For the record, I know next to nothing about forex or daytrading. So we'll see if my simulated account survives while I learn! I actually placed my first order yesterday but didn't really know what I was doing and ended up losing 19 points. But ignorance is no defense so I'm going to include that trade in the running total. 6/27/07 1 Trade (1L) -19 points 6/28/07 2 Trades (2W) Trade 1 Short EUR/USD Entry: 1.3451 @13:35 EST Exit: 1.3442 @14:19 EST +9 points Trade 2 Short EUR/USD Entry: 1.3435 @15:07 EST Exit: 1.3429 @15:17 EST +6 points P/L since trading began: -5 points I didn't know about the FOMC announcement (like I said I don't know much!) so I got lucky on trade #1. Could have just as easily gone the other way and hit my stop.
Good luck with this endeavor dejatrader. Take it one day at a time and focus only on what the market is telling you, not what you could have in your checkbook. FWI - My biggest misfortune was having the "luck" to make money right away.
Thanks datamerc! As soon as I'm a little more comfortable with my system and placing the trades I'll start doing what you do in your journal, commenting on how I felt about each trade. Did I follow my rules? Did I break them? Why? etc.
All too true.. all too true. Forex is a dog-eat-dog world, but if you keep at it there's little reasonyou shouldn't be profitable over the long run. Good luck.
6/29/07 1 Trade (1W) Long EUR/USD Entry: 1.3521 @11:50 EST Exit: 1.3524 @12:03 EST +3 points Total P/L: -2 points Today was a lesson in patience. I waited for 2 hours and 51 minutes of my 3 hour trading window before this trade finally presented itself. I felt a lot more comfortable with my trading/monitoring so I started following USD/JPY today as well, although no trades presented themselves there, a few were close.
7/2/07 2 Trades (1W, 1L) Trade 1 Short USD/JPY Entry: 122.39 @10:25 EST Exit: 122.30 @10:53 EST +9 points Trade 2 Long USD/JPY Entry: 122.33 @11:15 EST Exit: 122.27 @11:32 EST -6 points Total P/L: +1 point New rule added: When there's a strong trend take trades only in the direction of the trend. Today I had a feeling I should quit after the first trade but I ignored it.
7/3/07 2 Trades (2L) Trade 1 Long EUR/USD Entry: 1.3619 @9:40 EST Exit: 1.3609 @10:04 EST -10 points Trade 2 Long EUR/USD Entry: 1.3615 @11:35 EST Exit: 1.3610 @14:12 EST -6 points Total P/L: -15 points
7/5/07 2 Trades (2W) Trade 1 Long USD/JPY Entry: 122.750 @9:53 EST Exit: 122.795 @10:01 EST +4.5 points Trade 2 Long USD/JPY Entry: 122.750 @10:10 EST Exit: 122.950 @10:34 EST +20 points Total P/L: +9.5 points Decided to stop early today.
7/6/07 1 Trade (1L) Short USD/JPY Entry: 123.190 @11:03 EST Exit: 123.230 @11:46 EST -4 points Total P/L: +5.5 points Wow the market just went DEAD immediately after I entered this trade! I guess the Friday following the 4th of July isn't the greatest time to be trading the New York session.
Well, that's it I've had enough! 3 losing trades today to bring my 2 week trading spree to around -10 points. Spending 3 hours a day to just breakeven over time isn't my idea of a business. No more daytrading for me.