I have been learning to trade for the past three and half years. I have tried to maintain my trading journal but due to full time work couldn’t keep the descipline. So decided to go this route. May be this will help. I might get some friends to share some ideas too, along the way. Any ways. During the past three years I have learned to trade the currencies, futures, EtFs and stocks. I am no expert by any means. I am just someone who has put rigorous time to learn trading. There is plenty yet to learn. However it’s now time to stop playing around and start the money making business. Out of all these many lessons Two main things we should all remember more than any strategy and other gimics.
Money Management
consistency
Just to give you an idea, I always took more winning trades and yet was not really making any money due to not controlling and implementing the above two major parts of trading.
So, I would say our journey would have some indicators but our methods are not based on indicators by any means. Indicators are just going to act as additional confirmation.
I use, 20, 50, 100 Emas, Price Action, Fib, and Elliot wave (Basics) Sometimes other indicators when needed.
I try to keep it simple and now on steady. lose 1 and gain 2. is the way to go.
All trades from Daily Charts mostly. sometimes we will take trades from 4hr and 15M too.
Forex account is currently at $349.00 and Journey now starts.
Thanks Jackson905 for your question. Yes. I trade from 4hr and Daily. When I see no trades using Daily I look for small trends in 4hr. I even used to scalp smaller time frames. It’s very tiring. Plus with full time jobs it’s hard to scalp. I still think if someone has 2 hrs in the morning they can make 10 to 20 pips daily. We shall look into it once we get the momentum of this forum.
Sure, learning will be for all of us together. We all together will make our dreams come true.
Remember… trade set ups are for probabilities. Smaller Risk Higher reward is the winner’s game. We are going to stick to that and apply it consistently.
I will try and be more regular. Here is the thing there was a strategy I was working on to get 5-8 pips and had few winners. Anyways the account got to 370.00 and then I lost one trade and somehow the stop was not placed on Meta trader so in the morning I saw a loss of 40$ and had to cut it. I also had three other losses in a raw trying out 15M time frame trade. Please remember you can be a good trader but inconsistency will kill you. This is where I get killed most of the time. Otherwise I can really produce the results. My analytical skill is not that bad. I Hope keeping this journal will help me focus and stay on track and stick to my method and rules, which is what I lacked most of the time. So, all in all my account is back to 318.00
I will try and post the trades here. This was simply an error.
But I will start again. My goal is to take this account to 300K from 300$. I will stick to it.
I entered little late as when I saw it it was a little far than I would like it. But I had to take it as I
Just so everyone knows the account is currently at 354.00
Following trade taken Eur/GBP…Long at 8320… SL 8303… Limit open…
Brief summary of the trend… Price is in a Major downward channel on Daily and midterm or short term Rally to the upper line of the channel.
4HR shows the pull back and bounce to 50% Fib as well as a short term support. Criteria suitable for our entry.
Headed to 1 Hr and noticed lot of price rejection to the downside. Means Bears don’t have no control and Bull are fighting to take it back up again.
Target is open… I want to target 60 Pips at-least since the Stop is 20 pips. 1:3 Ratio
Attached are the pictures for visual explanations. Also watching closely to Aud/usd and Chf/Jpy…will keep positing…
