FxJake: Nice trading, and you are very patient! Some questions: 1. Who is your broker? 2. What size of lot do you trade (regular 100K lots?). 3. What size of account if you can share? 4. How about money management? 5. What is your average/typical holding period?
Riskfreetrading- Thanks for the kind words, I have not been keeping this journal, but will get back to regularly posting. To answer your questions: 1. I use a variety of brokers, including the usuals, FXCM, OANDA and toying with the idea of using FXDD. I have traded with MB Trading, Gain, CMS and several others in the past. 2. I actually use mini lots regardless of the size of the account I am trading. I always request mini lots when opening an account, as I find the position sizing a key component of good money management. For example, if my risk spreadsheet suggest that I should risk 7.2 standard lots, I would much rather risk 7.2 standard lots precisely than round down to 7 standard lots. 3. Over $500,000. I do trade much larger accounts for other people, however. 4. This is the reason I make money. I know of no other way to stress this other than to say this - someone could take the exact same trades I take and not make nearly the same amount in real $ (or worse, they could lose money overall). Money management is the name of the game. Trading is nothing more than calculated risks - and money management is one way to make these risks explicit. 5. This varies, but the average would be about 2 days. Right now the average may have crept up because I have had a few trades for over 1 week, but most trades hit the first profit target (or are stopped out) within 2-3 days. The very best trades hang around for more than a week. Most of the losers will happen overnight. I am sorry it has taken so long for me to post the response to your questions, I will post here more often, beginning with tomorrows AUD trade. -FXjake
Will sell the AUD/USD during the up-move tonight during the EU session. Would like to sell at 0.9290 Targeting 0.9200 although I will probably hold a little because it looks like the Aussie could fall for a few weeks. Stop up around 0.9395 Happy Trading!
Target is 9120 as is indicated in the chart, not 9200 as above. Apologies for the confusion. It looks like the AUD/USD is creeping up now during the early EU session...
The hard bounce off of 0.9160 made me nervous, so I exited this one with +40 pips, as I do not think that 0.9120 looks likely...
Buying the GBP/JPY now, not sure if anyone is interested, I have not been around here in a while, but thought I would post another trade. Last week was good, just under 400 pips.
I think the Pound is ready for a move down. It looks like the current level - 1.5800 or thereabouts - will provide some serious resistance. I will be watching this pair this week....... we shall see what happens next.