A log and a journal are different jobs
The log is the table: date, instrument, side, risk, result. It is what you count. The journal is the reasoning and review around it: why you took the trade, what you would change. Keep the log strictly factual and fast, and review it on a schedule. The free trading journal turns a pasted log into statistics, and this guide is about building the log itself in a spreadsheet.
Download the template
The template is an Excel file that also opens in Google Sheets and LibreOffice. It has a Log sheet where you type, a Summary sheet that calculates for you, and a short instructions sheet. It is filled with the 29 sample trades used in the journal tool so you can see it working, and you delete them before you start.
Nothing is uploaded when you use it: the file lives on your computer. It contains formulas, no macros.
The columns, and what goes in each
| Column | What to enter | Formula or rule |
|---|---|---|
| Date, Symbol, Side | The day you closed it, the instrument, long or short | Use yyyy-mm-dd dates so they sort and group correctly |
| Setup | One word from a short list you wrote in advance | Pick from the list; do not invent names afterwards |
| Risk ($) | What you stood to lose at entry: distance to the stop times your size | Write it before you know the result. The position size calculator gives it |
| Result ($) | Profit or loss after commission, spread and swap | Losses negative; use the closed-trade total, including partial exits |
| R multiple | Calculated | =F2/E2 (result divided by risk) |
| Running R | Calculated | =SUM($G$2:G2) |
| Peak R | Calculated | =MAX(0,MAX($H$2:H2)) |
| Drawdown (R) | Calculated | =I2-H2 (peak minus where you are) |
| Losing streak | Calculated | =IF(G2<0,K1+1,0) (K1 is the cell above) |
| Followed plan? and Note | Y or N, and one line | Y only if entry, stop and size were as planned |
How the formulas work, row by row
R is the result in units of the amount you risked, which makes trades comparable when your size changes. A trade that lost what you risked is −1R and one that made twice the risk is +2R. The running total, the peak and the drawdown follow from it. Here are the first eight trades of the sample log:
| Date | R | Running R | Peak | Drawdown | Losing streak |
|---|---|---|---|---|---|
| 2025-03-03 | +1.5 | +1.5 | 1.5 | 0.0 | 0 |
| 2025-03-03 | -1.0 | +0.5 | 1.5 | 1.0 | 1 |
| 2025-03-04 | -1.0 | -0.5 | 1.5 | 2.0 | 2 |
| 2025-03-05 | +2.1 | +1.6 | 1.6 | 0.0 | 0 |
| 2025-03-06 | -1.0 | +0.6 | 1.6 | 1.0 | 1 |
| 2025-03-07 | +1.4 | +2.0 | 2.0 | 0.0 | 0 |
| 2025-03-10 | +1.6 | +3.6 | 3.6 | 0.0 | 0 |
| 2025-03-11 | -1.0 | +2.6 | 3.6 | 1.0 | 1 |
The drawdown column is how far the running total sits below its highest point so far. In the sample, the first trade takes the total to +1.5R, which is the peak; after the third trade the total is -0.5R, so the drawdown in that row is 2.0R. The deepest value in the column is your maximum drawdown. The losing streak counts consecutive losing trades and resets on any trade that is not a loss.
The Summary sheet
The Summary sheet counts and divides. For the 29 sample trades it returns a win rate of 48.3%, a profit factor of 1.60, an expectancy of +0.30R per trade, a net result of +8.6R, a deepest drawdown of 2.0R and a longest losing streak of 2. These are the same figures the journal tool shows for that sample. The formulas, if you want to build them yourself:
- Trades:
=COUNT(G2:G500). Wins:=COUNTIF(G2:G500,">0"). Win rate: wins divided by trades. - Gross profit:
=SUMIF(G2:G500,">0"). Gross loss:=-SUMIF(G2:G500,"<0"). Profit factor: gross profit divided by gross loss (see what is profit factor). - Expectancy per trade:
=AVERAGE(G2:G500)(see what is expectancy). - Deepest drawdown:
=MAX(J2:J500). Longest losing streak:=MAX(K2:K500). - Results by setup:
=SUMIF(D2:D500,"breakout",G2:G500)for the net, and=COUNTIF(D2:D500,"breakout")for the count. - Plan adherence:
=COUNTIF(L2:L500,"Y")/COUNTA(L2:L500), and the average R of the trades where you followed it,=AVERAGEIFS(G2:G500,L2:L500,"Y").
The last two lines are the reason to log "followed plan". In the sample, the 3 trades marked N (a stop moved, an entry taken after the move, a trade faded too early) averaged -1.13R, against +0.46R for the 26 that followed the plan. A difference like that is something you can act on, which a bare win rate is not, and with 3 trades it is still a hint, not proof.
Habits that keep a log honest
- Log every trade, losers first. A log with the embarrassing trades missing overstates everything. If a trade was taken, it goes in.
- Fill it in at the time. Risk and setup must be written before the result is known; the result can be added at the close. Reconstructing a week from memory on Sunday loses the details that matter.
- Do not edit history. If a number was wrong, correct it and say so in the note. A log you tidy to look better stops being evidence.
- One row per position. For scaled entries or partial exits, record the position's total risk and total result after costs, and say so in the note. Splitting one idea into three rows triples its weight in the statistics.
- One unit, after costs. Enter dollars (or your account currency) net of commission, spread and swap. Mixing currencies or leaving costs out flatters thin edges.
- Do not read it every day. Count weekly, and look at profit factor, expectancy and the by-setup table every month or every 50 trades. With fewer than about 30 trades the numbers are mostly noise, and the journal tool shows the range that sample could have produced.
When to move beyond the spreadsheet
A spreadsheet is enough for most traders. When your log passes a few hundred trades, or you want weekday and setup breakdowns without writing formulas, paste it into the trading journal: it reads the same columns, flags groups too small to trust and downloads the cleaned log back as CSV. For how big a losing streak your risk per trade can survive, use the risk of ruin calculator with the win rate and payoff your log shows.
Try it with your own numbers
Free calculators that do the math for you. No signup, and nothing leaves your browser.
Pre-set for the market you trade
Pip, point and tick values differ by instrument. These calculators start from each one's contract, with worked examples:
Quick questions
What is a trading log?
A trading log is a table with one row for every trade: date, instrument, side, the amount risked, the result and a setup tag. It is the factual record that statistics like win rate, expectancy and drawdown are calculated from. Some traders call it a trading diary.
What is the difference between a trading log and a trading journal?
The log is the numbers table. The journal adds the reasoning: why you took the trade, how you felt and what you would change. Keep the log fast and factual, and use the journal notes for the review.
How do I calculate R multiple in Excel?
Divide the result by the amount you risked: =F2/E2 when the result is in F and the risk in E. A loss equal to the risk is -1, and a gain of twice the risk is +2. Record the risk before you know the result.
How do I calculate drawdown in a spreadsheet?
Keep a running total of your results, a running maximum of that total, and subtract: drawdown = peak minus running total. The largest value in that column is your maximum drawdown. The template does this in columns H to J.
Should I use Excel or Google Sheets?
Either. The template is an .xlsx file that opens in both, and the formulas are the standard ones. Google Sheets keeps your log in your Google account, while a local file stays on your computer.
How long should I keep a trading log?
As long as you trade the same method. The value grows with the number of trades, and a log that spans different market conditions shows which setups held up. Start a new sheet when you change your rules, so old and new results are not mixed.
A log shows what you traded. The setups are your job.
Consistent setups give a log something to measure. These indicators help you define entries and invalidation you can tag the same way every time.
Keep reading
Last updated November 2026. For education only. Not financial advice.