7 Essential Elements Every Prop Trader Should Track in Their Journal
Whether you’re aiming to pass a prop firm evaluation or maintain a long-term funded account, journaling is not just helpful—it’s non-negotiable. But what exactly should you be tracking? A trading journal should go far beyond entries and exits. It needs to tell the story behind each trade so you can improve not just your strategy, but also your behavior. Here are seven critical elements that every prop trader should include in their journal.
1. Trade Setup and Entry Conditions
Every successful trade starts with a clear setup. Log the strategy or pattern that led you to take the trade. Was it a pullback, a breakout, a reversal, or a range scalp? Be specific. Include:
- Chart timeframe
- Indicators used
- Market conditions (e.g., trending, consolidating, news-driven)
- Why this setup qualified under your rules
This helps you identify which setups are worth keeping and which need adjustment.
2. Entry, Stop, and Target Levels
Document the technical specifics of your trade:
- Entry price
- Stop loss level
- Target level(s)
- Risk-to-reward ratio
- Lot size or contract size
Without this data, you can’t evaluate whether the trade was worth the risk—even if it ended up green.
3. Trade Outcome and PnL
This seems obvious, but it’s not just about “win or lose.” Be detailed:
- Total profit/loss in dollars and % of account
- Duration of trade
- Did you hit stop or target—or exit early?
- Did slippage or execution impact the outcome?
Platforms like Prop Shop Traders or Blue Guardian reward consistent behavior, so logging outcomes with precision matters more than ever.
4. Emotions and Psychology
This is one of the most overlooked sections. After every trade, rate your emotional state on a scale (1–5) and note key thoughts:
- Were you confident or hesitant entering?
- Did fear or greed creep in?
- Were you distracted, tired, or reactive?
Most poor trading decisions stem from unmanaged emotion. Logging your mental state reveals patterns before they sabotage your progress.
5. Rule Adherence
Prop firms such as The Legends Trading and Funded Futures Network often disqualify traders for violating key rules, even with positive PnL. Use your journal to ask:
- Did I follow my trading plan?
- Did I overtrade?
- Did I size appropriately?
- Did I respect the daily drawdown rule?
A “green” trade that breaks rules is still a red flag in prop trading. Document it.
6. Screenshot of the Trade
A visual record is powerful. Take a screenshot of your chart at entry and exit. Annotate with trendlines, support/resistance, or key decision points. This allows for more objective review later—and helps you spot setup patterns or execution flaws.
7. Lessons Learned
Every trade should end with a lesson, win or lose. Write one sentence that answers, “What did I learn from this trade?” This simple prompt turns your journal into a feedback machine that compounds over time.
Bonus: Use Templates for Consistency
To avoid missing key sections, use structured templates like the Prop Firm Press Journal Sheets. These sheets offer a plug-and-play format for each of the seven elements above, making your journaling habit faster and more effective.
Conclusion—Your Journal Is Your Coach
The best traders use their journal as a tool for coaching themselves. If you’re tracking these seven elements daily, you’ll start to see patterns, eliminate bad habits, and double down on what works. That’s the real edge in prop firm trading—not just the setup, but the structure and discipline to grow from every trade.