How to Keep a Forex Trading Journal: What to Record and How to Export MT5 History
Do you want to keep a trading journal but are unsure what to write?
In short, decide a minimum set of items first, and tally just once a week.
This article covers how to export MT5 history, a template of items to record, weekly metrics and tips for sticking with it.
Key takeaways
- Import numbers from MT5 account history and write only your reasoning, emotion and review yourself to keep the journal going.
- Once a week, review win rate, average profit or loss, risk-reward, maximum drawdown and profit factor.
- Recording your monthly total lots lets you check expected cashback (amounts will be published at launch).
In short: keep it going with minimum items and one weekly tally
- Pull the numbers from MT5 history, and enter by hand only your reasoning and review
- The basic items are date and time, symbol, lot size, prices, profit or loss and reasoning
- Once a week, look at win rate, average profit or loss, risk-reward, maximum drawdown and so on
- Do not aim for perfection; starting with minimum items makes it easier to continue
Why you need a trading journal in forex
A trading journal means recording when you bought or sold what and how much, and how it turned out. It is also called a trade log.
If you rely on memory alone, winning trades stay vivid and losing trades fade. That creates a gap between your impression and your actual results.
- You can notice the gap between your impression and your actual results
- You can pin down areas to improve, such as times of day or currency pairs where you lose often
- You can tell trades where you followed your rules from trades where you broke them
- It becomes material for sorting out profit and loss when you file taxes
How to read MT5 history and export a report
MT5 keeps your past trades automatically in its account history. Pulling numbers from there first reduces manual entry mistakes.
- 1
Open the Toolbox
In the desktop version of MT5, open the Toolbox from the View menu.
- 2
Select the account history tab
Choose Account History from the tabs at the bottom of the Toolbox. A list of trades appears.
- 3
Specify a period
Right-click the list and choose this week, this month or a custom period from the period options.
- 4
Save the report
Right-click again, choose Report, and save it in HTML or Excel format.
- 5
Open the saved file
An Excel-format file can be imported straight into a spreadsheet. Splitting files by week keeps things organized.
In the mobile version too, you can choose a period on the history screen to check trades. Exporting and tallying are easier on the desktop version.
A list of items to record in your journal
If you add too many items, you will not keep it up. Think of them in two groups: numbers you can take from history, and your own judgment notes.
| Item | What it means | How to enter |
|---|---|---|
| Date and time | Date and time of entry and exit | Import from history |
| Symbol and direction | The currency pair, and whether buy or sell | Import from history |
| Lot size | Trade volume | Import from history |
| Entry and exit prices | The price you opened and closed at | Import from history |
| SL and TP | Your stop-loss and take-profit settings | Import from history |
| Profit or loss | Final profit or loss including swap and commissions | Import from history |
| Reasoning | Why you entered at that level | Write it yourself |
| Emotion | Impatience, hesitation, confidence and so on | Write it yourself |
| Review | Whether you followed your rules and what to fix next | Write it yourself |
One line for reasoning and a few words for review are enough
Long writing will not last. Short phrases such as "bounce off recent high" or "followed the rules" are enough. Prioritize being able to read it back later.
A spreadsheet template and formulas for tallying
In a spreadsheet, record one trade per row. The table below is a hypothetical example showing the column order and how to write each entry.
| Date | Symbol | Direction | Lots | Entry | Exit | P/L | Reasoning | Emotion | Review |
|---|---|---|---|---|---|---|---|---|---|
| 10/26 | EURUSD | Buy | 0.10 | 1.0800 | 1.0830 | +$30 | Bounce off recent low | Calm | Followed the rules |
| 10/27 | GBPUSD | Buy | 0.10 | 1.2700 | 1.2680 | -$20 | Buying a pullback | Entered too early | Wait for a confirming candle |
- Add a win/loss column with 1 for a win and 0 for a loss to find win rate easily
- Weekly profit or loss totals can be found with a sum function
- Sorting the profit or loss column makes it easier to find the cause of large losses
- Also add up the month's total lots in the same sheet
5 metrics to review once a week
Looking at results by week lets you spot trends better than reacting to daily profit and loss. The following five are the basics.
| Metric | How it is calculated | What to look at |
|---|---|---|
| Win rate | Winning trades ÷ total trades | It cannot tell you good from bad on its own |
| Average profit or loss | Total profit or loss ÷ number of trades | Whether each trade is positive or negative on average |
| Risk-reward | Average profit ÷ average loss | Look at it together with win rate |
| Maximum drawdown | The largest fall from the peak of your funds | Whether it is within what you can tolerate |
| Profit factor | Total profit ÷ total loss | If above 1, profit exceeds loss |
Check expected cashback against your monthly lots
Many cashback schemes are calculated based on trading volume. If you record your total lots for the month, you can check the expected amount yourself.
- At month end, tally your total traded lots from history
- Record lots separately by currency pair or account type
- Compare the cashback credited with your own tally
- If there is a gap, check the eligible trades and the crediting timing in the broker's information
Cashback amounts are not yet confirmed and will be published on each broker page at launch. Eligibility conditions differ by broker.
What to do if you cannot keep up the habit
- Decide only the minimum items. Narrow it down to date, symbol, profit or loss and a one-line reason
- Take chart screenshots at entry and exit, and add the words later
- Import numbers from history and automate tallying with formulas
- Fix a time to write. For example, 15 minutes every weekend
- If you miss a week, just restart the next week
The goal is improvement, not record keeping
The goal is not to make a beautiful journal. Deciding on just one thing to fix next each week is enough.
How a trading journal relates to tax filing
Your own records are useful for sorting out profit and loss. However, for figures that serve as the basis of a tax filing, give priority to the broker's history and trade reports. This section is for residents of Japan.
- Sort out your annual profit or loss and costs that may count as expenses
- How history is exported and which documents are provided differ by broker
- For profit or loss at overseas brokers, you also need to check how conversion to yen is handled
- Check with a tax accountant or the tax office about whether and how to file
Enter your trade history to check total lots for each period. Use it to keep track of your monthly lots.
Tally lots from your trade historyFAQ
Q.What should I write in a forex trading journal?
Date and time, symbol, direction, lot size, entry and exit prices and profit or loss can be imported from MT5 history. Narrowing what you write yourself to three items, reasoning, emotion and review, makes it easier to continue.
Q.How do I export history in MT5?
Specify a period in Account History in the Toolbox, then save it in HTML or Excel format from Report in the right-click menu. Menu names may differ by version and terminal.
Q.How often should I review my trading journal?
Tallying once a week is a good guide. Check win rate, average profit or loss, risk-reward, maximum drawdown and profit factor. While you have few trades, note that metrics swing easily.
Q.Can a trading journal be used to check cashback?
Recording your total lots for the month makes it easier to compare against the credited amount. Cashback amounts are not yet confirmed and will be published on each broker page at launch. Conditions differ by broker.
This article is for information purposes only and is not investment advice. Conditions may change, so please check each broker's official page for the latest information. Offshore FX and CFD trading carries a risk of losses exceeding your principal.
