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Building A Trading Journal like Warren Buffet, George Soros Etc.

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If you’ve been in the trading space for more than 10 minutes, you’ve probably heard someone say:

“You have to keep a trading journal.”

And maybe you’ve nodded politely while thinking: “Sure… but does it really make a difference?”

The short answer: yes.

The long answer: A trading journal isn’t just a notebook of wins and losses, it’s a productivity weapon. Done right, it keeps you accountable, reveals your patterns, and speeds up your growth as a trader.

Think of it as your personal coach in a book (or spreadsheet) tracking your moves, keeping your emotions in check, and showing you exactly where you’re improving and where you’re sabotaging yourself.

Please note, it doesn’t replace a mentor, it emphatically tracks your progress and failures.

Why You Need a Trading Journal

Let’s be real: trading without a journal is like running a business without keeping financial records. You might survive for a while, but eventually… things get messy.

A solid trading journal helps you:

  • See your progress (and not just “feel” it)
  • Spot recurring mistakes so you stop repeating them
  • Recognize your most profitable setups
  • Manage your emotions (yes, we’re all human)
  • Stay disciplined, even on days when you want to YOLO a trade

What to Include in a Trading Journal

If you’re just starting out, don’t overcomplicate it. You don’t need to track 42 metrics from day one. Start with the essentials and add more as you go.

It’s important because when you can not track your growth or steps excellence and lapses can not be measured.

Here’s your starter pack:

  1. Date & Time – When did you take the trade?
  2. Instrument / Pair: EUR/USD? GBP/JPY? Bitcoin?
  3. Direction – Long or short.
  4. Entry & Exit Prices: So you can calculate exact results later.
  5. Position Size: Know how much risk you took.
  6. Reason for Entry: What setup, strategy, or signal did you see?
  7. Stop Loss & Take Profit: Planned levels (vs. what actually happened).
  8. Emotion Check: Were you confident, anxious, bored, hyped?
  9. Post-Trade Notes: What worked, what didn’t, and what you’d do differently next time.

How to Make Your Trading Journal Actually Work

A trading journal is only as good as your consistency. Here’s how to make it stick:

1. Pick a Format That Fits You

  • Paper notebook:  Great for slowing down and thinking deeply.
  • Spreadsheet:  Easy to track numbers and analyze patterns.
  • Trading journal software: Gives you built-in analytics, charts, and stats.

The best format is the one you’ll actually use every day.

2. Journal in Real Time (or ASAP)

Don’t wait until the weekend to write everything down, you’ll forget the details that matter not because you’re not smart but because ideas like that can be very volatile. Capture your thoughts, emotions, and reasons while they’re fresh.

3. Review Weekly

Set aside 30 minutes at the end of the week to look over your trades. Ask yourself:

  • What setups gave me the best results?
  • Did I follow my plan?
  • Were emotions driving my decisions?

This is where the real growth happens not in the logging, but in the learning.

4. Track Both Numbers & Feelings

Most traders only track their P&L, but emotions often decide whether you win or lose. A journal that works records both the math and the mindset.

5. Use It to Build Better Habits

If you see that you perform poorly when you skip your pre-trade checklist… fix it. If you notice you do better when you walk away after hitting your daily goal… keep doing it.

Your journal is a feedback loop. Feed it honestly, and it’ll feed you results.

The Bottom Line

Your trading journal isn’t homework, it’s a profit accelerator.

It keeps you accountable, sharp, and focused on the habits that make you a better trader.

Here’s your challenge: start today.

Open a new doc, grab a notebook, or set up a spreadsheet. Log your next trade, review it, and watch what happens over the next 30 days.

At iThrive FX, we’re all about growing smarter, faster, and together. A trading journal is one of the simplest tools to make that happen.Join our Telegram Channel for insight and thoughtful content that makes you the trader that stands out.