Learn to trade after trading seven years

#1

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%?
#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
#4

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.

#5

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.

2 Likes
#6

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.

#7

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.

#8

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.

#9

1: Excel
2: 3% max

#10

  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.

#11

@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?
#12

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

WcjfF7aG1531×889

#14

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.

#15

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

#16

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

#17

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!

#18

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.

#19

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

Screenshot 2020-12-31 at 09.57.43
Screenshot 2020-12-31 at 09.57.431580×608 24.4 KB

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:

#20

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

#21

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