Trading journal: free template and how to use it
Written by an ex-institutional trader. A free trading journal template to download, the columns that actually matter, what to record after every trade, and the weekly review process that turns a journal from a diary into an edge.
Direct answer
A trading journal is a record of every trade you take, with the reasoning, the result and your state of mind, kept so you can review it and find what is actually working. It is the single highest-leverage habit a developing trader can build, because it turns scattered experience into a measurable, improvable process. Without one, you repeat the same mistakes blind; with one, you can see and fix them.
The template below is free to download as a CSV that opens in Excel or Google Sheets. The columns that matter most are the setup (why you entered), the risk (how much you put on), the result in R (profit or loss as a multiple of the risk), and an honest note on any mistake. The real value is not the recording but the weekly review: reading back your trades to spot patterns, which is where the lessons live.
What a trading journal is
A trading journal is a record of every trade you take, kept so you can review it. It captures not just the numbers, entry, exit, size, result, but the reasoning behind the trade and your state of mind while taking it. The point is not record-keeping for its own sake; it is to turn the scattered experience of trading into something you can measure and improve.
This is the single highest-leverage habit a developing trader can build. Most traders lose not because they lack information but because they repeat the same mistakes without seeing them. A journal makes those mistakes visible. Once you can see that, for example, your losses cluster on trades you entered out of boredom, or that one setup quietly carries your whole account, you can act on it. Without the journal, you are flying blind.
Disclosure: SatoshiMacro may earn a commission if you open a broker account through links on this page, at no extra cost to you. See our full affiliate disclosure.
Free trading journal template
The template below is free, with no signup. It is a CSV file that opens directly in Microsoft Excel, Google Sheets, Numbers or any spreadsheet app. It includes the columns that matter, pre-headed, with three worked example rows you can delete once you understand the format.
SatoshiMacro Trading Journal Template
Free CSV. Opens in Excel or Google Sheets. No signup.
Download the template (CSV)To use it in Google Sheets: open Sheets, then File, Import, Upload, and select the downloaded file. In Excel, just double-click the file. Then delete the example rows and start logging your own trades.
What to record
The template's columns split into the hard numbers and the softer, often more valuable, context. Here is what each captures and why it matters.
| Column | What it is | Why it matters |
|---|---|---|
| Date | When you took the trade | Reveals time-of-day and day-of-week patterns |
| Asset / pair | What you traded | Shows which markets you actually do well in |
| Direction | Long or short | Exposes any long or short bias in your results |
| Setup / strategy | Why you entered | The single most important column for finding your edge |
| Entry / stop / target | Your three price levels | Lets you check you had a plan before entering |
| Position size | Lots or units traded | Confirms you sized to your risk, not your hope |
| Risk % and Risk $ | What you put on the line | The foundation of survival; flags over-risking |
| P&L ($) and P&L (R) | The result in dollars and in R | R lets you compare trades of any size fairly |
| Outcome | Win, loss or break-even | Your win rate, read alongside average R |
| Mistake | Any rule you broke | Where the fastest improvement comes from |
| Notes / emotion | Your state of mind | Surfaces the psychological patterns that cost money |
The two columns most traders skip are the most valuable: the setup (so you can see which strategies actually work) and the honest mistake note (so you can stop repeating it). Recording the position size and risk also keeps you honest about whether you are sizing properly. Logging the result in R rather than only dollars lets you judge your edge independently of account size.
The weekly review
The recording is only half the habit. The improvement comes from review, and a journal you never read back is just a diary. A simple, repeatable process:
- Daily: log every trade the day you take it, while the reasoning and emotion are fresh.
- Weekly: read back the week's trades. Ask which setups made money and which lost, whether the losses share a common mistake, time, or emotional state, and whether you followed your own rules.
- Set one change: pick a single, specific, measurable adjustment for the next week. One at a time, so you can tell whether it worked.
- Monthly: zoom out. Look at your average R, win rate by setup, and whether your edge is holding, and set goals for the month.
This loop, log, review, adjust, is what separates traders who improve from traders who simply accumulate screen time. The journal turns "I feel like I trade badly in the afternoon" into evidence you can act on.
Common mistakes
The ways a trading journal fails to deliver:
- Logging the numbers but not the reasoning. The setup and emotion columns are where the lessons hide. Skipping them guts the journal.
- Never reviewing it. Recording without reading back is wasted effort. The review is the point.
- Being dishonest. A journal that quietly omits your worst trades or rationalises mistakes cannot help you. It only works if it is honest.
- Changing everything at once. Fix one thing at a time, or you will never know what worked.
Kept honestly and reviewed weekly, a trading journal is the closest thing trading has to a cheat code for improvement. Pair it with the position size calculator and the drawdown calculator for the risk side, learn the strategies and indicators for the setups, and trade through a broker with clean trade-history export from the best forex brokers in Australia ranking.
Popular ASIC-regulated CFD brokers
All three are ASIC-regulated with free demo accounts. CFD Service. Your capital is at risk.
Last reviewed: 2026-06-01.
Frequently asked questions
What is a trading journal?
A trading journal is a structured record of every trade you take: the asset, direction, entry and exit, position size, the setup or reason you entered, the result, and a note on your decision-making and emotions. Its purpose is review. By logging trades consistently and reading them back, you turn vague experience into measurable data, which is what lets you find and fix recurring mistakes. It is widely regarded as one of the most important habits separating consistently profitable traders from the rest.
What should I record in a trading journal?
At a minimum: the date, the asset or pair, direction (long or short), your entry, stop loss and target, position size, the percentage and dollar amount risked, the exit, and the result in both dollars and R (the profit or loss as a multiple of the risk taken). Beyond the numbers, record the setup or strategy you traded, any mistake you made, and a brief note on your state of mind. The qualitative notes are often where the most valuable patterns hide.
What is R in a trading journal?
R is your result expressed as a multiple of the risk you took on the trade, rather than in dollars. If you risked $100 and made $220, that is +2.2R; if you lost the full $100, that is -1R. Measuring in R rather than dollars lets you compare trades of different sizes on equal footing and judge your strategy independently of account size. A consistently positive average R per trade is the clearest sign of a real edge.
How do I use a trading journal to improve?
The recording is only half of it; the improvement comes from review. Set aside time each week to read back every trade and look for patterns: which setups make money and which lose, whether your losses cluster around a particular mistake, time of day, or emotional state, and whether you are following your own rules. Then set one specific, measurable change for the next week. The journal turns review from a vague feeling into evidence, which is what makes the improvement real.
Is a spreadsheet good enough for a trading journal?
Yes. A simple spreadsheet is an excellent trading journal and is what many professional traders use. It is free, fully customisable, and forces you to engage with each entry rather than letting software auto-import and skip the reflection. Dedicated journaling apps add analytics and screenshots, which some traders value, but the discipline of recording and reviewing matters far more than the tool. The free CSV template on this page opens in Excel or Google Sheets and covers everything a developing trader needs.
How often should I update my trading journal?
Log every trade on the day you take it, while the reasoning and emotion are fresh; recording days later loses the detail that matters most. Then review the whole journal weekly to spot patterns, and do a deeper review monthly to assess your strategy and set goals. The daily logging is the habit; the weekly and monthly reviews are where the learning happens. Consistency beats completeness, so a simple entry logged every time is worth more than a detailed one logged sometimes.
