Trading journal glossary

Execution and trade

An execution, or fill, is a quantity actually traded at a particular price and time. A reconstructed trade may combine multiple entry and exit fills. An order can be unfilled, partially filled or completed through several fills.

Realized and unrealized P&L

Realized P&L concerns closed quantities. Unrealized P&L depends on the valuation of open positions. A closed-result curve does not automatically represent the account’s total value.

Fees and funding

Fees are associated with executions among other activities. Funding is paid or received on perpetual contracts. These components must be known and correctly signed to interpret net results.

Profit factor and drawdown

Profit factor divides total gains by the absolute total of losses. Drawdown measures a decline from a peak on a specified curve. State whether the curve reflects realized results or a valuation including open positions.

R and unknown results

A result in R compares gain or loss with the documented initial risk. Without that risk, the ratio is not interpretable. Unknown P&L means required data is missing; it is neither a gain, a loss nor zero.

Frequently asked questions