Thread: My Journal Of Beginning Again.

12/28/05 Anyone is welcome to contribute to this journal.

This is the start of what may have been the end to get a few. Words fromnigeriaforextradingmembers, and my refusal to give up gave birth to this journal. I am especially grateful to SterlingTDR.

February of 2006 will be two years that I've been in Forex, trading live for approximately 8 months. I am not looking back. Yesterday's gone only now matters. To look ahead would mean I want to have goals, a destination for my trip. Aims can and will change, so I'll do my best to update the outcomes.

My first objective of this journal is to put my trading principles. So I'll spend time thinking of my rules and place them as they are about. Another goal is how many pips each day/month I expect to achieve on a basis that is consistent. I'll examine the math on this and post the results.

Alright, let's make some pips here Good luck and decent trading for you

I would wish you luck, but you do not want it. You have something far, a lot more important. You have bulldog determination, and a rock solid belief that you will succeed at Currency Market, for having both of these, and I respect you.

Dial

Good luck. . Having conclusion is a big part of the battle won...

If you have trouble setting pips goal, try working forwards...

attempt to gauge how much your system can produce on a daily/weekly/monthly foundation ...

make certain your targets are in tune with your system.

Eg:

for me, although I trade out of daily charts, but rarely hold positions overnight. So therefore I would have a trade goal which would be the 80 percent of their average daily range of the pair.

If you own scalp, you need to be able to set daily targets. .

If you hold rankings into weeks/months, ... it gets hard to set daily targets.

Why not consider basing it on the trade potential?


Only some ramblings . .

Expect that helps. .

ken

Originally Posted by ;

12/28/05 Anyone is welcome to contribute to the journal.

Here is the start of what might have been the end to get a few. Reassuring words fromnigeriaforextradingmembers, and my refusal to give up gave birth to the journal. I am especially grateful to SterlingTDR for suggesting I start the journal.

February of 2006 will likely be two years that I've been in Forex, trading live for about 8 months. I am not looking back. Yesterday's only and gone today things. To look would mean I need to have aims. Aims can and will change, so I'll do my best to update the outcomes.

My first objective of the journal is to put my trading rules. So I'll spend some time thinking of my rules and post them as they are about. Another goal would be how many pips per day/month I expect to profit on a consistent basis. I'll examine the math on that and post the results.

Rule #1. Its not about trading its about not trading. I know you will know what I mean. I've admired you. Fantastic stuff my friend. jim

Originally Posted by ;

Good luck. . Having determination is a significant part of the struggle won...

in case you have problems setting pips target, consider working forwards...

attempt to gauge how much your system can create on a daily/weekly/monthly basis ...

make sure your targets are in tune with your system.

Eg:

for me, although I trade out of daily charts, but seldom hold positions overnight. So I would have a trade target which would be the 80 percent of the average daily range of the pair.

If you scalp, you should be able to set daily targets. .

Should you hold positions into weeks/months, ... it gets difficult to set daily targets.

Why don't you look at basing it on the trade potential?


Only some ramblings . .

Hope that helps. .

Ken

day trading from daily charts is a road less traveled along with a path to success. I have been on the lookout for this particular announcement for almost annually from somebody. Khoong simply dropped gold if anybody cares to look nearer. jim

Thanks for pointing out gold, James 16. I'm a beginner trader. I read something recently that grabbed my attention. It was a remark that it had been common for openings at a market to be in the daily low or high. I really don't know whether this applies to Forex, as well as 24 trading, I'm not certain how to examine it (? Handle every market opening, e.g. London, Asian, NY as a seperate moment?) The remark of daily range brought this to mind. Any comments?

Originally Posted by ;

Thanks for pointing out gold, James 16. I'm a novice trader. I read something recently that caught my attention. It was a comment that it had been common for openings at a market to be at the daily low or high. I don't know whether this applies to Forex, as well as 24 trading, I'm not sure how to examine it (? Treat every market opening, e.g. London, Asian, NY as a seperate moment?) The comment of daily range brought this to mind. Any comments?

You touched on a few of the most difficult aspects of forex trading for people who are utilized to stocks markets. Look at any daily forex chart and notice the staggered effect you get from a 24 hour market. Now go look at a daily futures chart and detect the effect. A one day proceed in forex really is comparable to 3 days or so at a futures market. This fact has and will continue to kick against the ass of many futures traders just starting to trade forex. It did mine until I realised. jim

Thanks James;
Not certain what you mean by staggered and piled. Any other notable differences between futures and Foreign Exchange worth noting?

Originally Posted by ;

Thanks James;
Not sure what you mean by staggered and piled. Any other differences between futures and FX worth noting?

Because you've got a large close time for futures that the open can and can gap much of the time at which in a 24 hour market that the open will always start right at the close of the previous bar. This causes the bars in FX to pay the majority of the previous bar during its high and low movement. In futures the gap will counter move and then tendency the management of the gap. It's difficult to explain but very easy to see. The differences would be to many to list. Many traders think TA is considerably easier with FX but I am not in that camp yet. Because I spent years trading stocks. jim