Last week, I posted an article walking through my trade journal, looking at what stats I track and how I lay it out.
This week I am going to go though some resources that I used to learn excel and build my own journal.
Before we start, one of the questions to ask ourselves is do we really need to build own when there are pretty good commercial alternatives. For example, Edgewonk and Tradervue
This will enable us to build custom mini journals to track specific data to answer specific questions that the main commercial journals may not cover.
The process of building the journal and learning the formula gave me a deeper understanding of what the stats are actually showing.
It is free. Yay.
Takes time to learn Excel and build the journal.
This can be done in bite size pieces but it still takes time. Around the beginning of the year, I re wrote my journal to tidy it up, turn the data into tables and re produced the stats pages using slicers.
That took me 2 solid days to reproduce. So it is an endeavour at times, but that may be just me.
As a home trader working alone, I have to be responsible for so many areas, preparation, trading, review, research and analysing.
Then there is the goal setting, the review of the best practices / processes on top of that.
I constantly find that there is so many things to do, that I have to prioritise all the time, just to get some semblance of work / life balance.
The question is, does learning how to build your own trade journal take you closer to your ultimate goal?
Only you can answer that.
If you are not familiar with Edgewonk, one of the commercial trade journals, this is an excellent alternative to building a journal. Version 2 has just come out of beta and I will be running that in parallel and will do a review of this trade journal down the line.
Read my Edgewonk Trade Journal Review
The one thing that Edgewonk doesn’t track that well, at this current time and that could change with Version 2, is the MFE and MAE as a way of optimising targets and stops and an example of my using this data is in my article How I am using my trade journal to improve my targets.
I have put a quick video tutorial on how to build a basic version of my own MFE / MAE tracker.
Learning Excel to Build a Trade Journal
The first resource I used to build my own trade journal was though a video produced by Adam Grimes in his free trading course.
I recommend the whole course as it has some excellent exercises in it.
Module 3 has the video in it on how to build a trade journal.
Then the following YouTube channels where essential in learning how to write formula’s and how to use pivot tables / slicers.
Excel is Fun
The last resource I used is Google Search. If I could not get a formula or logical statement to work, then I would type my question in to Google and preface with excel. That worked well a lot of the time.
Any questions or requests, please drop me a comment below and I will do my best to help.