A trading journal should track at minimum: date, entry and exit time, instrument, direction, entry and exit price, position size, realized P&L, setup type, and reason for entry. Performance metrics like win rate and profit factor should be calculated automatically from this data.
Beyond basic trade data, tracking setup tags lets you compare which strategies are profitable. Tracking your reason for entry helps you identify whether you are following your rules. Tracking risk fields like initial stop and position size helps you evaluate consistency in risk management.
The most important rule is to only track information you will actually analyze. A journal with 40 fields you never review is less useful than one with 10 fields you examine every week.
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