My real time forex trades

Discussion in 'Journals' started by TMcKenna, May 9, 2006.

  1. I want to create this journal for my own record. Any suggestions by fellow traders are welcome.

    I have traded spot forex and currency futures for the last 4 years.
    I don't want to talk about any specific % or $ figures, let's just say I did well. I was subscribed to several paid signals services and frankly I did better on my own. I use very conservative money management technique very well known in the trading world and no need to elaborate on it.
    I have two spot forex accounts, one for daytrading(not sure if I could call it scalping) and one for position trading. I trade several pairs. My posts will clearly indicate "Daytrading Account" or "Position trading account". I use currency futures account rarely and only for position trading, those trades will be clearly distinguished when posted.
    I use "two step entry" for all my spot forex trades.
    For example, if euro trades at 1.2700 and I want to go long, I would divide my entry into two lots, first long at 1.2700 second entry 20 pips lower (1.2680) for an average 1.2690. Stop loss is always given at the time the trade is entered. TP is flexible.
    For my position trades sometimes I don't use a stop loss.
  2. What broker do you use for your day-trading and positioning account, if you don't mind me asking?
  3. In the past I used several brokers (FXCM, GCI, Oanda)

    Right now I use Oanda for daytrading account and Man Financial Canada for position trading.
  4. Got it, thanks... good luck with your journal.
  5. Position trade

    Short Aud/Nzd at 1.2224 no s/l
    Will add second lot at 1.2300 even
  6. Sold second lot at 1.2300
    Average short now at 1.2262, s/l for both positions at 1.2400
  7. Closed both lots at 1.2250 just now for +12 pips. Not happy with price action, rejection of 1.2300/20 was not convincing.
  8. Position trade

    Short Aud/Nzd at 1.2324 no s/l
    Will add second lot at 1.2400 even
  9. Day Trade

    Long usd/jpy at 110.70 first lot, second lot will buy 110.20
    s/l 110.00 for both lots
  10. 110.20 limit order filled, average long 110.45 now, due to very important news later I will slightly change the s/l to 109.95
    #10     May 10, 2006