My $2.00 Journal

Beginner Questions
1

Well, Here it is…

Objective: Consistancy

I have $2.06 cents in my account at this time… Yeap, Lost my $24.00, but better then, $2,400 or $24,000 to finally try to come to grips with my Forex career.
And to Current Date, Thru Oanda, I have lost $111.66 Total Since starting more then a year ago…

It could be worse I guess,

But now, Its time to buckle down, and get serious about this.

I knew, everyone is like, “O goodness, not another $2 fantasy thread” but yeap, here it is.

Its 6:11 right now, and I have yet o look at any charts since Friday, ( Odd, 6:11 and I have lost 111.66 )

So, here it is. My $2 journy to financial freedom,…

$2.00 to Wealth System | Myfxbook

As everone here knows, Im not a traditional trader. I trade very off the wall… And my goals are mindless it may seem.

But, anyways, here is a chance to see it unfold…

My Goal is 10% a day on balance increase… I have my account set thru fxbook, so If you want to follow or check my Truthfullness or whatever, it will be evident…

Im strictly doing this, to keep myself in check, and somewhere to report my daily progress.

I will have screen shots of my trades, as they should only be a few, as Im trying to just make 2-3 trades a day. And give some sort of explaination of the meaning, again, just o keep me focused…

With that said, lets get the show on the road…

2

hmm…no comment lol

3

Day 1: Goal is .21 cents

Made 1 trade already, still need .18 cents before day is done.

4

Trade 2 taken, .14 cents to go

MyBasic Setup1.jpg700×329 45.6 KB

5

This is the third set-up of my day,

I use “00” as breakout zones, and like to place Limit orders on Other sides of 25’s and 50, and 75’s, as they seem to get blown thru…

28’s and 82’s are also good ones, I have discovered, but might just be me…

Im trying to really pace myself now, and by ataching paints to this thread, is going to help me alot, just o at least get in a groove of consistancy and action, and reasoning for my actions.

I really try to stay away from Market Orders, unless big moves happen,

OK, on with the show,

Trade3,.jpg700×331 44.7 KB

6

10% a day is a good target for this its doable with high risk. I have done it for a few weeks in a row during contests. The trick will be to maintain a good RR on these trades if you can do that you may not blow up. Here is a contest strat with MM I put together. The MM works very well IF you can stick to it.

7

Shr1k, thanks for the info,

Trade3-4.jpg700×331 47.1 KB

8

Now, I really could be scalping the crap out of this, but Im trying to break that routine.

By looking at my ASI, I know the pair has a better chance of coming down, then going up.

So at his point, I dont want o go long, unless it makes a new high, so Im looking to go short, and could simply short every red Heiken ashi, and TP on the 3 offset pin bars on the 1 minute time frame, but again, Im looking to make very fewer trades,

9

I need 14 pips still, So I will just sit back, and see what happens first, either my MarketPrice turns red, or my Limits orders are hit. No sense in rushing it, right?

Trade3-5.jpg700×331 47.2 KB

10

Soooo, anyways, heres something for ya, Like I said, if both turned red, i would go short, well, I went short, and had my SL set to 7, When I sould have set it long, but anyways, MY INTERNET WENT OFFLINE, It has been happening alot latly, Just freezes, Sooooooo, my SL was hit, then the pair nosedived soon after, But if it wouldnt have hit, I would have had my 14 pips, now, Im down to $2.07 because of a SL and a disconnect, LOL, go figure, right…

11

Ok, so heres the plan, Limit order Short for 1.3306 TP 20 / SL 17

Long Limit order at 1.3330 TP 20/ SL 17

This is set and forget,

I want o scalp, but still holding off, since the last nightmare, lol…

12

lol

you can marry one girl from Iran who made $8000 from $100 investment in 3 days, once i tried

InstaForex - www.InstaForex.com - Page 21

come on guys

http://forums.babypips.com/newbie-island/41436-2-74-2740-within-10-days-14.html

one day i will finish my destination ( before you ) :smiley:

13

Bring it, :57:

14

Hey Traders, Im still here, had a few stumblin blocks,

Offfff course, Im down more, BUT, not blown up, But hen again, at this level, its not hard to.

Worked hard last night putting a new plan together, as far as entry, Exits,

Im now working with $1.61

Update at end of the day.

Goal today, is .16 cents…

15

OK, well, that didnt go to well…

Down to .86cents,

However, On my Oanda MT4 Demo account, I started with $100 on Oct 31, and to date, up 48%

There is just something with Oanda Java, that dont Jive with me, I dont like it atall, because I mainly grew up on MT4, Born and raised, LOL,

Now, Im going to keep on with the Real account, see what happens…

The Demo, I have My EA i made running, nothing special, and I also had the SL set to 10, and that didnt work to well…

Might be better of on a Margin call instead of SL?

16

Watching with interest here.

Would you consider posting up your basic trade plan since you modified it? Maybe someone here can help you figure out a way to more consistency.

That or, a way to filter things a little better.

Just tryin’ to help:)

17

I agree with Master Tang, what is your modified plan?

In my opinion, you shouldn’t have a daily profit target in the beginning. Your goal should just be to trade well. By having a profit target, you may be forcing yourself to take trades that are not optimal.

Don’t get me wrong, I’m not hating…I think it is possible to do what you propose. But especially when you are first starting out, there is a tendency to set profit targets and take too many trades to try to hit them. If you concentrate on trading well and learning how your system trades, then you can set profit targets based on the actual probabilities, not what YOU want.

Good luck!

18

I’d completely agree with that. I am not knocking - it is always interesting to follow someone’s progress, and I respect you for doing it in public - but the fact is that the market is not the same every day. Whatever the strategy, some days the market just pays out better than on others. I have days where everything looks well, and others where there just isn’t a setup. So I would drop the daily target for the reasons Hugh outlined. Personally I used a monthly target when starting out, it helped me stay patient on the days when things weren’t looking optimal for my approach, as I always felt that I still had time on my side.

Would be interesting to see your strategy, sure that someone on here will have a shot at saying something that helps you refine your approach a little.

ST

19

Hey Fellas, thanks for the input.

I will write more in the next hour, just want to throw these numbers out for my current Order Limits,

EU,

Long-1.3489 --5 pip target, 11 SL
Short- 1.3472–5 pip target, 11 SL

These will be updated Hourly, which is also my hold time, When Hour Passes, I recalculate,

20

OK, I hit both of those trades, Still making adjustments,

Might do regrouping every 30 minutes,