First Week Journal of a Pipsqueak

** I moved this from introduction and gonna solely post here

My username is sydneysteve, namely because I live in Sydney and people call me Steve… Right, anyways!

I’m Carpenter by trade which I love, so no dreams to quit my job, also have an investment property and would like to use forex to gather funds to buy more property :slight_smile:

I’m a Pip-squeak with no experience - here is my journal.

[B]Week 1 [/B]

  • $3,000 DEMO account with 100:1 leverage

[B]Mon: [/B]
Learning how to buy and sell in Meta Trader 4. +$300 (Pure luck)

[B]Tue:[/B]
Bought almost every trade to see how they perform with no stop loss! -$1550 (Oops!)

[B]Wed:[/B]
Learnt stop loos, kinda looked at charts to see a pattern, read news. +$125

[B]Thurs:[/B]
Started drawing trend lines on graphs. +$1310 (Falling AUD/JPY and USA/JPY!)

[B]Fri:[/B]
Using more trend lines, only traded 4 pairs, much more planning. +$1020

Profit for the week $1,252.39

[B]Week 2 +15.03%, 66% Win from 44 trades[/B]

  • Signed up for myfxbook (Cool graphs can’t believe the quality of forex sites and they are free!)
  • Opened Oanda demo account with $1,000 and 1:20 leverage (more realistic)

[B]Mon: +0.54%[/B]
Started money management only risking 2% of bank roll and trying to stick to 3:1 risk ratio. Learning about candlestick trends, SMA’s, EMA’s ,fibonacci tool and money management.

[B]Tue: +2.4%[/B]
Gained 150 pips, didn’t make much money because I was using 2% of available funds but combined with stop losses was only risking a very small amount. Changed to spending half of account with stop losses at $10 and take profit at $30 (is this right?). Still gambling trades with not enough research put in.

[B]Wed: +3.92%[/B]
Fib graphs working surprisingly well, started to use SMA 10 & SMA 20, also working well. Trying to stick to 3:1 risk ratio, but haven’t been on all trades, only when I’m already up for the day then I stick to it :confused:

[B]Thurs: +9.2%[/B]
Set up first swing trade - short EUR/GBP @ 0.8408, [email protected], [email protected], TS@30pips. Have stopped reading about different indicators, going to concentrate on fundamentals fib, support and resistance lines , SMA’s, candle formations and money management.

[B]Fri: +15.03%[/B]
Trading well, but spending too much time in front of computer, I need to allocate one hour in the morning and one hour at the night if I’m going to take this serious. Loving GBP/JPY and Fib Retracement. Time to log off and enjoy the weekend! Glad we can’t trade on weekends! (I know technically we can, but yeah) Peace out :smiley:

[B]Rules for the week:[/B]

  • Reward/Risk Ratio of 3:1 but don’t be afraid to use 2:1 if necessary
  • Let the profits run!
  • Trade only in the hours of 6am – 10pm EST (Australia). These the least volatile and most profitable hours (DailyFX)

[B]Mon: +0.5%, 57% win from 7 trades[/B]

  • Long EUR/GBP (3:1 doesn’t seem to be working for me, missing highs! Sold @ +0.07%)
  • Long GBP/JPY (Swung the wrong way -2%)
  • Scalped trades on AUD/JPY and GBP/JPY (Seem to be good at scalping +1.8%)
  • Don’t seem to handle losing very well, was pissed off at losing 2% in the morning and this isn’t real money!

[B]Tue: +0.17%[/B]

  • Set a stop watch and traded for one hour
  • Short on falling GBP/JPY, pick the bottom of a fall! Trade went to -2% account but against what I have read I kept it open to -3% then back down to -0.2% (luck?)
  • Short on Falling GBP/JPY to pick up +0.4%

[B]Wed: +0.7%[/B]

  • Crazy day, a real test of how I react to losses (Like a baby who had his ice cream stolen!)
  • Followed ‘Daily Chart Art’ predictions
  • GBP/USD (-1.5%) Stop loss was not big enough
  • EUR/AUD (-2%) Trade went other way predicted
  • Not happy at this point, need to control emotions
  • Lessons learnt, don’t follow someone else’s trade unless I watch the market for at least 15mins
  • Short EUR/AUD (-1%) Trying to recover losses
  • Long EUR/AUD with trailing stop (+5.2%) Ahhhh :slight_smile:

[B]Thur: +2%[/B]

  • Followed james78 thread “My Daily Forex Prediction On Major Currencies”
  • Long EUR/USD Entry = 1.3576, SL = 1.3536, TP = 1.3616 (+2%)
  • I feel kinda cheated on this trade but this has further engrained when the market goes flat it means a big break is going to occur, wether up or down you can still setup trades for both and win

Nice going sydneysteve! :slight_smile:
I see you’re gaining a lot there…

Is it possible to ask for screenshots of your trades? Im still learning, and would very much appreciate if you can do that. im still learning strategies i can use in my trading.

This is not a demand in any way, if its not too inconvenient for you, then i will really be very thankful for that.

Thank you!

Im subscribed, by the way, in your journal. :slight_smile:

Thanks Garuhhh, No problem I would love to include some screenshots, as I get through the psychological side of trading I will gradually include my technical analysis.

Currently I do not really have an exact strategy (kinda of a scalper right now) but am working out what works and doesn’t. We can work and build a strategy together :wink:

Fri: +2.17%


IMAGE

  1. Fib levels on 4hr chart. Saw resistance on 38.2% level
  2. Long GBP/USD - Reason: Sudden drop from resistance
  3. Short GBP/USD - Reason: Price well below 38.% figured it was heading for 23.6% level
  • Long EUR/JPY - Reason: General uptrend on 4hr chart, picked up 6 pips

[B]Mon: -6.68%[/B]

  • Waaaaahhhhhhh! My first lost!!!
  • Trading EUR/AUD & GBP/JPY

[B]Lessons Learnt[/B]

  • Don’t trade when you don’t have time (ie I’ll quickly chuck some trades on before going out)
  • Don’t trade just to be in the market
  • My best trades are when I can watch the market

Tue: +6.11

  • I’m back baby! :smiley:
  • Saw a Neutral candle made first trade
  • Noticed a ‘Double Bottom’ and RSI was at 50% so kept on buying.
  • Just checked as I write this the GPY/JPY is above the 100% Fib line in the image. 180+ pips in 2hrs :o