Hello there! Currently here is 3:04am (CET) and I couldn`t sleep.
I constantly wake up after next 2nd losing day in forex market.
It wasn’t huge loss, risk was properly managed, but what really makes me angry is
why I can`t keep words - words that I said to myself.
I do actions even knowing the probability of good result from that action is very, very low. I still wanna try, I still wanna test even I know that didn`t work in the past.
I’m really upset from myself. And I think the main reason for that is I don’t feel responsibility, I don’t feel any accountability towards my actions as everything in my life is on my own hands and it currently became very chaotic and there is no one to support or decide instead of me.
So, I decided to make that trading journal to keep track of my actions in trading for now. I want to have an order in everything…not only in trading, but also in my life. And also I wanna see my mistakes from others point of perspective and wanna know how I could improve and how I can do it better!
I hate chaos, but my life is chaotic. I wanna change it. And this will be my next action towards that change, This time this action is public.
Challenge account info
So, currently I have a challenge account from “the 5ers” - bootcamp program($20000), Currently I`m on phase 1 (account size: $5000) and this is how it looks for now:
And here are requirements:
It consists of 3 phases with profit target of 6%-6%-5%, then obtaining $20000 account.
On my own account I got that amount, actually I used profit from my own account to buy a challenge account - not this one, but another one(High Stakes Program), another one is also active. This account was sold by 5ers for $1 as a New Year Sale (it was only for 3 days).
Price Action Strategy I use
So, basically I try to analyze the market only based on price action without any indicators.
Timeframes that I actively use:
- for market direction/structure : 4H, daily (weekly - not actively)
- for entry: 1H
- Market that I actively trade: Forex
- Instruments in my watchlist: GJ, GA, NU (max. 3)
- Type of setup for entry: pause & go or fake setup (later I will show on charts)
I tried lower timeframes too - till 3min, but I should say for now what I have found working for myself is starting from 1H.
I have also some entry criteria, but I`m gonna share it later with charts as I take some trades.
My usual risk amount for each trade is for now - no more than 0.5%,
As a reward try to get at least 1:1 (depending on market condition).
So, I think for now it’s enough.