** 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
I’m a Pip-squeak with no experience - here is my journal.
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
[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
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?)
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!
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.
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