importance, its just laziness on my part. I will make this a habit now. Thanks

    Reply

  2. Olivia Taylor

    If all Forex Traders use trade journals then they do not have need of any ones guidence. Trade journals is realy helpful for all Forex Traders in this some example operations with the trading funds and a trading position example was given.

    Reply

  3. Rob

    Nice article, I’m sharing your philosophy on keeping trading journals. Especially helpful it will be if you create your own, tailoring it around your trading style.
    Also thanks for sharing your spreadsheet, I’m collecting them on my site and have listed it with back-link to your blog, if you don’t mind. http://www.freeforexspreadsheet.com

    Just discovered your forum as well and signed up. Looks good and active!

    All the best
    Rob.

    Reply

  4. Dawndi

    Great! Thank you!
    I’m a brand-spankin’-new trader
    and this will come in handy as hell!

    Reply

    admin Reply:

    Glad to help! Please tell me your experiencing using the journal and if you want something added/changed.

    Reply

    Brian Konzem Reply:

    I think I like your journal but I am somewhat a novice with excell. I would like to use this but I wish I could figure it out a little better. I am not really sure how to enter stuff in which box to get the calc working. I just suck at axcell can you give a quick demo thanks

    Reply

    admin Reply:

    It’s quite simple. For deposit/withdrawal entries, you enter only Profit/Loss in USD. For example if your deposit was $10,000, you enter “10000” there.

    When you enter some trade, you fill Date with date of entry, Strategy with textual description of entry signal, Pair with the currency pair of your trade, Direction can be either short or long. Entry Price, Initial Stop and Initial Target should be filled as they appear in your trading platform. IRR will be calculated – it’s initial reward/risk ratio. Exit – is the price at which the position was closed. Comment – is the field to fill as you enter the trade

    This is filled after position is closed:
    Date of Close – is obvious. Pips – you enter amount of pips won/lost in this trade. % – is calculated automatically after you enter USD – the actual amount of profit/loss from your trade. Length – length of the trade, e.g. “7 days” or “4 hours”. After-Comment is your comment after the trade is closed.

    End Balance is calculated automatically.

    Reply

  5. Adam Turnbull

    I’m a very visual trader. Would love to see a link where I could take a screenshot of the chart as I make the trade and when I leave the trade. THAT would be gold. As it is I suppose something like yours plus a literal cut and paste on real paper would do.

    Reply

    admin Reply:

    If you are trading in MetaTrader, you can click the right button on a chart and choose “Save As Picture” and then just copy/paste it wherever you wish.

    Reply

  6. russ schlegel

    I would love a dropdown list for the forex pairs. Maybe just being lazy, but, would be very nice to be able to add or subtract the pairs I am following and just be able to click n add instead of type every time. I love the spreadsheet!!! just the one suggestion… Thanks Russ

    Reply

  7. Anthony

    Love it, it is good to appreciate those that have put efforts in designing the journal

    Reply

  8. Sebastian

    I dont get the deposit withdrawal deposit

    Reply

    Andriy Moraru Reply:

    What exactly are you trying to do?

    Reply

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