Learn to trade after trading seven years

Hi! I decided to start my trading journal here. I am involved in trading on the forex market for about seven years, but I have not achieved any visible success. Couple weeks ago I decided that I need to approach trading more seriously, so, hope it helps.
First of all, English is not my primary language, please sorry for mistakes.
I have couple questions:

  1. Do you use trading journals? Is it paper, Excel or, maybe, online services? Can you advise me on anything?
  2. What is the best risk size for intraday trading? 1% or 2%?

For intra day you can take 2% risk combining your all trades. Find a strategy that you find suitable for you. And don’t keep unrealistic profit expectation.

1 Like

Thank you for your response.
What about a 1% risk? I thought it will be better for me now.
I already have a trading strategy, will tell later about it.

Forex trading is a business where people trade their own money to make money, so it is important to keep in mind that we need a lot of capital to make money from forex trading. Also, trading forex may seem easy, but trading forex requires a lot of skill.


For me it’s more hobby than work. I really like to trade and just want to achieve 3-5% per month from my deposit (~5000$). In future, if I’ll achieve this goal, I’ll start thinking about deposit more to make a living trading Forex.

In answer to your question regarding a journal I use Excel to log as much as I can about a trade in terms of standard metrics - buy/sell, lot size, SL, TP etc but also try to capture any emotions felt about the trade.

In my opinion, the main thing in trading is money Management. You should always keep track of your expenses. Even with automated trading. I made an expert who monitors expenses. In my expert Advisor, I accept a loss in the Deposit currency, but not from the percentage. This is more convenient.

1: Excel
2: 3% max

  1. I think that on paper it is better, on the computer it is not as present as if you have it on the table, I think it is easier to follow it physically.

  2. I would reduce the risk to 0.1-0.3% until you see results.

@jonfuentesx I’m really not sure about 0.1-0.3%.
So, I decided to use 1%. I think it’s good for learning and safe for my deposit.
Currently looking for a online trading journal and found three interesting solutions:

  1. Tradiry
  2. Edgewonk
  3. TraderSync
    Does anyone have experience using these journals?

Trade entry
Instrument: AUDNZD
Price: 1.06516
TP: 1.08276
SL: 1.05649
Trade details: Andrey Smirnov: Sell Buy AUDNZD O: 1.06516 Cl: 0.00000 P/L: 0.00% | Tradiry

Looks like trade was open too early. The price may continue to move down. I had to wait for the price to break through the trend line.

Trade was closed by stop loss. -1% from deposit.

After several days of research, I choose Tradiry as my trading journal. It has everything I need, plus it’s available for free.

1% is a good beginning. As per the trading journal, don’t trade without maintaining one. I am using myfxbook now, but even excel is an excellent option. Trading journal will be like a guide to you for reflecting where you are going wrong and how you can improve upon your past mistakes, so get started with it, good luck!

Hello @Bennstocks! Currently I’m trading with 0.8-1.2% risk per trade. And using Tradiry as my online trading journal. When i’m start adding my trades to the trading journal and posting charts and notes to each one, I noticed so much mistakes. So hope it helps to become profitable trader in future.

Lesson learned, never ever trade before the New Year :wink:

Here are some of my trades:
CAD/JPY +0.18%
USD/CAD -0.7%
EUR/AUD -1.57%. Move stop loss by mistake and loss more than 1% :frowning:
EUR/USD -1.55% Again more than 1% loss

Your thoughts are much appreciated.

Happy New Year! Wish you all the best! :partying_face:

For your first question, I use Excel. Second one, you can take 2% risk but it totally depends on your strategy.

How’s your trading been doing since 2021 started? :slight_smile: