Hi Fellow Traders, I've been trading Forex since last year, and pretty much deploy a discretionary method using technical analysis. From the beginning, i've went through multiple indicators in search of the holy grail method - Vegas, Auslanco, DIBS, GBPJPY breakout method, Fibonacci retracements, etc. etc. (some of you should already know which forum i came from). Then along the way, i began to delve more into reading about the profession and the success stories. One of the books that made me go "aha!" was Market Wizards by Jack Schwager. In his words: I particularly like the trading psychology books by Mark Douglas - Trading in the Zone, and The Disciplined Trader. The books answered my year-long quest on why my P&L statements were not matching the technical analysis i continually study and try to apply. It also taught me that one needs to put aside the emotions and concentrate hard on controlling oneself, since the markets are an uncontrolled place whereby the individual trader decides when the trade begins, and ends, unlike other aspects in life we are familiar with - from our work environment to gambling. I will elaborate more on my methods in future, but at the moment, this will serve as a Trading Journal. The objectives of this journal are as follows: Firstly, to trade with a definite plan, and take complete responsibility and accountability of my trades and actions. As the saying goes, "Judge the success of your trades based on whether you followed the strategy, not based on the outcome". Before entering any trade: - Always Trade with a Definite Plan - Ensure there is a clear-defined, rational reason for entering a trade - Complete the decision-making process before entering a trade (this includes stoploss and target profit) Secondly, my immediate aim is NOT to lose money, and to evaluate results on a weekly and monthly basis. With this in mind, i will set modest, achievable goals and possibly increase the goals gradually. It is also possible that my discretionary trading method will evolve along the way, and this will be elaborated if it does occur. Best wishes to everyone for the year ahead.
Trades so far. 2-Jan: eurusd long 1.39094 close 1.39474 nett +38 pips 5-Jan: audusd short 0.71513 stop 0.71763 -25 audusd short 0.717 close 0.71502 +19.8 6-Jan: audusd short 0.7094 close 0.70634 +31.6 gbpusd short 1.47115 close 1.46965 +15 gbpusd short 1.46798 close 1.4622 +57.8 eurchf long 1.49995 close 1.50542 +54.7
7-Jan: eurusd short 1.3611 watching: aussie - narrow band between 0.723 and 0.7185 today loonie - narrow band between 1.1865 and 1.181 today cable - has hit 1.50 now, with the BOE meeting tomorrow to decide on a rate cut, am looking at possible short provided 1.50 resistance holds
7-Jan: short gbpusd 1.4837 +2.5 eurusd short 1.3611 +2.8 pips eurusd short 1.3584 -23.7 (SL hit after release of ADP non-farm employment figures of -693K) long gbpjpy 141.22 +4.5 & -1.6 (pending buy order was triggered, but uptrend did not continue hence position closed) long eurusd 1.367 +20 thoughts: picked a few bottoms and tops which reversed. missed the move of the day - the cable. there'll be better days!
Etolie, Would you consider posting a few charts so we can see what you're looking at (technically), when making trades? gotta_trade
Trading without a proper plan and precise strategy is something i realized i need to change. Took a break from Forex earlier this year, did some option trades, then back to Forex, experimented with mechanical methods. Long story short, i need a clearer path: 1. Monitor 1 or 2 pairs maximum 2. Take only 1 trade a day 3. Target is 20 pips (or more) per day. When trade is closed, no more trades for the day. Proposed capital plan (assuming $2,000 account): Start with 1 minis for $2,000 account. Make at least $800 in 8 weeks. Progress to 2 minis, and make at least $1,600 in 8 weeks. Progress to 3 minis, and make at least $2,400 in 8 weeks. Progress to 5 minis, and make at least $4,000 in 8 weeks. For each stage, only progress to the next stage if you make an average of 20 pips daily for 8 weeks. If you do not hit this target, continue trading the same size for another 8 weeks. Next, progress to 6 minis, and make at least $2,400 in 4 weeks. Progress to 7 minis, and make at least $2,800 in 4 weeks. The above continues every 4 weeks. Only progress to the next stage if you make an average of 20 pips daily for 4 weeks. If you do not hit this target, continue trading the same size for another 4 weeks.
Do you not take trading seriously? How long did you take before you were consistently making profits in Forex?
Very seriously, and it took about 3 years. I think you might want to review some of your ideas....but if you're having consistent success then I guess not. I just realized this is in the journals section so it's a journal of your progress as opposed to advice, my bad.