Build an auditable journal: separate plans from outcomes, reconcile fills and fees, calculate net R and avoid double-counting costs or selecting only winning trades.
A trading journal separates what you knew and intended before a decision from the money made or lost afterward. A profitable trade can violate the plan; a losing trade can follow it. A journal does not automatically improve returns. Its purpose is an auditable record of decisions, execution and costs.
| Stage | Fields to capture | Purpose |
|---|---|---|
| Before deciding | Timestamp and zone, instrument, account currency, rule version, entry condition, invalidation | Prevent hindsight explanations |
| Risk plan | Equity, initial planned risk R, contract specification, size, stop, existing exposure | Recalculate risk instead of describing it as small |
| Execution | Order ID, submission and fill times, requested and executed prices, quantity | Separate observed quotes from fills |
| After exit | Exit price, realized price P/L, commission, financing, net result | Reconcile against the account statement |
| Review | Compliance with prior rules, reason for deviation, evidence filename | Separate process errors from outcomes |
Label entries written afterward. Preserve the original plan and append timestamped changes rather than overwriting it. Keep a read-only original statement. Corrections to your analysis should remain traceable. Do not publish identity documents, passwords, full account numbers or other people's personal information.
Assume a trade's initial R is USD 100. P/L calculated from actual entry and exit fills is +150, commission is 8, and financing is 2. Net result is 150 - 8 - 2 = USD 140, or +1.40R.
| Measure | Amount | Meaning |
|---|---|---|
| Price P/L from actual fills | +USD 150 | Already reflects actual executed prices |
| Commission and financing | -USD 10 | Separately charged costs in this example |
| Net result | +USD 140 | Result to reconcile with the statement |
If actual fill prices already incorporate spread and slippage effects, do not deduct the same price effect again. You may separately analyze execution difference against a reference quote, but identify its source and timestamp. It is not automatically a second cash charge. These are invented teaching figures, not FXCN account results.
Fix each trade's R before entry. When planned risk varies, normalize by each trade's original R while retaining a currency column. Do not change initial R after moving a stop to improve reported performance. Define grouping rules for partial exits, additions and reversals before comparing results.
Low win rate with a positive net result: asymmetric outcomes can produce this. Check sample size and extreme losses rather than rating the method from win rate alone.
Consistent execution with continued losses: discipline does not establish an advantage. Once data and costs are checked, assess the rules themselves; continued trading is not a remedy by itself.
A screenshot differs from the statement: check server time, quote type, screenshot timing and fill time first. One screenshot does not prove improper execution. Use the execution-evidence guide to organize the order details.
There is no universal number. Dependence between observations, market conditions and outcome distribution matter. A few dozen records may reveal missing fees or inconsistent execution, but cannot establish reliable future profits.
Label and analyze them separately. Simulated execution, actual costs and financial pressure differ. Hypothetical returns are not actual performance; the CFTC trading-systems advisory explains important limitations.
Export a platform statement, retain the original, then add decision fields. Check units and rounding with the risk-budget calculator. Do not trade more to fill a journal. This is a recordkeeping method, not a profit promise or personal recommendation.