What to write in a trading journal: 3 things beyond P&L

Your broker already tracks your entry, exit, and P&L. So why keep a journal that just duplicates that data?

The real value of a trading journal isn't the numbers—it's the context. The why behind your trades. The how you felt when you took them. That's where the patterns live.

The Three Things to Capture

1. Your Emotional State

Before, during, and after the trade. Not just "good" or "bad"—use specific labels:

• Confident — Clear conviction in your setup
• Anxious — Worried about the outcome
• Impatient — Rushed to enter
• Frustrated — After a loss or missed opportunity
• FOMO — Fear of missing the move
• Calm — Neutral and process-focused

Over time, you'll see which emotional states produce your best and worst results.

2. The Setup Quality

Rate each trade honestly:

• A+ Setup — Perfect fit for your trading plan
• B Setup — Met most criteria, minor compromises
• C Setup — Forced it, shouldn't have taken it

Track your win rate for each category. Most traders discover their A+ setups vastly outperform their C setups—yet they keep taking C setups anyway.

3. What You'd Do Differently

Even on winners, ask: "What could I have done better?" Maybe you entered too early. Maybe you sized too small. Maybe you cut it too soon.

This forces honest self-assessment instead of result-based thinking.

A Simple Template

Here's a format that takes less than a minute per trade:

Setup: What pattern or signal triggered the trade Emotion: How you felt entering Quality: A+, B, or C setup Followed rules: Yes or no Lesson: One thing to remember

The Question That Changes Everything

At the end of each week, answer this one question:

"What percentage of my trades were A+ setups taken in a calm emotional state?"

If that number is low, you've found your edge leak. Improve that percentage, and your results will follow.