Let's build a better trade journal / log / plan / review!

Discussion in 'Journals' started by l337_7r4d3r, Oct 16, 2008.

  1. Do to poor performance, I am out for a while... A shame, because I should be making a killing! Anyway, I use this time to go over my trades and formulate what the f went wrong, adjust my plan if necessary.

    I thought a thread about journals, trade logs, trade plans, reviews (and so on) would be helpful to others. So let's post our ideas on how we learn from past trades!

    *Here's a google doc, that acts as a platform for most of my dealings... This tab is my account value and open positions (not including day trades).

    *Here's the watchlist (again, not for day trades) I save my watchlists by month and review them for trends / accuracy of my observations...

    *I print a couple of these for day trades...

    *Closed day trades. Entering updates my risk mgmt / position sizing...

    *Day's end I enter trades into an access database query (arranged for cut and paste from my broker). Here are the fields / data stored:

    *I can export a form of the db into PDFs for review. I also add charts in the form (they are stored in the db).

    Things I need to improve on:
    *I think the journal (and form especially) might be too expansive and redundant for day trades... Maybe that's why I suck at day trading.:p
    *The "Method" isn't uniform enough, I'm thinking of making a key ([Strategy] 1, 2, 3), that way it will be queryable.
    *Still trying to come up with a non-subjective grade format or formula. Thought about Elder's % of channel captured, but didn't really like it.

    Also, I desperately need to write a Trade Plan and Review template:
    *I was thinking of combining them: Plan - Review (of how well plan was executed and how well it performed).
    *Plot graphs have been very helpful to me to isolate great and disastrous trades and trends.
    *Performance measures: equity curve, R, accuracy, Net $, Commissions...

    Anyone have an examples or advice of Trade Plans / Performance Reviews?
    Do you not use records -why?
    Have you found them critical -why?
    How do you all do it and why?
    Any advice for other traders?

    -Good trading, best of luck to all.
  2. Man those are tight stops!

    How do you set your stops? The market is volatile now you might want to adjust them.
  3. They were probably trailed. Would have to look... Anything about the OP to contribute?