As a newb I am going to log my trades here so I can get some advice from pros on where to improve along with get flamed by everyone else for the stupid mistakes I make along the way. Hope you all dont mind if there is a better section to put these please move and let me know. The purpose here is to let other newbs see where mistakes are made along with getting a better understanding of this thing we all call the forex market. A little about my account. I am trading live with gft trading. It is a micro account that was started about 2 months ago with 250 usd. Since opening my account I have come up with a bunch of loosing strategies and now my account is down to 180 dollars with a -13.28 in my upl that hopefully I can make up. I will post every trade I take weather they win or loose. Wish me luck:rolleyes:
1st trade is a short trade of AUD/USD. The 1hr shows a cross over of my 20 sma and my 10 sma. Both moving averages have moved from a support position to a resistance position. So on my 4hr chart show along the same thing but no cross over however is looking to cross in the next candle. I set a stop loss just above the previous support turned resistance on the 1hr chart. Along with a profit target at a support area that was a way back on the 1 hr chart. As you can see from the 4 hr chart below price did hit my profit target so at this point I have moved my stop loss to half profit. And figure I will let my trade run from here. My daily goal for today is 36.4 pips (1% of my account balance and 1% of my upl to try and make some of that back). However with stochastics hitting oversold conditions I dont expect to make my goal on this one trade alone. Most likely it will hit a retracement and stop me out at about a 16 pip profit in witch I will wait for the retracement to run its cource and if all looks good later I will reenter the trade at that time.
Your chart isn’t all that clear though. Might be worth telling us exactly when you made the trade (and your time zone obviously) and the price at which you bought/sold. Then if anyone wants to analyse the trade in detail, they can look at it on their charts and against the support/resistance/fib levels etc that they’ve identified.
Yeah I will work on getting clearer charts if anyone has advice on that let me know. any how I went short at 0.98753 trade did get stopped out at my 50% profit target while I was in court for a 16.8 pip profit. It seems to be retraceing at the moment so I will sit back and see whats happens in the next few hours and decide if I want to get back in or not. I try to avoid tradeing retracements because you never know how far it will retrace. That chart was a 4hr chart and I am on est (ny session) timeframe.
Sweet thanks I have windows vista so I will look into that in a little while. On a side note my 2 year old hit some buttons on my lap top while I went to get a beer and shorted the pair at 0.98380. Looking at my chart he must have done it a little while ago and I just realized it. I do not have a Sell signal at this time but I think it is coming and not really telling me not to short the pair. So I have set a stop loss and will ride it out. I know he did this before on my demo account and made me 120 pips so hopefully history will repeat itself lol.
2nd trade finishes my day out hitting my target. Shorted AUD/USD (thanks to my son). Manually closed it out (I am tired of looking at this screen for the day) at 0.98583 for a gain of 30 pips. Thats a total of 46.8 pips. Not bad at all seeing as how my goal for the day was 36.4. You all have a good night Hopefully I see a good trade tomorrow.
Hmmm after reading my thread. Either I made a typo on when my son shorted or when I cashed out there is no way to short and the price goes up with a profit. So I must have made a typo. Either way I like the strategy I am using simple and effective. We will see though as time goes by on its effectiveness. Some people can just pick something and win often till the bottom drops.
Yes…sometimes we limit ourselves unknowingly and as a trader, it could make the difference between making it and failing miserably…we can only correct ourselves if we know there is another way of doing it or at least search for an alternative.
There is a way to turn profit if you short and the price goes up but I will not recommend it to any newb. That way is price averaging meaning the you short and the price goes up and starts to drop again you can add to your position to average you profit point hence you can have price rise and still turn profit. However That come with a really high risk that you will loose even lore on your trade. Not saying I have not done it though lol.
Shorted the USD/CAD at 0.99535. Stop loss set at 0.9972. Same principle as my trades yesterday the 10 SMA crossed over the 20SMA and stochastics is not in over sold coditions. This time I will be looking at 1HR to 15MIN charts due to the face it is friday and I want to be out before market close. Todays Goal is 26.6 pips. I can not take screen shots of this trade because I am at work and they are very picky about info given out on there computers.
For me trading during Friday is awful, especially if I try to enter the market in the afternoon. I look at the charts and I do not see any interesting trade. Also now some of the main pairs are flat (the prices are consolidating), so this is another reason not to enter the market today.
I know all of the above and I’m minus 26 pips today.
Trade went well price move into profit so I moved my SL into take profit and was stopped out for a 14.1 pip gain. Hlaf way to my goal today.
2nd trade for the day is: I went long on the EUR/USD @ 1.35451 with a stop loss @ 1.3505. Same principle my SMA have moved to a support and crossed on the 1hr chart and the 30 min chart and not in over bought conditions. Let see how this plays out.
2nd day for today seems to be still ranging and dont know where it wants to go so I closed early it before I pull my hair out for a 4.1 gain. I figure get out while the getting is good.
I was going to go short on the cad again but there is some news comming so I am going to sit on the sideline for the moment. If it still looks good here shortly I will reenter. But it depends on the time I will not enter another trade around noon.
Did not stick to my plan got greedy on this trade as I only needed 8 pips to hit my target for the day. Thought I could scalp it and finish the week.
Well started this yesterday with 166.72 Equity left. Today I have 167.96. Quite a bit off my target but still ahead. I trading is done for the week. Start fresh next week. I guess I can still enjoy the weekend with a smile as I finished for a gain. I got alot to work on I see. Hope you all enjoy your weekend.
Well a new week is about to start. I am intrested to see how the fdic closing 4 banks this weekend will effect the market. Guess only time will tell. Setting my goals a little higher this week. Shooting for 3% a day and hoping for 10-20% by the end of the week. Todays goal is 5.04 thats about 50 pips. The weeks starts out with an account balance of 168.12. Hope you all have a good week as I hope for.
Only just shortly read through this thread but what are you basing your TP and SL on? From what I gathered, looks like you may have poor R:R? If this is the case, you are damaging your prospects of being profitable greatly so might be something you want to look at…
That is one area I need to greatly improve on. I base my sl and tp on previous support and resistance levels. How ever as soon as my trade moves to profit and get ancy and move my SL to about half profit witch I dont think is a bad thing but I make it to tight so the trade dont have room to breath. But yes I have very poor judgement when it comes to R:R. and something I will be trying ti improve on this week.
today.