Phase 4: Review & protect · 7 min
Use a compact record to separate plan quality, execution, costs, outcomes and decision-making pressure.
By the end, you can:
- Capture the minimum useful fields before and after a demo observation.
- Separate process quality from profit or loss.
- Review patterns without overreacting to a tiny sample.
Memory is not a dataset
People remember unusual wins, painful losses and stories that confirm what they already believe. A journal creates a timestamped record before the result is known. Its purpose is not to make every trade look professional; it is to expose whether the same plan was actually followed.
The compact eight-field journal
- Timestamp and time zone. Include the UTC offset so session context remains understandable later.
- Instrument and contract. Record the exact product, including OTC or expiry labels.
- Plan version and context. Identify the rule card and the observable setup conditions.
- Entry, invalidation and exit plan. Capture them before the outcome.
- Maximum planned loss and size. Record both currency and percentage where relevant.
- Actual execution and costs. Include entry, exit, spread, fees and any slippage.
- Outcome. Record cash result and R, while keeping demo and live data separate.
- Adherence and context note. Note rule breaks, screenshots, concentration, emotion or an urge to chase.
An emotion does not predict price, but it can affect decision quality. Recording stress, urgency or a desire to recover losses can reveal when the safest rule is to stop.
Review process and outcome separately
A rule-following loss belongs in a different category from a profitable rule break. The first may be normal uncertainty; the second can reward a dangerous habit.
A short weekly review
- Group only comparable products, plan versions and contexts.
- Count eligible observations, skipped observations and rule breaks.
- Review average outcome, costs, variation and drawdown—not win rate alone.
- Choose one process improvement for the next block.
- Do not rewrite a plan from one memorable result.
There is no universal sample size that proves a strategy. More observations reduce some uncertainty, but changing markets, biased selection and poor execution can still mislead. Keep conclusions modest.
The browser-local Trade Journal can organize entries; export or back up anything you cannot afford to lose.
Demo exercise
Practice: journal one no-trade decision
Complete all eight fields for a demo setup you deliberately skipped because a condition was missing. This teaches that a journal records decisions and discipline—not only positions that were opened.
Knowledge check
Answer two questions
Choose an answer and feedback appears immediately. Both answers mark this lesson complete in this browser.