A trading journal is one of the most effective trading performance management tools. This is where you record and view your trades for improved results and future reference. The journal can help you track your progress, as well as examine mistakes made when entering or exiting a trade. Most successful traders use an effective trading journal to their advantage. Documenting each trade can help determine your strengths and weaknesses as a trader. Through observation, you can optimize your trading skills and incorporate them into your trading system. With a trading journal, traders can develop a profitable strategy based on trading experience. With constant and diligent updating, your trading journal will become the key to profitable trades.