Trading journal: what to record, what to measure, and how to judge a mentor with it
By Karel Moreau, editor of tradingmentorreviews ·
A trading journal is a record of every trade and why you took it, kept so you can measure your own expectancy instead of guessing. The minimum useful journal has ten columns and takes a minute per trade. It is also the best tool you have for judging whether a paid mentorship is improving your trading — or just keeping you busy.
What to record for every trade
| Field | Why it matters |
|---|---|
| Date and time | Reveals which sessions or hours you trade best and worst |
| Instrument and direction | Separates markets that suit you from ones that do not |
| Setup name | Lets you measure each setup's expectancy separately — the single most useful cut |
| Entry, stop, target (planned) | Defines 1R before the trade, so results can be measured in R |
| Exit (actual) | Shows whether you follow your plan or cut winners and hold losers |
| Result in R | Comparable across sizes and markets; dollar results are not |
| Screenshot | Kills hindsight: you see what you saw, not what you remember |
| Reason in one sentence | If you cannot write it, it was not a setup |
| Followed the rules? (Y/N) | The discipline score. Track it separately from profit |
| Source (own idea / mentor call) | Measures what a paid community actually contributes |
The numbers to review every 20 trades
- Win rate and average win/loss in R — together they give your expectancy (see the expectancy guide).
- Expectancy by setup — drop the setups that lose.
- Expectancy when you broke your rules — usually the most expensive line in the journal.
- Largest drawdown and longest losing streak — are you sized to survive them?
Using a journal to judge a mentorship
Tag every trade by where the idea came from. After 50–100 trades you can compare the expectancy of mentor calls against your own setups, and of both against the months before you joined. That is the only honest measure of whether a subscription is paying for itself. If the mentor's calls are positive but your fills on them are not, the problem may be delay, size or execution — also worth knowing before you renew.
Only 2 of the 49 communities we track mention journaling in their listing, and a handful emphasise accountability or psychology (Ace of Trades, BH Insights, Momentum., The Ryze Network, Cerulean Mind Academy). A mentor who asks to see your journal is usually a better sign than one who only shares their own wins.
Spreadsheet or app?
A spreadsheet with the ten columns above is enough. Dedicated journaling apps add broker imports, automatic R calculations and charts, which save time once you trade often. Whichever you choose, the habit matters more than the tool: a journal you fill in after every trade beats a sophisticated one you update at the weekend from memory.
Journaling psychology, briefly
Add one optional column: how you felt before the trade (calm, rushed, frustrated, bored). After a month, sort by it. Most traders find their worst trades cluster in one or two states, which is more useful than any general advice about discipline. Combine it with the first-30-days plan if you have just joined a community.
Frequently asked questions
What should a trading journal include?
Date, instrument, setup, planned entry/stop/target, actual exit, result in R, a screenshot, a one-line reason, whether you followed your rules, and where the idea came from.
Why measure results in R instead of dollars?
R (multiples of the amount risked) makes trades comparable across position sizes and markets, so you can calculate expectancy.
How often should I review my trading journal?
Every 20 trades for the key numbers, and a deeper review every 100 trades before changing strategy.
Is a spreadsheet good enough for a trading journal?
Yes. Apps add imports and charts; the value comes from filling it in after every trade.
