Newbie's Forex Journal

Discussion in 'Journals' started by PipBull, Oct 26, 2007.

  1. PipBull


    This is my second week trading forex. Just thought I'd post my trades here and hoping to get some educational feed back from seasoned traders.

    This is my 18th trade. So far, I've lost about $80 total ...

    Trade 18:

    Reason for entry - 30 min chart shows an uptrend. 5 min chart shows an uptrend with prices right at the middle of the BB. 1 min chart shows price stalling at a support level (1.43730). Conclusion, trend is up with prices pulling back to support. Buying opportunity.

    Exit - I have an order set up for a 3 pip SL and a 15 pip take profit order which I would hit right away after my order was filled. This is for the purpose of insuring against a power failure or similar random events. As soon as the insurance order is set, I'd go an modify it as appropriate. Anyways, AS SOON as I ordered, prices dived and took me out.

    PB's comments on this trade:
    1) Probably not a good idea to buy RIGHT at support, because it would stand to reason that if support falls, it falls HARD, as evident by the dive that followed my entry. Probably should have waited for confirmation.
    2) The 5-min chart seemed choppy. I'm having a hard time deciding whether I should have been trading at all...

    Entry: 1.43743
    SL: 3 pips in the opposite direction
    TP: 15 pips in the direction of the trade
    Exit: 1.43711

    That's my trade! Would you have taken this trade? In the same direction?

    Constructive comments would be greatly appreciated.
  2. PipBull


    Hmmm... 24 looks and no comments...

    It's lonely in here...