Thread: forexnoob101s journal

Just a synopsis of my journal. I am a trader in the foreign exchange market for a few years and have opted to start a journal to help myself and also to be able to study the trades I set. I do not give out signs, recommendations, or an analysis, so please do not ask. This journal's purpose is to post results only.

Thanks again for understanding.

I started this journal in the center of the trading week, so this weeks transactions do not represent a full trading week. I have to be very, very wary of my very first few initial trades like I do not need to risk my original balance at all, shape or form.

Looking back at last weeks transactions I realize what a tough trading week it's been. It was quite hard to place some great trades. The market is not always going to have such great tendencies weekly, reasons being since larger trends are in play, a tendency is setting up or ending, or we may only be needing a choppy week.

I think for the upcoming week I will attempt to lock trades with a few pips and there. Once I have a fixed amount of pips/profit secured in I will look for transactions which have a larger reward ratio. My first two transactions (008-06-SAVA-001 and 008-06-SAVA-002) I had been doing just that, searching for a larger swing using a greater payoff, but ended up only missing my take profit and shutting the trade using a -1 pip on every trade. Looking forward to this upcoming week.



Balance = $526.37 USD
Performance Between 06-11-08 to 06-13-08 = 5.274%
Total Performance = 5.274%

Trade #1 will now be referred to as Regular Flyer
Trade #2 will now be referred to as Sneak Attack

Rules
a) Open trade with 2 lots until make profit or stop loss is achieved,
b) First lot is to be shut at 50 percent of make profit. Second lot is to be moved to break even.

Each transaction can be altered slightly to the rules based on market requirements. Typically significance take profit, stop loss, or break may be corrected.

Averages
Frequent Flyer
average take profit - 100 to 200 pips
average stop loss - 100 pips

Sneak Attack
average take profit - 50 pips
average stop loss - 50 pips

Lot sizes are just increased after a set amount of profit is secured and secured in. We just start to play and have fun once we have the homes chips in our hands. Enjoy.

Mini Account

Balance - $500.00 USD

Lot Size - Maximum $1.00

Leverage - 200:1

Broker - IBFX

Attempted to get in on a purchase on some Euro crosses. I should of shut at a little less then 100 pips, but market reversed before I could lock any pips in. The market moved against the trade a little past break even. Staying out of the transactions for today, looks like a strong change on Euro crosses at the moment. All together at the end of the day such as the triple Wednesday interest ended up dropping both Euro crosses for a total of -2 pips.


Trade # 008-06-SAVA-001
Frequent Flyer - Euro
Impact = -1 pip

Trade # 008-06-SAVA-002
Frequent Flyer - Euro
Impact = -1 pip

Balance - $498.64 USD

Managed to make a few pips off the US Market to Your Core Retail Sales news this morning. No other trades were taken due to choppy market conditions.


Trade # 008-06-SAVA-003
Currency Traded - USD
Impact = 18 pips

Balance - $516.78 USD

I was unable to ch any good trades throughout the US Market on Friday. I traded the USD for several pips going back and fourth in the range.


Trade # 008-06-SAVA-004
Currency Traded - USD
Impact = 10 pips

Balance - $526.37 USD

Certainly, since not every trade will be a winner, then you need to develop a winning egy that you are feeling confident with, on a currency pair or two that you must get to understand.

I've some PDFs for you -- one is information for stock traders, but it might apply to us also. The other shows how to benefit from volatile markets so we can capture increased price motion (40-100 pips a day). I intend on implementing the one.

Both are downloaded from trading mags and websites similar to this.
https://www.nigeriaforextrading.com/...5832506009.pdf
https://www.nigeriaforextrading.com/...0413522746.pdf

Originally Posted by ;

Great work on the trade...
Certainly, since not every trade will be a winner, you have to develop a winning system that you are feeling confident with, on a currency pair or two that you have to get to understand.

I have some PDFs for you -- one is information for stock traders, but it might apply to us too. The other shows how to benefit from volatile markets so we are able to capture greater price motion (40-100 pips a day). I intend on implementing the latter another Monday.

Both are downloaded in trading mags and websites like this.

Thank you for the kind remarks, I hope the winning egy you are implementing this forthcoming Monday works great for you.

At Sunday's open I took a trade on a market position to make the most of the gap on the euro currency. After this was closed I opened up another position to get a buy after viewing the price did not proceed past the double bottom, and left a few pips on it. I have a euro pair opened that is hedged at the moment. I closed one of the hedges at a loss after realizing we might not see the price again for just a little bit. Will close out the remainder of the open trades once a little profit is accepted.

Trade # 008-06-SAVA-005
Currency Traded - EUR
Impact = 35 pips

Trade # 008-06-SAVA-006
Currency Traded - EUR
Impact = 50 pips

Trade # 008-06-SAVA-007
Currency Traded - EUR
Impact = -22 pips

Balance - $589.14 USD