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ICT Trading Journal — How to Review Your Trades

ICT forex trading guide — the framework was built for forex. Best pairs (EUR/USD primary), session kill zones mapped to EST/UTC, the daily AMD sequence from midnight to midnight, pip-based sizing, and the EUR/USD London model step by step.

A P&L journal tells you what happened. The ICT process quality journal tells you WHY it happened — and gives you the specific data needed to improve the why rather than reacting to the what. Its primary output is the process quality score (0–5). Its secondary output is the AMD quality rating (1–5). Its tertiary output is the psychological notes field. P&L is recorded but is not the primary metric.

Key takeaways

The ICT journal is a process quality audit, not a P&L record. 5-question binary checklist per trade (top-down confirmed? Judas swept? FVG CE entry? Stop structural? KZ exit respected?).
Two win rates: overall and clean methodology (process score 4–5/5 only). The gap between them reveals whether process failures or the methodology drive underperformance.
Four loss types: Type 1 (valid/statistical), Type 2 (execution error), Type 3 (process failure), Type 4 (external). The type determines the response — not the dollar amount.
Three review frequencies: daily (8–10 min, log entry), weekly (10–15 min, 6-part analysis), monthly (20–30 min, methodology evaluation). The monthly clean methodology expectancy is the most important single metric.
Journal every session — including no-trade sessions. A no-trade entry confirms the checklist was applied and no qualifying setup formed. That IS a successful session.

What the ICT trading journal is

Definition

The ICT trading journal is a process quality audit system. Its primary output is the process quality score (0–5) measuring whether the five-condition entry checklist was followed regardless of outcome. P&L is recorded but is not the primary performance metric — it is the outcome of process quality operating over a series of statistical events.

The daily trade log — 10 fields, 8 minutes

Complete immediately after each session — within 30 minutes of kill zone close. Emotional states are harder to recall after hours. Complete for EVERY session, including no-trade sessions.

1–3. Date, session, pre-session bias

Date. Session: London / NY AM / Both. Instrument. Weekly AMD direction. Daily bias. Price vs midnight CE. Confirms the top-down stack was run.

4. Setup found? (YES / NO with reason)

If NO: record why (no Judas, ambiguous MSS, news event, low-range Asian). A clear NO with a reason is as valuable as a YES — it confirms the checklist was applied.

5. Entry details

Entry price. Type: FVG CE limit / OB limit / LTF CHoCH market. Time. FVG zone (high/low/CE). Stop price + distance. Dollar risk (%).

6. Process quality score (0–5)

Five binary questions: (1) Top-down confirmed? (2) Judas swept before entry? (3) Entry from FVG CE or OB? (4) Stop structural, not adjusted? (5) KZ exit respected? Total: /5.

7. Loss type (if applicable)

Type 1: valid setup, statistical loss. Type 2: execution error. Type 3: process failure. Type 4: external event. The type determines the response — not the dollar amount.

8–9. Exit details + AMD quality

Exit price/type/time/P&L. AMD quality rating (1–5): 1 = ambiguous Judas, unclear MSS. 5 = clean sweep, decisive MSS, strong Phase 3. Separates institutional-grade days from marginal ones.

10. Psych notes + one-sentence learning

Dominant emotional experience (3 lines max). Which of the six traps was active? One structural observation: “deeper Judas sweeps correlated with faster PDH delivery this week.” Not “good trade.”

Complete trade log example — winning Model 1

Setup

EUR/USD • London • Tue 14 Jan 2025

Weekly: bullish (below weekly CE 1.0780). Daily: bullish (above midnight CE 1.0794). Asian: 1.0791–1.0823. Bullish Model 1. Judas swept Asian low at 02:17 EST.

Entry + exit

FVG CE limit 1.0786 • Process: 5/5

MSS at 02:33. FVG 1.0779–1.0793, CE 1.0786. Stop 1.0768 (18 pips). 50% partial at PDH 1.0842 (+56 pips). Trail remainder. Full exit 04:58 at 1.0851. P&L: +$302.50 (+3.0%).

AMD + psych

AMD quality: 4/5 • FOMO: LOW

Clean 22-pip Judas, decisive MSS, strong Phase 3. Not 5/5: Monday weekly AMD slightly unclear. Slight KZ exit reluctance (8 pips from PWH at 05:00). Learning: deeper sweeps → faster delivery.

The weekly review — 6-part analysis (every Sunday, 15 min)

1. Trade count + quality audit

Total trades. Valid (process 4–5/5). Overtrades (0–3/5). Overtrade rate. No-trade sessions. Is the overtrade rate below 20%? If above 40%: identify which trigger was most active.

2. Process quality breakdown

Average process score. Breakdown by question (Q1–Q5). Which question had the most NO answers? That is next week’s improvement target.

3. Clean vs overall win rate

Win rate on process 4–5/5 trades vs all trades. Gap >10% = process failures are the primary underperformance source.

4. AMD quality correlation

Win rate on AMD 4–5 days vs AMD 1–2 days. If AMD 1–2 produces significantly lower win rates: stop trading those days.

5. Loss type classification

Count by type (1–4). If >50% are Type 3 (process failure): the methodology is not being tested. Reduce Type 3 below 20% first.

6. Weekly learning synthesis

Review all one-sentence learnings. Write one testable hypothesis: “Judas sweeps >15 pips below Asian low on bullish days → PDH within 90 min in X/5 cases.”

The monthly review — methodology evaluation (last Sunday, 30 min)

A. Clean expectancy

30-trade methodology evaluation

Collect process 4–5/5 trades. Calculate win rate, avg RR, expectancy. Above 0.30: methodology working. 0.10–0.30: marginal. Below 0.10 over 50+ trades: schedule 2-week review.

B–C. Trends + psych

Process trend + trap audit

Plot 4 weekly process scores. Improving, stable, or declining? Count which psychological trap was noted most. That trap = next month’s primary improvement target.

D–F. AMD + target

AMD correlation + single target

Win rate by AMD tier. P&L vs theoretical expectancy. ONE measurable improvement target for next month: “Reduce Q2 failures from 3 to 0 using physical distance technique.”

Journal data patterns and what they mean

Win rate drops on Monday sessions

Monday is Phase 1 accumulation for the weekly AMD — direction unconfirmed. Skip Monday Model 1 entries or require weekly AMD direction from prior week close AND a clear Asian range.

Win rate drops in NFP/CPI weeks

High-impact news disrupts AMD delivery even on non-release days. Apply the calendar filter more broadly: skip 2 days surrounding any red event.

High win rate on AMD 4–5, low on AMD 1–2

AMD quality predicts win rate. You are taking marginal setups on low-quality days. Add a pre-session gate: AMD quality expectation 3+ required before entering.

Achieved RR significantly below planned RR

Partial taken early, full exit before target, or stop moved tighter. Review every winning trade for execution discipline — not market behaviour.

Higher win rate in London than NY AM (or vice versa)

Personal aptitude may align better with one session. A 65% London / 48% NY AM trader should strongly consider London-only trading.

Journal formats

Beginner

Physical notebook

One page per session. Forces deliberate writing. Cannot be deleted or edited — creates honest psychological record. Best for building the habit.

Data analysis

Spreadsheet (Sheets/Excel)

One row per session, one column per field. Automatic calculations: win rate, process average, overtrade rate, AMD correlation. Best for pattern analysis.

Hybrid

App + notebook supplement

Edgewonk/TraderSync/TradesViz for P&L import. Supplement with separate notebook for process quality, AMD quality, and psych fields — apps don’t natively support these.

FAQ — ICT trading journal

What should I record? +

10 fields: date/session, pre-session bias, setup found (Y/N + reason), entry details, process quality (0–5), loss type (1–4), exit details, AMD quality (1–5), psych notes, one-sentence learning. Every session including no-trade.

How to calculate ICT win rate? +

Two rates: overall (wins/total) and clean methodology (wins / process 4–5/5 trades only). The clean rate = true methodology performance. A large gap means process failures, not the methodology, are the problem.

How often to review? +

Daily: 8–10 min log entry within 30 min of session close. Weekly: 15 min, 6-part analysis every Sunday. Monthly: 30 min, methodology evaluation on last Sunday.

Best format? +

Beginners: physical notebook (honest, deliberate). Data analysis: spreadsheet (automatic calculations). Advanced: app + notebook hybrid. Most use spreadsheet + notebook combination.

Conclusion — the journal converts experience into understanding

Every ICT session produces data. The daily log captures it. The weekly review extracts the pattern. The monthly review evaluates the methodology. After six months of consistent journaling, a trader has a richer picture of their actual edge — its real win rate, real expectancy, specific failure modes, and specific causes — than any other source can provide. The journal is not a record of what happened. It is the instrument that converts what happened into understanding of what to do differently.

Companion guides: trading psychology covers the six traps the psych notes field tracks; risk reward covers the expectancy calculation the monthly evaluation uses; backtesting covers the systematic replay that produces the pre-live clean methodology evaluation; stop loss and take profit cover the management framework the process quality checklist measures. Or join the mentorship.

Lio

Founder & ICT trading educator, LiquiditySweeps.com

Lio has traded ICT and Smart Money Concepts on forex majors and US indices since 2021 and built LiquiditySweeps.com to teach the framework the way it should be learned.

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Quick check

What is the single most important metric the ICT trading journal produces — and why?

✓ Correct. The London-NY overlap (07:00–12:00 EST) is the highest daily volume window. Both London and New York institutional participants are simultaneously active. The silver bullet (09:50–10:10 EST) falls within this overlap — producing the clearest MSS displacement candles and the most liquid FVG fills of any daily window.