I created this blog because I would like to be forex pro trader and i would like to share my progress. I am mainly trading EUR/USD and I am using 5min. and 1min. charts.
Before forex i traded stocks, e-mini and options. Problem is that now we have 2 childrens and i am not from US, so I do not want to trade from 4PM to 10PM. Because of this i started to learn forex.
Before i developed my strategy I tried everything here but nothing work well and I lost money. Then I decided to change my approach totally and started again. I am trading with trend and also against.
I started to trade my style with very small amount, only $170 and I would like to achive $2500 amount.
I know it will be really difficult but I hope i will make it. I developed my own money management and position sizing rules.
I am adding my report from last week. It is from 10/03/2015 when I started trade my strategy. You can see here my equity and also some data. It is from my broker.
From Monday I will be adding daily updates. Currently my balance is $318 and I am now trading with 0.12 lot size with trend and 0.06 against the trend.
Great job! love that you are trading smaller sizes on counter trend trades! I personally barely ever trade unless the trend is very strong and I do trade with that trend!
I would say something about my trading style. As I mentioned I am trading 1min chart and also looking for 5min. chart and 4H chart (here only for last candle).
Signals I am getting at 1min. chart and on 5min. chart I am only looking for trend and exits for PT. 4H charts I am looking high/low of last candle because of PT also.
I have fixed stop loss 50points and profit target is set 90points, but this is just oriented. In chart then i move it, if I feel price can move much higher or lower then 90points. What I am using also is trailing stop because of protecting my profit. But I never move with SL.
Something about my position sizing
I created tab, which is telling me what lot size I can use with my current balance.
Tab above shows numbers. There you can see what I meant by it.
Example:
Now my balance is $318 so I can trade with 0.12 lot size with trend and 0.06 against the trend.
If my balance will rise to $325 I can start to trade with 0.13 with trend and will stay 0.06 against the trend.
If my balance will drop to $275 I have to trade with 0.11 lot size with trend and 0.05 against the trend.
Thank you for following my blog. I will try to update as much as possible even I will be on bad run and will be crying :-).
But it is part of trading and I have to calculate with bad times.
What does PT mean, you mean PA, price action, the price that is on the chart?
You stated: "4H charts I am looking high/low of last candle because of PT also."
So for example, if high is 1.0500 and low is 1.0400. The current price is 1.0420. Will you now sell or buy?
What kind of signals do you trade? I mean, do you open a trade in 1M/5M chart, when you see a double top or PA touches top bolinger band? Or do you open trades when you see a pattern or formation (like M-pattern or head-shoulders pattern)? Please, I know a lot of theory but I am still searching for a way to find good signals.
I’m interested, looking forward to your reply. I think you are a great trader and great for sharing your experience! My skype is: michaellobry, if you’d like you can add me.
Kind regards, Michael Lobry
PT means just a profit target, where i am closing trade.
If I have open trade i am looking these levels as a point for another move. Just look what price do on these levels for last printed candle.
3.I am just using price chart and volume in 1M chart. 5min chart just for identify trend, no indicators. Btw it is always good to have good entry, but more important is how you manage open position. But overall i am looking for breaks up/down with small risk. What I learnt is: price can move much further then we think.
I am not a great trader. I am doing a lot of mistakes during trading. But i hope i will be better and better.
I do not have skype, but in future i probably install it.
Best of luck bro. You might just benefit changing to tick charts. They do a great job of eliminating market noise generated by varing volume on the lower timeframes.
I am really dissapoint by myself today. I do not really care I lost $76 and my balance is now $241, but i did today a lot of stupid moves.
First of all I am not taking profits. I left on the table today around $70, only because my greed. I still wanted more and finally I exited on BE. I was in profit $20 two times and i did not take it. I do not know why. And then two times $15 and ended BE. These are mistakes which I must not repeat. I am STUPID!!
Second thing is, that i did not recongnize sideway market, which was before lunch. Lot of losses here. In the future I have to recognize it sooner and take adjustments.
So lot of mistakes today, which I can not do in the future.
OK, at this moment I will be trading with 0.10 lot size and if I go to $225 with my balance i will have to trade with 0.09.
I like your approach to the market. Start small, dream Big.It also appears that you took upon it to focus on doing your own thing rather than rushing to the several online scams promising a certain amount of return.
Moving from $170 to $2,500 will definitely take some time, and it’s good you embrace that. Personally, I blew up my first Forex account within two months because I expected too much too soon. So I was taking huge risks, like 10-20% per trade at times.
today I lost again. Exactly $30.30 and my balance is now $221. Last two days were not good for daytrading because of low volatility and lot of pullbacks, which took me out from trades. Tommorow I do not really know if i will be trading because of FOMC. I will see, if market will be ok.
Overall I think I traded ok today. I tried to adjust to a market low volatility and took smaller profit, so one positive thing is I am ok with my trading, but drop around $100 within two days make me sick, but what can I do.
So at this moment I ma trading with 0.09 lot size and I hope I will rebuilt my bank.
