A trading journal for prop firm challenges

A journal that only lists profit and loss tells you that you lost. A prop trader needs one that tells you which rule or habit caused it.

What to record for every trade

• Setup name: one name per strategy, used the same way every time.
• Planned risk and R multiple: results in R let you compare trades of different size.
• Rule status: did the trade follow your written plan, or was it an override?
• Daily loss used: how much of the firm's daily limit was already gone when you entered.
• Screenshots at entry and exit: on the timeframes your strategy uses.
• Mistake tags: a short fixed list, such as moved stop, entered early, revenge trade, oversized.

Why closed P&L is not enough

Many firms measure the daily limit on equity, including open trades. A day can end small red in your trade list while equity touched the limit in the middle of the session. Track the worst point of the day too, not only what you booked.

A weekly review in 20 minutes

1. Results by setup in R: keep what pays, pause what costs.
2. Results by session: London, New York, overlap.
3. Rule-checked trades versus overrides: if overrides lose more, the rules are doing their job.
4. The most expensive mistake tag of the week, and one concrete change for next week.

Automating it

Typing every trade by hand is where most journals stop. The PropBlaster journal syncs closed trades from all your MT5 accounts, saves chart screenshots at entry and exit, and shows results by setup, session and weekday in R. In Pro, a Claude review compares each trade with your own written strategy. Your data stays on your PC.

Questions

What is the most important field in a trading journal?

The rule status: whether the trade followed your written plan. It separates a bad strategy from bad discipline.

How often should I review my journal?

Once a week is enough for most traders, plus a short check after any day that used more than half of the daily limit.

Related: Daily drawdown rules explained · Equity vs balance drawdown · Copy trading rules · Trading journal for prop firms · Daily loss limit EA