It’s 16:55pm in the UK and my trade is still running, but in profit.
I need to finish for the day so I’ve moved my stop loss up to 1.10485 and moved my take profit to 1.1071. If I hit my stop loss I should still bag approximately $10, but if I hit take profit I should bag $100. Either way it’s a winner.
Good luck!!! seems to be a great choice if you do so
Sorry I’ve not been on for a while to give you an update on my last trade. I’ve been dealing with some health stuff and as a result I’ve had sleepless nights and my mind has been wondering places it shouldn’t be going! Due to this I took a step back from trading as you can’t trade when you’re not focused.
Anyway, shortly after I closed my laptop down for the week my trade did go against me and hit my stop loss. Thankfully I had moved my stop loss into the profit zone so I sneaked away with $10 prrofit.
New account balance $10,032.50
Trade no. 9
It’s 11:10am in the UK and I’ve just placed my 9th trade.
Today I’m only focusing on the 5M chart, however I have checked some of the longer range charts to get some insight of what the market is doing. I’m going to use a completely different strategy today which is an amalgamation of my current strategy and a Kevin Davey strategy from his book ‘Entry & Exit Confessions of a Champion Trader’. The strategies are very similar but has a different entry point so I won’t be using the RSI, just the 7 EMA, 14 EMA and bars.
Account balance $10,032.50
Trade EUR/USD long, volume 0.4
Entry price 1.09600
Stop Loss 1.09466
Take Profit 1.09663
Poop! 
My stop loss gets hit and my balance gets hit for -£54.40
I only risked a very small amount of my balance as I was using a new strategy so I’m not too worried. However, this does mean my overall balance is now smaller than my starting balance for the first time in this experiment.
Evaluating the charts I think this strategy may work better on Gold at the moment. So I may look at putting a Gold trade in and see what happens.
New account balance $9,978.10
Trade no. 10
It’s 12:30pm in the UK and I’ve just placed my 10th trade.
Right, I’ve decided to go back to my original stratagy and to take a punt on Gold. The 7 EMA is above both the 14 & 50 EMA and the RSI indicator is in my happy place. So I place a long order for gold. A little concerned I’ve just entered into a classic revenge trade. Fingers crossed 
Account balance $9978.10
Trade XAUUSD long, volume 0.2
Entry price 2031.80
Stop Loss 2026.09
Take Profit 2034.30
wishing you better luck this time! 
hmmmm - maybe not? don’t worry too much: demo practice is the time and place to sort these things out 
Thanks as always for your kind words of encouragement. 
Poop!
Well that wasn’t very nice, was it. The trade just tickles my stop loss and closes my trade at -£134.70 and then immediatly sky rockets past my take profit 
I’m wondering if I need to change my straagy alittle and move away from the 5M charts and onto the 15M charts.
New account balance $9843.40
Wow, I just noticed that some major news reports just got released in the USA. I have no doubt in my mind this is what screwed my trades today. I need to make sure I check the new release schedules in the morning before placing any trades.
This is 5m chart? Have you watched the King of forex videos on YouTube? He has a strategy using moving averages similar to yours that’s very effective on that time frame. You’d have been short here if anything fwiw.
Although news caught you. If you’re on the lower time frames, you absolutely need to check for news, particularly usd news
absolutely!
just where it says “calendar” in white, on that green bar across the top of this very page
A good strategy on the lower time frames for news is to wait out the immediate move, then trade it returning back where it came from. Then it usually goes back to what it was doing before.
People trade the news as if a small difference between consensus and actual matters, but the big players don’t trade on news, they trade on the sentiment of what is said accompanying the results. That’s not normally a huge difference to what was happening before.
Trade no. 11
It’s 8:50am in the UK and I’ve just placed my 11th trade.
I’ve jump in on the bearish trend for EURUSD in the hope I can scalp a small profit to make myself feel a little better about last weeks losses. I’ve also slightly changed my stratagy, finger crossed.
Account balance $9843.40
Trade EUR/USD short, volume 0.4
Entry price 1.08333
Stop Loss 1.08733
Take Profit 1.08270
So I’ve slightly changed my strategy to see if it works better for me in the current market conditional.
I’m moving away from the D1, 1H and 5M charts and will now be using the same strategy but by using the H4, H1 and M15 charts.
I’m also changed the EMA’s from 7, 14 and 50 to 5, 10 and 50 to see if that also helps. I’ve also ditched the RSI and will be just using the EMA cross overs as my long/short signals.
hope the earlier trade went well.
are you journaling your trades and learning what went wrong to change indicators, or just mixing it up?
i started doing this and found that i was handicapping myself by not properly testing a system, just getting frustrated by lack of results and changing.
don’t get me wrong, i’m still a newbie paper-trading, but just wanted to help and try to keep you being honest with yourself; this whole trading can be a personal battle
Hi cryptoT
The trade is still running. I’m just playing around with the parameters of the system to see if the tweaks can achieve better results. My main issue is that I seem to miss my preferred entry points as they seems to always happen in the Tokyo session when I’m asleep! I would really like to find a way to build an EA to my specifications and see if that will help with entering trades at my preferred entry points.
Boom! 
My 11th trade hit my take profit for a profit of $26.40. Hopefully this means the end of my bad luck streak and I can claw my way back to my account starting balance of $10,000
New account balance $9,869.80
I wrote an EA and back tested my strategy, and the results are in, my strategy sucks balls. Back to the drawing board!
What is your strategy? A bad backtest on MT5 doesn’t necessarily mean the strategy is bad. There might be trades taken that wouldn’t actually get taken that break things.
I wouldn’t say it means your strategy works either, just that I know lots of strategies that I struggle to apply my trading to because things like price action influence whether or not I enter the trade and it’s hard to code my whole brain into an EA.