Simulated Forex Daytrading

Discussion in 'Journals' started by dejatrader, Jun 28, 2007.

  1. 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.

    1 Trade (1L)
    -19 points

    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.
  2. 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.
  3. 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.
  4. forex162


    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.
  5. 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.
  6. 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. 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
  8. 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.
  9. 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.
  10. 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.
    #10     Jul 9, 2007