Finding my Edge (Trading Journal)

All right first week!

If you missed any posts or wanted to know how my first ever week in the market went…

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I got my ass kicked :sweat_smile:

I ended the week with an account equity of $4,930.30 USD / Net loss of 1.39%
I also currently have a position being held through the weekend in a loss of 1.76%

I’ll be closing out of the position on Sunday and take the loss as it has run past the time I allotted. I surely was not prepared to close it out proper though.

So, the mistakes.

Interface neophyte :joy:

I’m still working my way around the interface of TradingView as my platform. My very first trades went completely sideways due to this lack of understanding. I’ll be allocating time to correct this.

Attempting to capture unrealistic price swings

I noticed certain areas of supply and demand that were promising. My naivety led me to believe these swings would happen much quicker and on a much larger scale than realistic. This led to a small swing, which I could have captured, then into a reversal into my stop. I need to set more realistic expectations from price.

Related to the above mistake; Wrong time frame for expected price volatility

Price can move a lot. I cannot suspect price to move the same amount of pips in the same amount of bars on M15 compared to H1. Sounds obvious right? Yeah :sweat_smile:

Playing off supply and demand levels not yet ready to be tested

This is an odd one. When I find a large S/ D zone I cannot speculate that price will just immediately drop or rise to these zones. The path of price is full of obstacles. I must train my eye to realize the importance of certain obstacles and regardless of the distance plan my approaches correctly.

That about sums up this week. If you noticed anything I did that you have input on whether that be trading, psychology, or questions on my approach to market let me know!

Thanks ya’ll, support is truly appreciated.

Cheers to success! :beers:

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:laughing: That gif is hilarious!

I think you did pretty good for your first week.

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focus on risk management and learning through a demo account. Embracing mistakes as part of the learning process is key, and consistency will be your ally. Keep it fun and stay open to feedback. Good luck on your trading journey!

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Having to focus on my studies I forgot to close out the running trade on Sunday. It ran for a total loss of 2.5%.

Annoying but completely my fault. I need to pay more attention.

Well, new week baby.

A promising set-up it appears. I have been reviewing charts and I’m beginning to enjoy BB. They appear to provide a stable picture for me. In conjunction with trendlines and patterns they paint a promising picture!

Well, here we go.

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You’re doing pretty well for a beginner.

From what I noticed, seems your strategy comprises of trendlines, support and resistance, MACD, and RSI.

Is that correct?

In all, keep pressing hard amidst your busy schedule, I’m sure we all shall scale through all these phases.

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As of currently yes.

The baseline is supply and demand. I use trendlines to give me a sense of overall direction and MACD with RSI to look for points of entry. Couple that with PA patterns and you have my working strategy that I’m playing with.

Yeah, the schedule is definitely going to kick me for a bit here in the beginning. Really have to find what will work best for myself.

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We’ll see

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My second trade for the week had S/L tapped, I must have missed something. I need to build a larger confluence of criteria to be met before I take a trade. I’ll be working on that this weekend.

First trade of the week though in good news played out quite nicely. Giving myself more of an idea of where to place my TP’s.

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Alrightttttttt

With second semester midterms coming up I’m pulled a little thin, but I am still forging ahead!

So, I took a small step back and realized some mistakes I’ve been making while formulating strategy.

I find myself unable to keep up with most charts, even 1H, do to me only having about an hour or two on weekdays to actually dedicate time to Forex. While I will still be placing my trades in the 1H chart based on entry, I’ll be conducting my supply and demand zones, and general analysis on the daily charts.

This will lead to longer trades, maybe even trades that span two weeks or more. But I find this the only way I can keep on my live chart analysis.

It’s a small piece of the pie every day that I can really dedicate time to dissect. You might be thinking price is fractal across time frames and although this is true, the noise involved in the 1H charts and lower are too much for the swings I hope to capture.

Still refining things as we go.

Anyways, onto a trade I placed.


I’ve also been finding MA’s to help further reduce noise. I cannot make this hard. I cannot make this complex. I need to see what matters and what does not. I do not need to understand every little thing of the market besides if it is going up or down.

Lets see where this takes me.

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Perhaps you might find D1 more to your liking. Trades can last for weeks. Little work, tons of free time.

imagen

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