Arobun's Journal [from scratch level]

Arobun · September 11, 2018, 5:53pm

This is a kind of baby journal, from zero/scratch level. I’m still in Preschool, halfway done. But I felt something that it’s good idea to open demo side by side, felt something more to share my journal here for my demo. I hope I’m in right path.

I have one multiple-purpose here: just wanted good or experienced traders to see where I am, correct me where I’m lacking, hit me when I’ve gone astray/blindly, lead me where I need to be.

I’ve downloaded both MT4 and MT5 from its sources without any broker. I started MT4 first, had a first day yesterday night. It was all green bucks from day 1.

I’m in mid 20s and didn’t start trading in Stock Market yet, you can imagine that I’m one less than newbie but I studied Finance in my post graduation. You are allowed to say that theory is worthless.

I do expect more advises. I suggest newbies to participate as well, so that I won’t feel embarrassed. Share how you’ve been trading that can help me.

My first day demo result is in next post. Hope to meet ya outside of stage.

Arobun · September 11, 2018, 5:55pm

This is Day 1 of my MT4 Demo Account yesterday.

justshell · September 11, 2018, 7:42pm

Don’t feel embarrassed, there are a ton of newbies on here, including myself. But, it looks like you’re off to a pretty good start. Were those your very first trades ever made?

Arobun · September 12, 2018, 12:43am

Not really, I started with IQ Options about a year ago, very profitable to me in demo for about two weeks, started with $10 and lost it completely in 3 days.

Then I’ve heard lots of bad reviews on binary option, left there that time till now, this is the first in Forex.

Thank you very much for sharing your view. All I did was to check long hour timeframe H4 mostly, and when I came back and check, woah it’s big green and I closed the trade right away.

alphahavoc · September 12, 2018, 3:15am

What is your game plan prior to entry?
If it is big red do you close also?
Where is your stop order?
any specific time interval for review of your trades?

Arobun · September 12, 2018, 9:53am

I like such questions.

No. There was a trade where it’s somewhere around -2.00, when I see that red, I checked the chart again and in my logic, it’ll be rising, and after few mins, came back and it’s green. I immediately down the trade with profit.
But I do scare if it does not go like this in future.

I don’t use it. I don’t know how much to stop loss or take profit. Please suggest and advice.

H1, H4 (Mostly). I follow the red wave analysis on the chart, I don’t know what it’s called but I’ll find out tonight.

alphahavoc · September 12, 2018, 12:17pm

Stop loss, is a difficult question to tackle. In theory, if your trend determination is correct, you should neither set any stop loss nor targets. Personally, stop loss to me is just for INSURANCE against Black Swan event. However, we are trading with leverage, a double edged sword.

IMHO, how far a stop loss should be, depends on how much leverage is being utilized. If you are utilizing say 1% or less, there is definitely room for drawdown. Your stop loss can be really far away. On the other hand, if you are utilizing 30% of your available margin. Then there isn’t much room for drawdowns, your stop loss will have to be closer. (You really need to be a sniper to be utilizing 30% of available margin)

Nonetheless, stop loss level also depends on your determination of S/R zone, holding period, strategy (eg. whether you are averaging or hedging), is it a scalp trade or position trade, … etc .

Arobun · September 12, 2018, 3:04pm

Oh my. First of all, I really appreciate your precious time to explain. And I’ll make sure that your explanation will never go waste. Currently, there are many terms I don’t understand like percentage leverage, percentage margin, drawdowns, scalp trade, position trade. I’m all new to this. But I know it’s all there in Babypips course, I’ll get them soon.
Thanks @alphahavoc I never thought that I’ll ever have one expert guy to watch over.

Arobun · September 12, 2018, 3:12pm

This is Day 2 of my MT4 Demo Account yesterday.

Two green bucks. One buy order and one sell order.

Arobun · September 13, 2018, 5:55pm

This is Day 3 of my MT4 Demo Account yesterday and today.

Three orders, three green bucks. One buy and two sell order.

I’ve got to share something. The last order wasn’t easy, since I ordered based on H1/H4, so I shouldn’t be bothered, but in midnight 2:30 AM, it went to -4 to -5 dollar. So with determination, I can see the small chance to come into profit after some hours. So left existing order untouched till morning, my, it went -20 in the morning. Again with determination, I can still see the profit coming, so left it untouched till noon, there +2.10 to +2.60, touched down!

If I opened live and face same situation, I would have touched down -4 last night only.

Is there something missing or any advice for this horrible order?

alphahavoc · September 13, 2018, 9:40pm

I don’t see anything wrong. You took a calculated risk based on your personal method. A win is a win, and a loss is a loss. Keep it positive, you are exalted. Keep more negative than positive … trolls will beat you to your knees.

How did you see? What is you basis? Care to share?

Arobun · September 14, 2018, 5:35pm

I see. Thanks for helping and asking. I would love to share if it’s not a problem. This is journal, I need to share everything, especially as a beginner, I’ll need to take more lessons from you people.

I’m not really calculating anything, instead I look at chart, it’s just my eyes and my mind trying to make sure what is the next move in long timeframe. I think I’m pretty good in long one. Yesterday last horrible order happened same today, in fact, longer than expected but I knew it would come in positive with like 70% chance in my mind.

This is Day 4 of my MT4 Demo Account today.

Three sell order, the first entry at 4:15 AM IST, exit at around 4 PM, day is nothing but loss (see chart below).

(after 1.5 hours)
Wow, trying to help you what I’m trying to express through chart. I took 1.5 hours of capturing charts, I’m learning a lot in drawing. I know how to make duplicate lines, parameters, visualisation, etc etc.

So here are two charts, before and after:

BEFORE

This is M30 timeframe, and from my logic, I can see that the next move is going down as red moving average is turning, I’m trying to make it flow, so it’s going down either sooner or later. But I do really think and expect that it’d happened sooner.

AFTER

It was not soon, it’s too late, so closed at around 4pm. 12 hours trade. That’s how I trade as a beginner.
Then next order, I shorted, favoured in few mins. Again shorted for short time, favoured well. Satisfied, end of the day.

PS: I don’t check the timing of open/close of US/EU, I don’t check news. I used logic here till now. I don’t know why it looks so easy to me. lol

alphahavoc · September 14, 2018, 5:42pm

Enjoy while it last…

Arobun · September 14, 2018, 5:44pm

I know I have so much to learn, I’ll continue in school and start learning price action, do you think “Price Action” is a good idea?

alphahavoc · September 14, 2018, 5:46pm

Depends on how you define price action.

Arobun · September 14, 2018, 5:49pm

Gotta study basic first and find the real def. Thanks Alphahavoc for your time.

justshell · September 14, 2018, 7:39pm

Price action, price structure, technical analysis is what every profitable retail trader uses. It works lol just keep on studying and practicing until you develop your own strategy based around price action. And don’t quit until you get it

Arobun · September 16, 2018, 5:10pm

Perfect. Gotta excel each of them before going live. I gotta need to lose something, not intentional but in real so that I will know how to wake up from fall. Without loss, how would I manage risk?

I just finished Pre-School in Babypips. Uh ho, I wish I’m an experienced trader.
Day 5: No trade (Saturday, not in mood)
Day 6: No trade (Sunday, fun-0day, pipsology-day)

Do you guys do spreadsheet? I’d love to have basic or good format to track my trades.

Arobun · September 18, 2018, 4:49pm

Day 7: Not a right time to trade.
Day 8: Shorted USDEUR @ 1.16750 about more than half day ago, currently in loss but still open, I expect one day or more to close the order with good profit.

Beside, need small advice from you: I can check any time I want and if I see plus profit either small or big, I would fire it. Do you think it is good or I’m an impatient?

I’m off to eat more lessons in pipsology. I’ll be expecting that advice.

danimated · September 18, 2018, 5:07pm

Hi Arobun,

I’m a beginner trader as well! Welcome and thank you for sharing your account with us. I’m in a similar stage of trading as you: I’ve opened a demo account and am learning to write code to backtest the systems I find suit my style before choosing one. Meanwhile, I’m looking through this site to see how other peoples’ views of the market are similar or different than mine.

I admire your trading by feel style, and look forward to seeing how it develops as you go through pipsology.