Why keep a dedicated mistake log
A standard journal captures what happened. A mistake log captures what should have happened. Keeping both makes your performance review less emotional and more actionable.
Mistake categories to track
- Execution error: late entry, poor fill, skipped order type, or accidental sizing.
- Plan deviation: ignored entry criteria, moved stop, or overrode risk limits.
- Context miss: missed earnings date, macro event, or expiration timing issue.
- Review process gap: no debrief, no tags, or incomplete post-trade notes.
Mistake log template fields
| Field | Purpose | Example |
|---|---|---|
| Trade ID | Links mistake to journal entry | SPY-2026-03-12-01 |
| Mistake category | Groups repeat errors | Plan deviation |
| What happened | Objective event description | Added size without confirmation trigger |
| Impact | Outcome in risk/performance terms | Increased loss by 0.4R |
| Root cause | Behavior or process failure | No pre-entry checklist review |
| Corrective rule | Future behavior constraint | No adds until original target 1 is hit |
Daily workflow
- Run your post-trade debrief immediately after closing a position.
- Log one primary mistake per trade, even when the trade was profitable.
- Attach tags in your journal using the tags and notes workflow.
- Review mistake frequency during your weekly review.
- Move repeated issues into your risk plan checklist as hard rules.
Weekly review prompts
- Which mistake category appeared most often this week?
- Did my corrective rule reduce repeat frequency in the next trades?
- Which mistake created the largest avoidable drawdown?
Use this constraint: If a mistake repeats three times in two weeks, convert it into a mandatory checklist item before your next entry.
FAQ
Should I log only losing-trade mistakes?
No. Profitable trades can still contain process mistakes that become expensive later if repeated.
How many categories should my mistake log use?
Use a short list you can apply consistently. Start with four categories and refine only when needed.