forexnoob101s journal - Page 3
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Thread: forexnoob101s journal

  1. #21
    Well looks as though I had a little time to make a trade. I was very upset now because IBFX's sever was down. I really could of easily made a fantastic trade now but the host was down for four hours. I was unable to put a transaction with IBFX's platform and when I called them it would require 10 minutes before somebody picked up, and they'd quote the incorrect price. IBFX has horrible service. This isn't the first time that has occurred. I will be leaving them when I construct my own account up a bit. All said and done I got out the transaction in green, didn't want to hold some places within the weekend.

    Trade # 008-06-SAVA-020
    Currency Traded - GBP
    Impact = 25 pips

    Impact = 1,270.07 USD

  2. #22
    Very good luck to you as well. Looks like you are doing fantastically well so far. I like your rules. Solid advice, particularly position sizing according to this probability of this trade. People so oft do not use it to their advantage.

    -Liz

  3. #23
    Hi Liz,

    I was hoping to include more updates in my position sizing, but was far to busy this weekend. I had to stand at a wedding, and then go to St. Louis because my friend just had a baby and will just be returning later tonight. Hopefully next weekend I will be able to update the journal a little more. I will be in Detroit next weekend for another wedding, so hopefully I will be able to generate just a small time. Thank you more Liz for the kind comments.

  4. #24
    After much attention to the general intention of this account I decided to add two more of my trades I have been using for a few years. The very same rules apply to trade 4 but not number #3. If you want an update on the rules please go to post #3.

    Trade #3 will now be known as Grab and Go
    Trade #4 will now be known as King Kong
    Averages

    Grab and Go
    average take profit - 5 to 30 pips
    average stop reduction - 15 pips

    King Kong
    average carry profit - 500 to 1000 pips
    average stop reduction - 400 pips

    Trade #1 also known as Frequent Flyer I've been in a position to execute this trade into the journal a few times. (Please refer to Trade # 008-06-SAVA-014, Trade # 008-06-SAVA-015, and Trade # 008-06-SAVA-016) I'm looking forward to be using this trade more often today that the account balance has transferred in green. This trade can take day(s) to weeks to close particularly when the trade goes against you and the account needs to be hedged.

    Trade #2 also known as Sneak Attack will only be used only after the balance on the account has grown to a certain amount. The purpose of this trade would be to trade about 25 to 50 percent more of their normal lot size to gain a quick moderate 50 pips once the market is moving quickly, but to be able to take the loss if the trade goes against you.

    Trade #3 also known as Go and Catch is exactly what I've been using for the majority of the trades on this account so far. (Please refer to Trade # 008-06-SAVA-004, Trade # 008-06-SAVA-010, Trade # 008-06-SAVA-020, etc.) I wasn't certain when I was going to maintain this trading style here just for a couple trades then ditch the trading style. After much consideration I'll be implementing these trades into the account very much once I can ch a quick few pips.

    Trade #4 also known as King Kong is used when I've captured a major trend in a good point. I leave the trade open until I see that a change. This trade can take weeks to close particularly when the trade goes against you and the account needs to be hedged.

    Thank you,



    P.S. - I'm back later to offer my weekly analysis.

  5. #25
    This week has been my next week trading this account, but my first full week of trading. Although the results may look good there are a couple things I have to consider. One being Money Management. I'll be making a post on my cash management progr for this account by next weekend. Many traders at this point increases the lot size since the first balance has doubled. I on the other hand won't be doing so before the balance has reached a minimum of three to four million dollars.

    One more thing I have to consider is the amount of transactions I'm taking. I would like to have the ability to exchange less if you can, by ching better transactions. That would mean less Grab and Go transactions. I am not sure if I'll have the ability to, but that's a wish to keep in mind. If I could re-trade this week without knowing the ending results I honestly believe I would have taken fewer transactions. I feel I should of not placed Trade # 008-06-SAVA-014, Trade # 008-06-SAVA-015, and Trade # 008-06-SAVA-016 at this early entry. Although the transactions did go in my favor, what will happen next time. If the transactions go against me I would of probably hedged the account. After I enter hedges I rarely open new transactions (unless I can get a small Grab and Go commerce quickly) and will continue to not open any new transactions until all current transactions and hedges are shut. This method can take days, even weeks to close out. The purpose of this method is so that I do not over leverage the account.

    I am attempting to place Grab and Go transactions and implement more of my other methods now that the account has grown a little from the first balance. This is hard to do since this needs a lot of patience, in addition to fully trusting your transactions. I think overall I shall gradually try to implement my other procedures for trading and if the trades don't work I'll use the Grab and Go process.

    Overall I feel this week went fairly well as I was able to ch some great trades, in addition to have some transactions go in my favor before then anticipated. I am not planning to get the same type of results each week. I do not expect every week to have such excellent results especially since I won't be raising my lot sizes at the moment. Just looking forward to having a excellent week every week, and also to possess the transactions become and stay successful.



    Hint = $1,270.07 USD
    Win / Loss Ratio Between 6-15-08 to 6-20-08 = 14:2
    Performance Between 6-15-08 to 6-20-08 = 141.28%
    Total Performance - Since Inception (June 11th, 2008)= 146.55%

  6. #26
    I made two trades, one during the Asian semester and one during the US session. The market has not moved much since Sunday open. I've got two trades hoping for a good run during the trading week. Will upgrade trades they're closed.

    Trade # 008-06-SAVA-021
    Catch and Go - EUR
    Impact = 20 pips

    Trade # 008-06-SAVA-022
    Catch and Go - GBP
    Impact = 20 pips

    Balance = $1,310.95 USD

  7. #27
    Last night open pairs transferred a couple of pips and then return to where we started. Closed among those trades which has been hedged and made a few pips. My goal this week was to attempt to produce the account balance to 2,000.00 USD. I doubt that will happen with everybody waiting for the Federal Funds Rate and the FOMC statement. Going to near the other position I have open just as I can if possible until news comes out.

    Trade # 008-06-SAVA-023
    Frequent Flyer - GBP
    Result = 90 pips

    Impact = 1,400.82 USD

  8. #28
    I got in good standing off the news (Consumer Confidence) for a British Pound trade. I was going to make this a Grab and Go since I had a hedge position, but the commerce kept going in my favor together with the fib lines telling me this pair wasn't done moving. Closed for 100 pips. I have a hedge available and I am not sure if I will be able to shut this until the news. If the trade is open I shall leave it hedged after the news comes out tomorrow day and decide after that point where to launch it.

    Trade # 008-06-SAVA-024
    Frequent Flyer - GBP
    Result = 100 pips

    Impact = $1,500.52 USD

  9. #29

  10. #30
    I didn't take a trade during the news, mainly because I wanted to observe that the markets response. Following the news I decided to un-hedge my commerce. This trade may take time to shut so I will have to be very careful with the trades on out, before the open commerce is closed. I don't want to leave multiple positions open, so my first priority would be to close the open position. With that said I took a trade following the news on the British Pound. Do not utilize any of my methods for this trade, only a normal trade on account of the circumstance of the trading day with the news.

    Trade # 008-06-SAVA-025
    Currency Traded - GBP
    Impact = 71 pips

    Balance = 1,571.61 USD

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