The practice journal

Write the reasoning
before the result.

Use this worksheet for hypothetical exercises or paper trading. Its job is to make assumptions visible, not to persuade you to take a position.

The practice journal records the idea, supporting evidence, contradictory evidence, planned risk and later review.

Keep the original reasoning visible

Date your hypothetical plan before observing the outcome. When reviewing it, append what changed instead of rewriting the original explanation to fit the result. Separate a mistaken assumption, a departure from the plan and an outcome that remained uncertain even under a sensible process.

Finish with one question for the next exercise, not a verdict based only on profit or loss. Try the download with a harmless test note before a longer session, and check the saved file. Keep identifying account details and other sensitive information out of both the worksheet and its export.

Your notes stay on this page and are not uploaded or automatically saved. Download or print them before closing or refreshing. Avoid passwords, wallet recovery phrases, account numbers or other sensitive information.

01. The idea, in one sentenceWhat would need to be true? Describe the mechanism, not a target price.02. What exactly is the instrument?Underlying or derivative? Venue, contract multiplier, settlement, custody and account currency.03. Evidence available before the decisionRecord source, date and what is known versus assumed. Do not paste credentials or personal account information.04. What would change your mind?Name observable disconfirming evidence. Distinguish price noise from a broken thesis.05. Costs and operational constraintsSpread, commissions, financing, borrow, FX conversion, withdrawal rules and possible delays.06. Size and adverse scenarioShow the risk calculation. Include a gap, unavailable liquidity or failed exit rather than only the planned stop.07. What else carries the same risk?Look across positions for currency, sector, duration, liquidity or common collateral exposure.08. Decision before knowing the outcomeInclude “do nothing” as a valid choice. State the plan without changing it after seeing the result.09. Observed outcome in the simulationRecord prices, costs and rule deviations. Keep the outcome separate from the quality of the decision.10. What will you keep, change or test?One specific process improvement. A profitable mistake is still a mistake; a well-reasoned loss is not proof of failure.

Write the reasoningbefore the result.

Keep the original reasoning visible

Write the reasoning
before the result.