Competitive Trader Thread!

Hey guys,

Sorry for the delay, I did say I wanted to make a thread where I versus other traders and make it an open place where my trade journal, plan and my performance will be displayed against other traders. This will allow open discussion for myself and other traders to better ourselves and allow third person view from trader competitors and external sources to open our minds. I hope more attend and make it interesting, me and Alphahavoc will be starting and hope more can follow!

I will deposit 200 USD on 8th Jan 2018 and will revise on 8th Apr 2018, bear with me if I make an error as this will be new to me and I’ll keep it as an accountability to be as honest as I can in my trading journal.

I guess we are going to be on a rough journey in 2018, but it’s going to be interesting! :wink:

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Week 1 results
Starting capital : $2106.35USD
Current capital : $2183.65USD
Capital gain : +3.7%


it looks like you started with 2000 USD not 200

I’m sure we can make due adjustments as appropriate Martin.

No need to let a little thing like that spoil the fun.

Valid point though.

No… it’s not spoiling the fun
and indeed we can make adjustments
i was just pointing it out in case they didn’t realize

obviously, i assumed they were typing quickly and missed a 0
but i didn’t want to come across like a D head and say "Dude, you typed incorrectly"
so i figured if i said it this way it might come across a bit more polite and subtle
that’s all it was

and i figured they might then edit the original post so it all makes sense
that’s all[quote=“Falstaff, post:4, topic:128536”]
I’m sure we can make due adjustments as appropriate Martin.

No need to let a little thing like that spoil the fun.

Valid point though.
[/quote]

We are basing our results on capital gain or lowest drawdown, I am inputting 200 btw :joy:

Sorry, I did not expect that my application will take 1 to 2 business days to process. Hopefully, I can do some trading on Tuesday or Wednesday.
I will input my trade plan and analysis for the week then! :grin:

Take your time, its a marathon…

My 1st trade for the week, LONG GBPJPY
Utilised margin : 3%

My trade plan these days are,

1.Look at the fundamentals for the day, currently EUR, CHF and GBP have news. Consider the impact.
2. Look at price action for counter currencies, do my technical analysis with stochastic, Support and Resistance, candlestick patterns and triangle formations. If there is a high probability trade,I’ll get involve
3. read the news.

I decided to start with $250

I took this current trade based on fundamentals that the EURO had better than expected results besides german’s factory orders.

My risk is 1-4 ratio and i considered it a high probability trade, even though the EURO seems like its on a downtrend.

I also added my USD/JPY trade, i went took a long position based on technical analysis alone.

I took another position on AUD/USD based on support/resistance levels that matched my risk-reward ratio.

Most of my trade have less than 1% at risk of overall capital

Your margin utilised is (30/250)x100% = 12%

Oanda leverage of 1:50 is awful. They should do something about this. They are literally chasing customer away.

It’s a legal requirement of maximum leverage - most brokers are getting ready for the legislation to pass by already dropping the maximum leverage to 1:50

Yup, I know. That’s why US regulated broker is in a sticky wicket.

That’s probably true, leverage is a double edge sword, and also my number one priority is to be concern on how much risk is involved in each of my trades, my rough losses at the moment are $2 for each trade.

I need to start considering currency correlation, carry trade and positional sizing on my trades eventually, most likely.

Hey alphahavoc, you take a lot of cross currency pairs, is there a reason? It usually means more pips on entry.

Main reason is because the US dollar is rather BS. It is rarely trending vs other major currency. Quite unpredictable i would say. But if i think the US dollar is trending i do trade Major pairs.

I think a possible stop hunting just occured. I’m averaging up my Long GBPJPY. Good to jump in a buy trade now. Cut loss at 151.899

Current Use of leverage : 9%

Hey,
Look at this, The news that affected the Japanese yen, resulting in that big dip.
Be wary, consumer confidence for the JPY is in 1 hour also.

I still have my EUR/USD from last night running, I have not any research yet, but I know that economic news for EUR is in 3 hours and 5 hours from now.

If the economic data for USD/CHF has the right numbers, it can lead to a high probability trade based on fundamentals. Longer time-frame of 4h + 1d shows a slight uptrend.

USD/CHF did not hit past support, the blue cross on the chart, therefore, If I enter this trade as long, I assume the US economy (base currency) will be stronger than CHF and assume the next fundamental news will be less than expected.

I put more units on my USD/CHF to meet my close to 1% risk per trade.

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Thanks Ben, just the news i was looking for. You saved me some time. Now, i’m even more sure that this is just a Knee Jerk reaction. Mean reversion for GBPJPY should play out soon enough, probably during the European session. Trading is really tough, i’m starting to feel weary with Forex Trading.

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My current capital

GBP/USD - fundamentals of a better than expected forecast

USD/CAD - basing this on the big dip, that’ll recover.

AUDUSD - expected CNY lower expectations from previous economic events.