Trading GBP/JPY [Live account]

Trading Discussion Trade Journals
1

I will be recording my trades here since Trading Station is not compatible with most automated trading journals I’ve used previously with my MT4 account. I’ve chosen to focus my positions on GBP/JPY for simplicity as well as familiarity of the pair.

[B]Quick info about myself:[/B]
I am 22 yrs old and living in NYC. I started trading June last year, which makes this August my 14th month trading. I have lost my initial investment of $4,000 and have set up my current account with $3,000 balance, now with $3,200 from my previous profitable trade.

Trading-wise, I have no finance or economics-related background. I am a regular Joe trying to make it in the field. Materials I’ve went through to learn the Forex market include Babypips School of Pipsology, books, and free webinars. I have not paid for signal services or training programs that are rampant online.

Starting my journey, I was hooked to the technical approach of trading, filling up my charts with an array of indicators, from the simple ones like the MAs to the more complex ones like Renko and Ichimoku clouds. But as I progressed with my studies, their appeal slowly waned. That is when I started reading about Price Action as a viable strategy for trading the Forex market.

[B]Trading System:[/B]
Price action will be providing me signals. I will try to make all my trades in sync with the main trend, ignoring any news in the process. Aside from price action, I like reading about trading psychology and observing repeating market patterns.

I will be using the simple rules all traders use or at least should be using including:

  1. cutting losses quick; letting profits run
  2. good R:R ratio
  3. closing trades that are not working out
  4. using a simplistic system
  5. no overtrading

Well let’s see what happens. Good luck trading guys!

2

MyFXBook? TS is 100% compatible.

3

Hi FOREXunlimited,

I tried using FX trading station publisher but for some reason it says it cannot connect to any server when I try to sync my TS account. Any clue how to troubleshoot this error? Thanks!

4

Search out troubleshooting issues on the web.

5

It has been a week since I opened this thread. I still haven’t recorded any trades. I don’t know if it is just me but keeping a detailed and updated trade record can be very challenging. The normal scenario for me:

At the start of a trading week, I am able to record my first two or three trades. but then as I incur losses I begin to lose track of my positions and eventually abandon my trading journal. Every time I lose, I am in a hurry to get back in and hopefully recover the losses of my previous trade.

Overtrading or revenge trading as they call it in the trading realm would be the most obvious culprit in this scenario. Unfortunately, identifying the problem is pointless if no long-term solution is offered. This will be the focus of my trading approach this week.

Please do share your thoughts, positive or negative. Have a prosperous trading week guys!

6

Hi mistermappy,

The solution you’re looking for maybe just to start writing the journal. Include your feelings in it. I find journaling to be a good way to distance myself from whatever judgments or feelings I have during trades, so that later I can look back at it and make adjustments. You know, kind of like how usually it goes, people around you know yourself better than you.

Good luck in your endeavour.