I tried trading Forex a few years ago but I got frustrated and didn’t think I would be successful. Even seeing my demo account lose pips was upsetting. But this time I really want to make it work. I’ve been reading some books on technical analysis that focuses on pure price action and a lot of psychology books. I still have a lot to learn but I started keeping a trade journal and gave myself the goal of making 50 pips a day in my demo account. Since I’m still pretty new, I’ve been watching only the EURUSD for the past few weeks… but I’m in the US so at night time, after work, the charts would be pretty slow. I started watching the USDJPY as well and I saw that it was trending up and thought I should buy but didn’t. And when it kept going up, I started getting more confident.
At first, I was long the EURUSD because I saw that it had a strong bullish signal. But I set my take profit and stop loss too high. I was in the trade for all of this week and last and pips just kept going up and down. When I saw the pendant triangle forming, I closed out my first position and shorted it yesterday at 1.16229 using the 4 hour chart. I was going to let it run but when I looked at the daily chart, I saw that the last support was around 1.4953. I didn’t want to get greedy like I did in my first position so I set my take profit a little at 1.15865 and my stop loss at 1.16604. I saw that I got stopped out with a profit of 36.40 pips and the next two candlesticks after I got stopped out are bullish. I wish I could post some pics but since I’m a newbie, the forum isn’t allowing me to post links or pics.
I know 36.40 pips isn’t a big deal and it’s only in my demo account, but I have placed a few trades in my demo account and they were all losers. I’m still trying to figure out my system but I’m just really proud that I finally made some pips and that I got out right before the market turned around. I’m really enjoying this. Hope I can stay consistent as I keep learning. If you see anything in my trade that could be improved I’d appreciate any advice.
