OH MY GOSH IT’S BEEN SUCH A LONG TIME. I missed you all!!! How are you guys doiiiiing?
I had to take a breather so somehow get my thoughts straight. BUT I hope you guys didn’t think I gave up on forex. Haha. I’m a very persistent person so I consider my failed first attempt as another learning experience.
Anyway, I’ve thought about it and this time around, I’ll try longer term trades. This way, I think I wouldn’t have to anxiously check on my trades every hour. Although I have like 8 hours of free time everyday, I just wanna spend like 2-3 hours a day watching (and looking for trades).
I’ve also been trading with 4 indicators in the past. This time, I’ll just go with chart patterns and the 200 and 50 MAs. Just the classic stuff. I will also be recording y trades using a Trade Expectancy sheet that my friend shared with me. This way, I can track the progress of my trading and change what needs to be change as I go. Haha.
So there!!! This is my 2nd attempt at a trading journal and I reaaaally really hope that after this, I could go live soon! But we’ll see! I’m not giving up just yet!
So this is what my Trade Expectancy chart looks like. Haha. I’m not sure if this is already enough to gauge the success and progress of this strategy so if you guys have any suggestions to add, it would be great too! Haha.
I’ll also won’t limit myself to just a particular set of pairs for this one. I quite enjoy browsing through different pairs so that’s also what I plan to do with this approach. Haha.
@ria_rose welcome back! [quote=“ria_rose, post:1, topic:205931”]
Although I have like 8 hours of free time everyday
[/quote] bless you on this, I wish I had this time for trading myself…
I think it’s a great idea that you switched to longer time frames. They are better in case of determining the trends quicker. Your Trade Expectancy chart looks good, shall the analysis be made on a weekly or monthly base? What pairs you picked this time?
I’m about to go to bed but I’m just excited to see how this attempt will go for me. I’m checking my charts now. Haha. I’ll definitely try to update my thread every day so you guys also know how my trades are going (if I have any. ) I’ll be all over the place again soon. Please bear with me. Haha.
Thank you sooooo much @anon46773462! You were one of my inspirations and idols and I’m just honored and happy that you’re supporting me even after my failed first attempt.
I don’t have a specific pair in mind, but I’m thinking of checking out CAD and NZD pairs. What do you think about that? Is it stupid? Huhu. Trying to avoid sudden USD and GBP moves.
Hmm. For my Trade expectancy chart, I plan to update you guys every time I close a trade (or get stopped out ). Or is that a stupid idea? I also don’t have a particular pair in mind yet but I’m checking out NZD and CAD pairs. Haha.
Yeees! I was never really gone, just maybe not posting as much cause I didn’t have much trading related stuff to say. BUT THANK YOU for the warm welcome! Haha. Also, you mentioned BTMM. What does that stand for?
I’ve been super busy cause I’ve decided to start with a business venture with my friend. We’re still at the planning stage, so we’re still very far from actually launching it. I’m really excited for it though! Haha.
Anyway, I thought I opened a trade the other day, but it seems like it got cancelled? I just opened another short position for NZDCAD @ 0.90206.
As you guys can see, price went below my 50 MA, and is still looking pretty bearish. So my TP is at .89150 (108 pips) and my SL is at .90560 (30 pips).
I’m still in the red right now But I’ll update you guys again to see how this trade goes!
Magandang umaga Ria, a couple of things on this trade, remember I have not had a live look at today’s price action on this pair, so I am looking at the chart you have posted. It is a bit rare for a trend like this NOT to have a pull back, and you might be entering at a temporary bottom, this would mean you will have to hold through a retrace. If you look at the past price action, the price on your current chart is about at the middle of the past range, that got started in Jan and continued till the end of Feb, or beginning of March.
So this is a sticky point, and as I have said before, never take a trade in the middle of a range price. along with this your stop might be too tight, and there may not be enough room for the price to swing around and then resume the downward trend. It might have been better to have waited for a pull back, up to around the top of that 3 month range. Also your TP may be too deep, you never want to assume that the price will retouch the low, and usually it is better to “leave” something on the “table”, and be happy with what you are able to pocket.
I suggest that you concentrate on getting the direction correct, with an efficient entry system, such as a pull back, this minimizes having to hold though a lot of pain to get the trade. This is a basic skill, don’t worry about 3 to 1, or a billion to one or whatever nonsense people are peddling now, be directionally correct, with an efficient entry, then you can work on an exit strategy with a calm clear mind.
Hey j, and Ria. There were a couple of issues with this trade.
It was a short at the bottom of a trend, this is typical for beginners, waiting for too many confirmations, before making a trade, and by the time they take it, well it has already run it’s course, and you would have to hold through a long period of swings, and consolidations before either resuming the move or reversing.
The trade was taken in the center of a past “range”. This is never a good idea, because price has memory (read this to mean that traders and Algos remember certain points in "Price/Time), and it tends to move back to these levels.
Sorry Ria for you loss, I think you have already been stooped out, but it is a learning moment, remember you always learn more from mistakes than successes.
OMG! It’s been a while Viper!!! I missed you. I hope you’re doing great!
Yeah. I guess I was a bit too excited to enter a position with this new approach I’m trying out. I ended up in the red with -17 pips on this trade. It’s definitely a learning experience since I realized that my stop was also too tight that it wouldn’t really be able to handle a retracement.
I’ll really try to make this work. Thank you so much for your help and guidance, as always Viper!
How are you guys doiiiiing?
BUT I hope you guys didn’t think I gave up on forex. Haha. 
I’m a very persistent person so I consider my failed first attempt as another learning experience. 
This way, I can track the progress of my trading and change what needs to be change as I go. Haha.
But we’ll see! I’m not giving up just yet! 
Haha. I’m not sure if this is already enough to gauge the success and progress of this strategy so if you guys have any suggestions to add, it would be great too! 
Haha.
Haha.
Is it stupid? Huhu. Trying to avoid sudden USD and GBP moves. 
Haha. Also, you mentioned BTMM. What does that stand for? 
We’re still at the planning stage, so we’re still very far from actually launching it. 
I just opened another short position for NZDCAD @ 0.90206.
I guess I was a bit too excited to enter a position with this new approach I’m trying out. I ended up in the red with -17 pips on this trade.