Road to become a billionaire [ Amen ]

Hello Guys,

I am DiamondBanker and from Indonesia, GMT+7. Here is my trading journal. [ Live Account ]

My background in forex trading is only around 2 months or so in demo account and win quite a bit back there, so now I will try my fortune in live account. Wish me luck.

I will just write this journal whenever I am in the mood.

My strategy is really stupid, I am ashamed to share it with you all. I don’t use any indicator nor I read any news either, though I usually check news from MT4 android version [ Yes, I trade using my phone. I have normal job. Actually, I never trade using MT4 from my computer. ]

I only play, yes play, in 5 major currency. [ USD paired with EUR, JPY, GBP. ] Some people from the book and internet told me that " I should say FX Trading is Business, not Playing. " But oh well, I am more comfortable when I treat it as playing. It give me less pressure, and I am a gamer. So even though I say I am playing, I treat it seriously. I hate lose. And I have primary job.

Well enough about that. Here we goes.

2 jan 2017, first day.
Deposit 500.18 USD. No trade this day.

3 Jan 2017.

  • Sell USDJPY, 0.23lot, +1 pips, well, wrong button.
    [B]* Second deposit, 219.38 USD. A trade floating in red area and it takes 30% of my margin. 20% more and I hit stop call. Really scary. Have no choice but to make second deposit. Good thing this one doesn’t take any pips, or maybe some measly pips. I forgot. Bad Luck on my first day trading. Oh God.[/B]
  • Sell USDJPY, 0.23lot, +20 pips.
  • Sell USDJPY, 0.23lot, +17 pips.

4 Jan 2017

  • Buy USDCAD, 0.23lot, +18 pips.
  • Buy USDCAD, 0.23lot, +32 pips.

5 Jan 2017

  • Buy USDJPY, 0.23lot, +20 pips.
  • Buy USDJPY, 0.01lot, +18 pips.
  • Buy USDCAD, 0.01lot, +11 pips.
  • Buy USDCAD, 0.01lot, +3 pips.
  • Buy USDJPY, 0.23lot, +20 pips.
    [B]* Buy USDCAD, 0.23lot, -18 pips. Floating for 1 days. I should close it when it hit +14 pips.[/B]

6 Jan 2017

  • Sell AUDUSD, 0.03lot, +3 pips.
  • Buy USDJPY, 0.01lot, +8 pips.
  • Buy USDJPY, 0.01lot, -5 pips.
  • Buy USDJPY, 0.03lot, +36 pips.
  • Buy USDJPY, 0.01lot, +23 pips.
  • Buy USDJPY, 0.01lot, +5 pips.
  • Buy USDJPY, 0.03lot, +26 pips.
  • Buy USDJPY, 0.03lot, +36 pips.
  • Sell USDJPY, 0.23lot, +17 pips.
  • Buy USDJPY, 0.01lot, +14 pips.
  • Sell GBPUSD, 0.01lot, +24 pips.
  • Sell GBPUSD, 0.01lot, +16 pips.
  • Sell GBPUSD, 0.01lot, +12 pips.
  • Buy GBPUSD, 0.23lot, +11 pips.
  • Buy GBPUSD, 0.23lot, +16 pips.
    [B]* Sell USDJPY, 0.23lot, +6 pips. This one is desperate attempt. USDJPY got so high. Should close it when +11 pips instead waiting for more. Should trust my guts.
  • Floating Sell USDJPY, 0.23lot, in -52 pips.
  • Floating Sell USDJPY, 0.23lot, in -22 pips.
  • Floating Sell USDJPY, 0.01lot, in -9 pips.
    The last trade 3 trades, not include the 0.01 lots, really make me shed cold sweat. The minus got so high I almost run back to initial capital. I should close it when the first trade in + around some 10 pips. I should close the trade before 10 pm if they are in green area. I break my own rule. What gonna happen in monday I wonder? Will this trade gonna turn me back to initial capital? Will this trade gonna cost me some pips? Will this trade gonna back to green area? God bless me.[/B]

[B]9 Jan 16
Too overconfident, break my own rule.
All my hardwork for the whole week turn to dust.
It even take away 30 dollar from my capital.
I think I will go watch the movie to calm my mind.
[/B]

Hi.
Imho, .23 lots is too large for your account size. .01 or .02 would be more appropriate

Hey Carlos, thank you for your advice,

0.01 would be too small, but taking account of what happen, I reduce it to 0.15 lot for now.

9 Jan 16 ( Continued )
Seeing USDJPY bearish make my heart cold. If I hold it, I will not back to square one.
But every lesson need price to be remembered.
I should discipline myself, became calmer, and listen to my own thinking.
I hope my next trade will be better and I am become more professional.

I don’t understand what’s going on here at all. Why are some of your positions 23 times the size of other positions?

Given your account size, I would think your position-size should be [B][U]0.01[/U][/B] lots, not 0.15 lots which is still 15 times the size?!

What do you mean my account size? With just 0.01 lot, I will just profit around 2 dollar even if it move 30 pips. If I see 0.15 still too big, I will reduce it in future.

The amount of money in your account.

What do you expect, with an account of a couple of hundred dollars?!

There’s no “if” about it. I urge you to read in any beginners’ trading book about [U]position-sizing[/U]: it’s one of the most important things for you to understand. And good luck. :slight_smile:

Edited to add: I’m not trying to suggest that there’s anything wrong with starting off with an account that size. Of course there isn’t: if it’s what you have available, it’s what you have available. But you need to appreciate that the primary purpose of trading with an account like that [B][U]isn’t[/U][/B] to try to earn realistic income from it: it’s to get some practice and screen-time experience. It’s really important to have realistic expectations. [I][U]Many[/U][/I] people try to achieve much too much, much too quickly, and the great irony is that doing so actually [B][U]prevents[/U][/B] their ever becoming successful when “slow and steady” might have helped them out a lot more.

This thread will help you: 301 Moved Permanently :slight_smile:

[QUOTE=lexys;799435]I don’t understand what’s going on here at all. Why are some of your positions 23 times the size of other positions?
[\QUOTE]
Lexys - he states in the beginning - he’s “playing”, I’ll guess in his time playing he’ll realize what your stating, and in time come to understand how the position size matters. Then again maybe not.