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:
Do you use trading journals? Is it paper, Excel or, maybe, online services? Can you advise me on anything?
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.
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.
@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:
Tradiry
Edgewonk
TraderSync
Does anyone have experience using these journals?
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.
