Newbie Factory Journal
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Thread: Newbie Factory Journal

  1. #1
    Intro

    That is my very own thread that I wish to start to post all my trades, also keep tabs on them, to examine trades that I take and also for future reference.

    So simply to give you a brief history, please se the following link:

    https://www.nigeriaforextrading.com/...g-journal.html

    Anyway, I am a complete newbie to forex. . With 0% knowledge of the markets or anything about trading. . This is actually my initial experience using trading. . So I am still expecting to make a lot of errors. .

  2. #2
    Liquidated my position @ 1.2013

    Trade turned sour. .
    With EMA5 crossing EMA13, together with the closing below both EMAs.

    Note: This was a Fantastic exit for me. I might have stayed and waited for the transaction but I am completely not following the machine when I did this. .
    In addition, the time I returned into my chart was that the ideal moment. .

    Lesson: commerce the time frame that I am comfortable with. . When I am working A timeframe I can watch. .

    Grow: 0
    Loss: 1

    MB suggested that this system be done on hourly charts. .

  3. #3
    Information Supply

    Basically all of the understanding I have of this moment came from a lot of reading - from books, the world wide web, and most notably here in FF. .
    As of this moment I have a lot of books to finish. . I plan to finish all the books in Merlin's library but yet to avail most of these. .

    Today, Here Is a list of books that I Intend to read and conclude:
    1) New Market Wizards
    2) Trade Your Way To Financial Freedom
    3) Reminisces of a Stock Operator

    Aside from the said books, I read posts from the World Wide Web. Largely from Investopedia. .

    Journal Objective

    Maybe you are wondering why I'd start my own journal when I don't have any system (Oh, I have not informed you yet that I don't have any system? Well, now you understand ). . Basically, I'm on the process of customizing a platform for mepersonally, but it is my opinion that I must start trading, to have the ability to build one. . In other words, learning while you exchange. Please do be aware that FEEDBACKS ARE VERY WELCOMED!

    So with the assistance of this diary, I plan to :

    1) Have/Build a system - I plan to create/customize/use a system that's fit for me based on what I know/learned? Which are the parts of a system? (Based on what I understand)Entrance - for entrance, right now, I Intend to use Jim's method Exit - (STILL STUDYING) Cash Management/Position sizing - (STILL STUDYING) Though my plans right now are still not that organized and that I don't have enough opportunity to concentrate on trading (I'm not a complete time trader). . I think it's important for me to start...

    2) To start my trading and also to keep tabs on these to subject myself to follow my approach

    TRADING METHOD/SYSTEM

    No egy nonetheless. . Entrance - At this time, I Intend to use Jim's method Exit - STILL STUDYING Money Management/Position sizing - STILL STUDYING (Based on TYWTFF) TRADE TIME:
    Since I'm working full time, the only real time that I could devote to forex is about 2-4 hours per day. . Time is 9 PM - 1 AM (GMT 8). .

    Therefore I just expect to get less than 10 trades per month. .

    ACCOUNT

    At this moment, I have a live account with a Western broker since in my country, I can't find a forex broker. . I found one but they don't offer mini-accounts. . So basically, right now I'm trading (from Philippines to Japan) and that I won't be withdrawing cash until I get back (if there is cash to withdraw. . hehehe. . ) . . Oh consequences, I forgot, I can't exchange that account since I don't have sufficient funds for the margin. . stupid me. . :googly:

    So that leaves me no option but to do it with a demo account. . And also to have the ability to make it close to being realistic, I'll just have in my account about $1000...

    I suppose that is all for today. . Hope to get this particular thread of mine moving shortly as possible. .

  4. #4
    Acknowledgement

    Although I'm not a profitable trader yet (I'm still optimistic that I could be one), I only wish to offer proper acknowledge the people who've been patient and kind enough to answer my own questions. . So if I prosper in this partnership or fail the blame is on them! (Hehehe. . You know I'm only kiddin'). .
    I know that whatever I will be doing is of my own decision, and I take responsibility for many of my decisions. . However, I know I will not have one knowlege about trading without their aid. . They are (in no particular order):

    1) Merlin - for putting up this fabulous mill and collecting friendly and nice traders (and profitable at this)
    two) Diallist - for sharing what you learned and having somebody to look around. . And for being an inspiration for newbies. .
    3) Fijitrader - for your wise words
    4) MuddBuddha - for talking me into your easy method
    5) James16 - for your chart thread and sharing what you know
    6) Narafa - for also being individual to answer my queries, especially the very long answer to my question in What goes the markets thread. .
    7) Isotonic, fxtrader, ... Gosh... I did not realize that there's so many who have assisted me. . I guess it wise to say that I wish to thank all of the people. . So for of the members, thank you. .

    Though I know you guys know little of me and also we don't know each other personally, I only need to tell you that I appreciate all of the knowledge that you've discussed. .

    This is it, I'm again jump into Currency Market... lt;leapgt; . . Oh damn, I triggered! . .
    See ya again and guys, expect to continue my learning. .

  5. #5
    My first trade. .
    I did not use jim's entry method here... Instead, I utilized MB's. .



    Here are a list of errors I did with this trade:

    1) I chased the commerce...
    2) I'm not certain if I can even watch this trade as it is on an hourly chart, implying a pub appears each and every hour.
    3) No goal for profit...
    4) failed to do my mission with commerce position, or money management. . No computation for Risk. . In words, preparation that was required was not done. .
    5) No goal exit point. . At least, I must get some notion of how much I should/expect to get from this trade. . Though, what I think this trade ought to be is a set and forget. . But, to understand when to depart, I must return to the trade every hour... darn. .

    For info for this trade:
    Entrance: 1.2044
    Restrict: 1.2094
    Cease: 1.1971

    Damn it...

  6. #6
    Hey bro, where's the charts?

    I believe you are shooting too much. Your limitation is too big. Or, maybe you ought to use a trailing stop of 15. That way, after you are more than 15 from the green when the trade reverses, you won't lose capital. What platform you using?

    Good Luck
    Habeeb

  7. #7
    Hi habeeb,

    Thank You for the feedback..
    Honestly I only got impatient that's why I entered the trade. .
    I'm a newbie so I do hope to make a lot of mistakes. . And I plan to do most of these mistakes while paper trading. . I also will not take the possibility of making mistakes with money , but I really do plan to make the majority of mistakes. .

    Well, that's one lesson down...
    As for the feedback, I'll attempt to check to it...

    I do not understand what happened to those images. . Are you aware of a website where I could save the images?

    Thanks. .

  8. #8
    Quote Originally Posted by ;
    What platform you utilizing?
    I am using FX Online. . A java based platform I presume...
    I'd like to utilize MT4 but our firewall/proxy server blocked my access. .

    I won't be able to go live until Jan or Feb next year so I am on the preparation phase at this time and only use demo account for training. .

    I am learning all I could right now so by the time I go live, I'll have the assurance. . I already have the desire but still lack the assurance. .

    And from the time I go live, I hope to do is learn from errors that I can only find out from live trading. . And not learn that I might have heard during demo trading. .

    Oh was that out of your question? hehe. . Just sharing. .

  9. #9
    I have struggled with patience for a long time. I'm over that.

    Why don't you post the charts into your posts. Create a screenshot of your chart (ctrl-alt-print screen) and glue it in MS Paint. Edit the dimensions manually to be 600x600, and store it as a .jpeg file. Then upload it.

    Try this site to host your pictures http://www.supload.com

    Hope that this helps
    Habeeb

  10. #10
    I have uploaded the charts. .

    I thought that if you attach a picture, it was likely to be viewed as an attachment. . But I was wrong. . The picture has been displayed automatically.

    I am still taking it slow at this time and I am waiting for the PF's opening. .
    Anyhow, I am still excited about posting again later on. . But I suppose it depends on when I have the confidence to trade and when my preparations are done. .

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