Taking my own suggestion from another thread, I decided to start a journal. I'm brand new to forex, been trading stocks for about year, so I'm fairly new to that too. Like most, I have no in-person mentor, so I suppose having you guys harass me is the next best thing. I've read a bunch of journals and everyone does things differently. I don't want to give you information you don't care about, so I'll just post the trades (real-time when I can, summaried when I can't) and you can ask for any additional information you need to properly demoralize me (reason, targets, whatever). I'll start for real on Monday, I'm just dicking around this morning. For reference, I'm trading with forex.com (sucks) and Etrade PP for stocks (which I may or may not include). My FX account is a mini with a whopping $250 in it. I'm not doing this to make a living (but hopefully some day), just to learn... so don't laugh at my <$10 gains. Thanks for watching.
Covered - EURCHF 1.526340 = 8.2 pips No love for me before vacation. Wants to struggle the whole way down; now it's time to leave and it finally breaks down. I don't trust it with a stop, because of all the crazy fake outs (as pictured), so I'm just going to take profit and leave. After going through all that, and making so little, with probably much more to go... I know you're all doing the facepalm. But, alas, I must leave... oh look, we're down another 2 pips just since I wrote this. *eyeroll*
Guess no one cares, screw it, might as well post for my own knowledge. Long AUD/USD - .824100 x1 (back at like 1:00)
Don't not post just because no one has respopnded yet. WHo cares? The way to become a better trader (and ANYONE will tell you this) is to keep a journal of your activity so that you can later analyze why it worked and repeat it or why it didn't. Sometimes people will chime it, sometimes they won't. Either way, as a newbie, keep this journal and record your progress. It's a no-brainer move. BTW, why choose the EUR/CHF? Are you EUR currency based? OR CHF based?
Long USD/JPY - 94.422 x1 (2:45ish) Getting raped in the ass on the AUD. EDIT: Sold USD/JPY 94.481 5.9 pips
A, at least you are green . This morning, 5:00 - 7:30 am EST EUR/USD was a hoot and a no brainer. The Ever Loving No Brain Trades
Also, what's your trading style? Swing trader, scalper, in it for the long haul? Add a little more about your approach (not method) and might help get some feedback. And if I may, since you classify yourself as totally new to forex, limit yourself to no more than three pairs. Currencies have a personality relative to other markets and it takes some time to identify those relationships. Jumping around from pair to pair will not make you a better trader - odds are it will make you a poorer one. (from experience)
Yea, that's what I figured. I don't have a big enough ego to actually think anyone cares to read about my poor trade decisions. As for the EUR/CHF, the chart just looked good at the time and the spread was small so it's one I watch. USD is my base currency. Would it be better to trade USD based pairs?
As a newbie, yes, trade USD based pairs until you know the dynamics of the various currencies better. As a USD based trader, you only have to worry about one currency relative to your foundation, trading crosses you have to apply both sides relative to the dollar and that is not that easy at first.