I have been trading forex for 3 years now and finally feel i am a profitable trader. I am making a journal to keep myself honest and to have something to do when trading is over. Over 2 years i have lost about 2k with oanda and after my "take a break and re group" i have decided to put in $500. *Full disclosure of account balance and gain or loss after 5pm mon-fri.* I am trading the usd/jpy forex pair with oanda. I trade 6am est - 12pm est I will enter a trade no later than 12pm but i will keep a position open until 5pm at the latest. My strategy is to catch intraday trends during the peak volume hours which are stated above. I have no profit target, i take what the market gives. My stop loss is not finite but a max loss is 30 pips. Today i exited a position to early and failed to re enter because i had ate some pizza last night and i will spare the rest of the story. One of my rules is not to enter a move that you missed the breakout on. So i lost a potential 60 more pips. Life goes on. Everyday i'm going to post something i learned, so i can go back and look and maybe to help other traders. +$35.63 Today i learned; Eat healthy during the trading week
Hesitated on the trade today, then it broke down so i missed the move and therefore could not enter. Even though this move is pretty small and most likely will retrace a good 20 points, i have to at least get my foot in the door in order to be consistant. Today I learned don't be scared to put your foot in the door, you can always take it out. Balance: $535.63
So far so good, could have been better. I went long pre news for a loss of $52.54 I'm in short at 114.41. So far today i learned Stick to price action before news, don't try to base a trade off estimates. I would have improved my short entry by about 15 pips and should not have been in the losing long trade. Woulda, coulda, shoulda. Famous words Screen shots of entries and eod balance are to come once trade is closed.
More or less of a whip saw boring day, nothing good to report. In the posting absence i missed a few good trades but had a major loss and had my account down to $370. Here is what it looks like now. And again, for all the people who love to raise hell, this is to keep myself honest, if i burn my account then you can raise hell. 100% disclosure on all trades and account balances.
Good trading yesterday and today, made a little bit more. I traded the gbp usd pair because it looked the best at the moment. Currently i'm long the usd jpy pair, i forgot to hit the show open position button. My position is light and looking to add if this direction pans out.