The no-trade belongs in the journal

A trading journal full of filled positions can look productive. It can also hide the decisions that kept you out of bad trades.

The no-trade is an observation about your process, not an empty row.

Log the trigger

Write what caught your attention, the price you considered, and the rule or assumption you checked. If the market failed that check, record the exact reason you passed.

A wide spread, unclear source, missing size, or short time window can each be a valid no-trade with different lessons.

Compare with a hypothetical fill

Later, note what would have happened if you had entered at the displayed quote and size. Keep that counterfactual separate from a real result; it was not your execution.

This makes it easier to see whether the filter saved you from a weak setup or merely delayed a good one.

Review the pattern

After several weeks, group the no-trades by cause. If most came from the same rule ambiguity or liquidity condition, improve the checklist before adding more signals.

The useful question is not how many trades you made. It is whether your reasons for waiting are becoming clearer and more consistent.

Further reading: Prices and order books · Resolution rules · Current fees.

Explore the markets: Open Polymarket (referral link).