Not financial advice. This is about record-keeping tools, not about what or how to trade.
Get the Prop Firm Rules Cheat Sheet (xlsx): a free sheet comparing daily loss, drawdown, profit target, minimum days and payout rules for 10 prop firms. Handy whichever journal you end up using.
Most traders who start a journal ask the same question within a week: should I keep this in a spreadsheet, or pay for a journaling app? Both work. Both get abandoned. The better question is what you actually need the journal to do, and which tool you'll still be opening in three months.
Here is a practical way to decide.
What a trading journal has to do
Strip away the features and a journal does four jobs:
- Record each trade with the same fields every time: date, instrument, direction, entry, exit, size, fees, and the stop you planned.
- Calculate the numbers so you don't do arithmetic by hand: net P&L, risk, R multiple, running balance.
- Summarise by week, month, setup or session, so patterns show up.
- Make you review it. A log you never reread is just a list.
If a tool does those four things and you'll actually use it, it's good enough. Everything else is a bonus.
What journaling apps usually offer
Dedicated apps differ, and their feature lists change often, so check each one's own site. Going by how they describe themselves publicly, the common selling points are:
- Broker imports. Many connect to brokers or accept trade-history files, so trades arrive without typing.
- Ready-made reports. Breakdowns by time of day, symbol, tag, setup and holding time, with charts already built.
- Chart replay or screenshots attached to each trade.
- Tagging and notes for mistakes, emotions and setups.
- Access anywhere in the browser or on a phone.
Typical trade-offs:
- Recurring cost. Most are subscriptions. Pricing varies by tier and changes, so look at the current plan page rather than trusting a blog post (including this one).
- Your data lives in their system. Exports exist on many apps, but the format and completeness vary.
- Fixed definitions. The app decides how R, fees or "a trade" are calculated. If your method differs, such as partial exits, futures multipliers or prop-firm rules, you may have to work around it.
- Import quirks. Automatic imports are a big time-saver when your broker is supported. When it isn't, you're back to manual entry or CSV wrangling.
What a Google Sheets journal offers
A spreadsheet is the opposite trade:
- You own the file. It sits in your Drive or on your disk. No account to keep, and nothing disappears if a service shuts down.
- Every formula is visible. You can see exactly how P&L or R is calculated and change it. Futures multipliers, commission rules and a custom R definition are a one-cell edit.
- Your own rules. Prop-firm daily loss limits, trailing drawdown and consistency rules can be checked right next to your trades.
- One-time or no cost. Build it yourself, or buy a template once.
And the downsides, honestly:
- Manual entry unless you paste in a broker export and map the columns.
- Fewer built-in reports. Charts and pivot tables are there, but you set them up (or the template does).
- It's easy to break. One overwritten formula can quietly skew a column. Protected ranges help.
- Mobile editing works but isn't pleasant for long sessions.
A quick example
Here's what one row looks like in a sheet. Example data, not a real trade:
| Date | Ticker | Side | Entry | Exit | Stop | Qty | Fees | Net P&L | Risk | R |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-10-01 | AAPL | Long | 228.50 | 231.10 | 227.20 | 300 | 2.00 | 778.00 | 390.00 | 2.00R |
The formulas behind it are short:
- Net P&L (long):
=(Exit-Entry)*Qty-Fees - Risk:
=ABS(Entry-Stop)*Qty - R multiple:
=IFERROR(NetPL/Risk,"")
An app would calculate the same row for you, possibly with slightly different fee or R rules. The sheet makes you see the rule, which some traders find useful and others find tedious. Neither is wrong.
How to decide
Ask yourself these five questions:
1. How many trades do you log per week?
If it's dozens of short-term trades, manual entry gets painful fast, and broker imports are the main reason to pay for an app. If it's a handful of swing trades or a few prop-challenge days, typing them in takes minutes.
2. Do your calculations fit a standard mould?
If you trade futures with multipliers, scale in and out, or need to check prop-firm rules, a sheet you can edit is easier to bend. If you trade plain stock shares, most apps handle you fine.
3. Will you review it?
The best journal is the one you reopen every Friday. Some people only review because an app emails them a summary. Others like a weekly review tab with a few written prompts. Be honest about which you are.
4. Where do you want your data to live?
If you want a file you control, and can still open years from now, a spreadsheet wins by default.
5. Do you want to pay monthly?
That's a personal budget call, but it's worth putting a number on it before signing up.
A reasonable path for many people is to start with a spreadsheet, journal for a month, and see what you actually look at. If you keep wishing trades imported themselves or want reports you can't easily build, that's a clear sign an app is worth trying. If you never touch half the columns, you've learned that cheaply.
Make a spreadsheet journal you'll stick with
If you go the sheet route, a few habits matter more than the template:
- Keep inputs and formulas apart. Shade input columns one colour and protect the calculated ones.
- Use dropdowns for setup, session and mistake tags so your summaries group cleanly.
- Add a weekly review tab with three prompts: best trade and why, worst trade and lesson, one rule to keep.
- Log the plan, not just the result. Recording the planned stop and target is what makes R meaningful.
- Put rule checks next to the log if you're in a prop challenge, so a daily loss limit or drawdown is visible before it's breached.
The short version
- Apps save typing and give you reports out of the box, usually on a subscription, with their definitions.
- Spreadsheets give you ownership, transparency and custom rules, in exchange for manual entry and some setup.
- Pick based on how much you trade, how custom your maths is, and whether you'll actually review. Not on feature count.
If you'd rather not build the sheet yourself, the Trader's Edge Journal ($24) is a trading journal template for Google Sheets and Excel. It has a trade log with automatic P&L, win rate and R multiple, a performance dashboard, daily/weekly/monthly review tabs and a Prop Firm Tracker. It comes as an .xlsx with sample trades and a short quick-start guide. It's a record-keeping tool. It doesn't tell you what to trade or promise any results.
Not financial advice. Example figures are for illustration only.
Related tool: the Trader's Edge Journal is the Google Sheets journal and performance dashboard described above.
Trader's Edge Journal
By Maggie B · AIL Studio
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Top comments (1)
The choice becomes clearer when the journal has explicit retrieval needs: quick daily entry, formula flexibility, attachment storage, and review cadence. A small decision table for those dimensions can be more helpful than treating one tool as universally better.