Hay Guys and Gals,
I was just setting up to write down an online journal and found the right forum at this point.
Before commencing the journal, let me put something about me in the picture.
I was informed about forex trading in middle of 2010 and started researching and studying about it. I went all the way through the babypips school and practiced a lot, in a variety of demo accounts. Practiced a lot of strategies found in babypips forums and even from some other forex educational websites for around one year. Finally I came to the track of live trading with a $3K account in August 2011 aiming financial freedom. Now I have completed a full year of trading and my account balance after executing 88 trades in an year is $3035.00.
A profit of $35.00 lol.
1 % return per annum !!!
Yes, [B]I lost or earned nothing. But took a lot of tension and shattered plenty of time[/B].
I strictly followed my trading plan and that accessed me the crown of a break even trader.
Now I am searching answer for following two questions.
What were the mistakes which kept me away from nice returns ?
What were the positive things which avoided losses ?
I dishonored some lessons from the School of pipsology and never kept a trading journal. [B]If there was an appropriate trading journal, I could have been found answer for the above questions.[/B]
So, now I realize the importance of a trading journal.
Here my journal starts… Today on wards, I will be posting my trading set ups in this thread with all details and updates in a live mode.
[B]I request you guys and gals to adapt the positive things in my trading style and advice me on my mistakes.
[/B]Major rules that drives my trading.
- Executes trades on bounce or break out of price from trend lines, channels, support and resistance levels.
- Trend lines, channels, support and resistance levels are drawn in monthly, weekly, daily and in 4 Hour charts.
- Trades are executed from price action at above levels in 1 hour and 4 hour charts.
- Risk is always limited to a maximum of 2 to 5% per trade. (Earlier it was 3%. Recently changed to 5%)
- Trades offering RR ratio below 1:1.5 will not be considered.
- Maximum numbers of open trades are limited to 2 at a time. An additional trade will be opened after getting any of the previous trades SL is moved to BE.
- Pairs traded are all 28 pairs formed from combinations of 8 major currencies.
- No Indicators other than fibonacci tool is used for analysis. Fibonacci tool is used to fix TP levels and exit points. (Earlier I was using Stochastic, But removed from my tool kit since January 2013)
Sometimes 2 or 3 trading set ups are generated on a single day and sometimes several days are consumed for the formation of a nice setup. I will post my trades with charts as soon as a setup is considered.
The purpose of this journal is to double my account (i.e., to turn $ 3035 to $ 6070) with utmost discipline and money management rules.
Finally I here by mark a word of thanks to Dr. Pipslow for giving this chance to publish individual trading journal.
[B]I will be back…
[/B]Sorry for my bad English…
Below is an index of main posts to go directly into the heart of this thread for new viewers easily.
Review of Oct 2012 trades which earned 29.89% return in post # 249
How to draw trend lines. Post # 129, 130, 131, 132, 133, 134 & 135.
How watching more pairs helps me in Post # 48
Setting trailing stop and moving stop loss to BE in post # 184
Importance of protecting capital and tips to get success in post # 167