This is a normal trading journal for accountability purposes.
Live Account
Balance: $114
50:1 leverage
I did well demo trading this year, so I thought I’d try something small for fun and education.
I also wanted to see how I fair psychologically seeing how the market has quite an impact on traders with real money in.
The strategy I’m using is a simple trend-following system.
I’m currently shorting the USD/CAD at 1.32700 area.
I plan on taking profit around the 1.31000 area and perhaps adding a couple extra positions along the way.
I’ll probably be off and on Babypips because the website doesn’t fair well on my PC (my PC’s a little old).
Alright, let’s see if I lose any money.
(Proceeds to lose all of it. That’d be quite a short-lived journal, haha. We’ll see though.)
I used the 1.31 zone for an exit due to supply and demand. Not to mention I’m a bit iffy on the USD/CAD being a short trend since it happened recently in the last few weeks. I’m expecting take profits to happen around the 1.30 zone causing price to retrace higher, then a follow up continuation to the downside.
I usually add an extra position in if there’s some form of confluence in the 4h - 1h time frame. Things I look for: a small pull back, candlesticks, supply and demand lines, 200 MA, RSI, breaks through trend line. (In general pull backs haha)
I take profit around the certain supply and demand prices, so I may look to take profit now at the 1.32 zone and enter again when price gives me some decent confluence on the 4h timeframe of the USD/CAD
I hope this answers your question
And thanks for the good luck!
I took profit on the USD/CAD
Account balance: $121.
I added one position to the AUD/USD around the .677 area (Short)
I’m going to enter an order on USD/CAD when price reaches around the 1.325 area (Short)
Now the reason I have an entry on the AUD/USD is because price hit the .67 area and it retraced. If price goes down from here, then that’s great, but price may retrace higher (possibly) around the .685 area (maybe even the .69 zone)
