I lost [B]-5.93% [/B]for this month. The previous month (July), I lost [B]-1.71%[/B]. and I’m almost back to my original losses.
In the months before July, I already started to pick up a bit, almost cut all of my losses. But starting July, I have already started lossing in a lot of my trades. This week (last week of August), I haven’t entered in trades yet, as I planned to look at my trades again, and see possible mistakes I did.
And yeah, I saw mistakes, that I could have avoided if I were more careful.
Hereis the link for my first trade in August if you want to follow me in my review for this month. i have put some of my comments in the trade posts itself.
For those following my journal, here is one website I use to check the correlations of the pairs I’m trading. If I have an existing trade which is highly correlated with one pair I want to trade, I don’t go for the trade.
With the website you can choose which pairs you want to be shown. I have found it to be comprehensive as it has all the major currencies.
I dont know but that balance curve is going down on your fx book page, it means some very bad trading happened.Are you sure your sistem is profitable,because it doesnt look like that.Can’t even break even in 1,5 month? Something bad is going on.
I think your are oversizing your positions i mean seriously 18000 lots WTF man :o ? Do you have like 10 million dollar account to trade that,if yes then congratz, if not then you need to chill down dude…
I wish! haha… nope, like what I said above, my funds are only in hundreds (I guess I need to find a way to hide that unit then, I’m afraid I might get kidnapped due to alleged LOTS OF MONEY)
1 lot = 1,000 units is still not accurate. Oanda uses its own platform (well i’m not using mt4) that is web-based, and has the advantage of not having to install anything on the PC i’m using, as long as I have java running on it.
All my trades have risks of no more than 1% of my total funds.
EDIT:
I tried hiding that “units” in my fxbook page, but the settings seems to be not working
I’ll try it again some of this days.
I sent an email to the myfxbook admins, and see what they can do.
I manually closed this trade as I noticed a possible support to where my take profit is. Prices also seemed to be building up at around 1.9500, so I manually closed it (at the blue triangle on the right):
Fingers crossed, and hoping the take profit will be hit. For this trade I only have a reward to risk ratio of 1:1. I was supposed to wait for the prices to move further down before going for the trade, but I saw those three soldier candle formation (is that what they’re called?), and entered the trade.
This trade met a stop loss at the red line shown in the daily chart below:
My mistake with this trade is that I didn’t wait enough for prices to retrace back before moving towards my take profit.
As what can be seen from the image above, I have drawn a yellow trend line that was drawn on the weekly chart. I should have waited for prices to atleast touch that yellow line before going for the buy. Weekly trend lines are respected more.
This trade gave me -1.18% of funds. Funny, I only allotted -1% risk for this trade, but it took more than 1% from me!
For most of my previous trades, I was only looking for trends. But in this trade, I tried looking also at reversals due to possible resistances (or support).
So here is the daily chart of NZDUSD. There seems to be a resistance somewhere around the blue dashed line. I’m hoping prices will bounce back from that blue line.
The main signal I took as a downward direction were the three candles I saw in the 4H time frame. I should be looking at the daily chart for those candles and not on a lower time frame.
This trade gave me -1.09% of funds.
I will try a new strategy to start looking for trends at the weekly chart, then work my way down a smaller time frame to look for proper entry. Most of my trades done this way were “mostly” successful. So I’ll try that starting trade 6.
Hi garu, back in forum after a long time. i was looking at ur trades and wondering what signal did u catch because on weekly chart ur stoc is still in OB and rather crossed facing downward, on daily chart though stoc is facing up but it never reach the OS while in H4 indicator was already near Ob. so on the basis of indicators trade was not a high probability.
if we consider S/R on weekly chart it reverses from resistance and on daily and h4, its on resistance at the moment. I hope it will break the resistance and give u a profitable trade.
also usdcad has bearish sentiments which shows cad is stronger so it can easily overpower the euro. I don’t know thats my finding.
my comments are just to help not to criticize.
As usual nisar, thank you for your comments. They help me to think over my trades.
My main decision to buy is the weekly uptrend as specified by the yellow diagonal lines in trade 3 (EURCAD). Honestly, I wasn’t looking much at the Stochastics
I saw somewhat a support at 1.3650, so I thought they were good enough signals for me.
I have been loosing again on my trades due to some mistakes I noticed only after doing the trade. So I would say they are “payments” to learning.
Good thing for my trade 3, it’s still up by 25 pips (previously 35pips) as of this writing.
The yellow vertical line is supposed to be my desired entry point, so I was waiting for prices to go near the blue line before going up. But I was thinking since the chart seems to be wanting to go up, and there seems to be a support at the dashed purple line, so I decided to enter this trade amidst my stochastics not showing oversold.
The time frame is indicated on the images, on the top left corner of images, beside the name of the pair.
Yeah, at some point I still make mistakes (a lot of them) on some of my trades, especially on the past two months, where I got -7% loss. My consolation is that I’m able to identify my mistakes. I’m hoping I can improve over time.
I will be thankful if you can provide some pointers
as I lost a lot these past two months.
