The importance of keeping a trading journal to fast track your development as a trader cannot be understated. The trouble is, the task of keeping a trade journal is an extremely tedious exercise for high volume intraday traders without at least some form of trade import automation. For this reason, I’m ashamed to admit that my journaling to date has only been done in fits and starts, often in response to short periods of underperformance. My old journal format consisted of fairly basic, diary style entries using Evernote, which obviously lacks the ability to perform any sort of trade analytics or profitability metrics. So for years now, I have been keeping my eyes peeled for a better solution.
Products on the Market
There is one awesome product which is perfectly suited for U.S intraday traders called Tradervue. This is the same software that prop firm SMB Capital use to power their ‘SMBU Performance Center’ where their traders journal the day’s trading and analyze performance. Unfortunately, despite all my begging and pleading, the exorbitant data fees charged by the ASX has thus far prevented Tradervue from rolling out their software for Aussie traders.
I have tried other products such as Edgewonk which is great for position traders, but it falls short of my requirements as an intraday trader since Edgewonk profitability metrics are primarily based off predetermined stops and profit targets – this isn’t relevant for most intraday traders. The best intraday trading opportunities rarely give you the time to calculate where your stops and profit targets are, you just scramble to hit the bid before someone else does. The same goes for exit decisions, they tend to be based more on order flow and intuition, not fixed targets.
So as part of my effort to refocus this year, I decided to contract a developer to custom build me a trade journal using Microsoft Excel and I am absolutely stoked with the end product. You would be surprised at what can be done with Excel if you are working with the right developer. So I’ll give a big shout out to Onur at Someka for helping me with this project! I look forward to working with him on future updates. Anyone wishing to purchase the Trade Journal can do so on the Someka website here.
Going forward, my intention is to post the ‘Weekly Dashboard’ to the Trade Log archives each week in order to track various performance metrics for my intraday trading. At this stage, the more sensitive ‘Metadata’ stats and detailed trade journal notes will be kept offline in the interest of preserving my edge in what is a fairly illiquid market.
Here is a screen shot of the end product: