Malawi FX Trading Journal - (An outlook from Africa)

Hey man. Thank you for your response!

Thank you for the kind words. I feel trading is simple business IF and WHEN you can master yourself. Strategies, Plans, Backtesting is all the easy bit. But taking control of your mind and emotion is what causes most people to fail.

Will continue pushing on!

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Good evening traders! Hope you’re all ok and have a good Monday. I had a bad start to the week.
Was looking for entries pretty much all day whilst I did some backtesting and some marketing work.
I was patient and finally found a valid entry around 6 pm and took entry. This was towards the end of the NY session.

Set up was as follows;

Price points;
Entry - 0.7147
SL - 0.71726
TP - 0.70968
RR - 2R
Exit Price - 0.71726

Entered the trade and got stopped out. Below is a pic of the result;

My thoughts

I was pretty calm during the execution of the trade. I actually was watching this set up play out all afternoon. We finally met all the rules and I executed just before I had dinner. I didn’t really watch the trade too much and went off to pray my evening prayers. Whilst I was at the Mosque praying I got a notification to say that I was stopped out.

I am a little bit upset that its another looser but we gotta stick to the plan and let the edge play out.

Another thing is that I had moments of doubting this strategy. The reason being is that yesterday during my backtesting I went through 12 losers in a row. This was only with one pair and hopefully when I trade multiple pairs the losers will be dispersed amongst some winners.

I also spoke to Rafael Kimmel from Kimmel trading on YT - he mentioned to me that even though the strategy is profitable, having 2:1 RR and only a 55-60% win rate we do not leave enough room for human error etc. He suggested I join a community for a few months as their strategies will increase my RR ratio. This will allow me to have some room for human error.

If anyone is reading, what do you think of communities?

If I am ever to join one for a few months I would probably be inclined towards Guerilla Trading or Phantom trading. What do you guys think?

Hello traders. I hope you’re all well.

So not much to say today. I had a nice set up and it was playing out really nicely to where I would usually take entry. However, I was watching some trading vids on youtube and missed the close of the 15m candle. Im pretty sure you all know what happened next? Price went and smashed what would be my TP at a 2R really comfortably. Obviously!!!

My thoughts
I missed entry by about 5 mins and was considering entering anyway due to FOMO and the way the trade started out. However, I am super pleased that I told myself this is against my rules and stayed out. I know i missed out on what would have been about 1.8R but it is what it is, the market is going nowhere and I will get plenty of opportunities again.

Because the account is so small and I am still focussing on backtesting, I guess my time management around trading opportunities is not great. I am pretty sure this will get better with time as I load more money into the account and have completed my initial backtesting phase. Nonetheless, I still need to start working on a plan that ensures I am alert and focussed around potential set ups.

Talking about backtesting, I am almost done with my first pair which is the Pound Dollar for the last 3 years. The results for 2021 were quite promising and gave me a total of 13R which would translate to around 13 k for the year on a 100 k account. I will complete 2020 and 2019 and then move on to EURUSD & AUDCAD. I will begin with three pairs and then take it from there.
Will post backtesting results when I am done.

In other news, I have been watching a few trading desk set ups on youtube and am very inclined to get myself a stand sit desk and an ultra wide monitor. My wife has convinced me to hold out for a few months until I reach some level of consistency (I know this may take longer than a few months but I guess there is no point in throwing away money right now)

Hope you have all had a good trading day!


Good Day guys. I hope you’re all well!

So as usual I stayed up last night to do more backtesting etc. As I did my backtesting I had a few pairs on my radar especially since we were into the asian session. So around 4 am we got into a the below trade which was a valid set up. We ended up only staying it it for 30 mins before getting taken out.

Set Up

Price Points were as follows;
Entry - 1.25751
SL - 1.25901
TP - 1.2545
RR - 2
Exit - 1.25901

Results of the trade was as follows;

The SL and RR was a bit tight or else we would have hit TP.

My thoughts
I was calm and collected throughout the whole trade including when it hit SL. I also had a few more pairs on my watch list and almost got into a trade straight away. Not as a revenge trade or anything but I genuinely had a set up that I was eyeing and at the end one candle that printed did not meet my rules so I could not get in.

The other two pairs that I had on my watchlist I set alerts for but I was in deep sleep and therefore did not wake up to the alerts when they crossed my POI. Im guessing you know that they both would have hit TP if I did wake up and put them on right?

Maybe for my trading Ramadhan is ending at the right time. I feel this will force me to sleep earlier and raise earlier and from all my winning trades they’ve all come from when I set them in the morning after 5 am and not before 5 am.

I am not sure, sometimes I look at how comprehensive someones planning and journaling is and I get very overwhelmed. Anyway, I know its a process and it takes time. We will get there so long as we keep on putting in the effort. Every pro was once a novice that worked hard!

Good day folks. Hope you’re all well.

So another negative day today. I entered a long on USDCAD and got stopped out.

Just for reference here are the trade details and Set up

Price Points
Entry - 1.2833
SL - 1.28163
TP - 1.28655
RR - 2
Exit - 1.28163

We had price go in our direction and I could have moved Stops to BE to be risk free but this is against the plan and therefore I didnt.

My Thoughts
So I felt fairly calm and did not feel a rush of anger when we got stopped out. Even though we’re losing I feel like it is a good stepping stone to building a foundation that helps our psychology for when we have a proper account. I know its minor money but before I started to work on my emotions and psychology I would get a bit angry and frustrated when the trades went against us.

Anyway we move on.

I have been doing some research on prop firms and the time scales it would take to get funded and have started working on a plan.

Also have been backtesting the current strategy and will carry on doing so until we have 3 years worth of data for 3 currency pairs.


What’s going on Traders? Hope you’re all well!

So after taking 4 losses in a row, I have finally taken a winner. I used some discretion so I am not entirely happy with the trade. I am also happy that I can be self aware to know that I used self discretion.

Anyway as usual, I kept an eye on the charts for a potential set up during the night as I backtested and did some other work. I had one opportunity that I had in my watchlist that was playing out well. A shorting opportunity for AUDUSD. And with the way the USD has been strong recently I thought it made perfect sense. Trend is your friend right?

Anyway, we looked at all our rules and everything was met, Instead of waiting for one candle close after the double top was formed I waited for 2 as the first one did not show me enough bearish strength.

Set up

Price Points ;
Entry - 0.71134
SL - 0.71285
TP - 0.70908
RR - 1.5
Exit - 0.70908

The result was nice and unfolded quite quickly!

My Thoughts
I feel like I may slowly be getting the hang on this whole mental side of things. I did not feel much when I put the trade on. And actually, I feel I am more tempted to see the charts and what price is doing when I know I am in profit. Luckily this entry was taken at 4.30 am and therefore straight after offering my morning prayers I went to sleep. It did not take much longer after that for the trade to hit our target.

Happy that we’ve ended the losing streak and hopefully we can get a few more winners to clear the drawdown that was created due to this loosing streak!

Peace people!

Weekly Recap - Week 3 - WC - 25/4/22

Good Evening Traders, I hope you’re all well and have had a green week. I personally took 3 losses and a win so I am down for the week but plenty of positives in terms of me progressing as a trader.

So without rambling any further my journal for the weeks trades is as follows;

As you can see the three losers I had fit my plan and my checklist was ticked off before I entered. Since I have backtesting for a while now, I have seen the my biggest loosing streak was 12 trades and therefore I need to be prepared for drawdown like this. I am glad I stuck through it and was finally able to get a winner to end the week. I looked for some set ups today and had a potential EU long on the cards but price did not play out as I intended (we still have an entry on the table just need to be patient and see what happens this coming week especially with everything happening in Europe at the moment) .

My Equity curve is worse off than it was last week due to the losses but thats ok.

As you can see I have no yet been in profits since I have started. After all the studying and reading I am doing I know this will turn around with time. I just need to keep going and practicing.

Looking back at the weekly recap I did after my first week, I laugh a bit as I thought after having a few winners Id be back at BE and then making money. This being said I am becoming a bit more confident with myself and the charts. I am learning to be more aware of what is happening in the markets and what has an impact on the way price moves. I am looking forward to what the future holds.

As the month of Ramadhan is coming to an end, I look forward to having more structure and routine to my days/ weeks. I will be using this weekend to put together a morning and evening routine that will help my trading and other daily tasks. I will also be looking at time blocking for certain tasks during the day. This will allow me to be productive and ensure things are getting ticked off on the daily and we get 1% daily - not only with trading but with the business too.

Not being employed has been scary and at times I feel I have my back up against the wall. But I know so long as we keep putting in the work things will turnaround before we’ve bled out all the savings.

Hope you all have a good weekend. Get recharged for the week ahead!

Peace Chaps!

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Hello Journal & Traders.

I hope you’re all well.

I know I have been absent the last few days. Mainly because of EId. Eid Mubarak to those who celebrated.

Anyway, I have been quite frustrated with the way things are going and am looking to really look into the strategy I have been using. I know it can be fine tuned so much more in order to avoid the multiple losers I have been getting. So for that reason I am stepping away from the live markets and will be back testing and forward testing using a demo account.

As promised I will continue to journal my thoughts and results here.

Will keep it short and sweet today as I have quite a bit of marketing stuff that I need to do and I have also been sleep deprived so wanna get to bed soon as I have resumed the 5 am gym sessions yesterday.

Stay safe and happy trading folks!

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This part hurts. I’m sure I could do a better job of that. Thanks for the reminder!! Keep it up!

I use an excel spreadsheet. Well, actually it’s a spreadsheet from LibreOffice. You can download it for free.

I’ve gone thru multiple versions of it based on what I needed.

I could send you my template if you want, and you can just edit it.

When I get on my computer again, I’ll try to remember to send you either a template or a screenshot.

Yeah, it feels like a set back, but it’s really not. One step back, two steps forward. Just be careful to not confuse yourself with the findings from testing. Adding a step to your strategy, taking it out, then putting it back again.

Keep working on it!

What do you think you could have done differently in this trade?

I suggest that when you backtest, look at different pairs at different times. Examine what happens as the set up develops.

I did this. I did a tally of what patterns I saw. I think you’ll start to see patterns.

You know, you got me interested in the M15, now. Haha

This may seem weird, but it works for me. I have a note section for M1, W1 and D1. I color it green if I’m trading it, yellow if I’m watching it closely, and blank if not worth watching at the moment.

And I mark an X after I review it, just to keep my place. I hope this is helpful.

Hey @dushimes !

Hope you’re well!

Thank you for the words of encouragement man!

Took a few days away from the charts due to Eid, to work on my business and to attend a funeral.

Will begin the work again today. Hopefully can keep going and improving on a daily basis. Its not about becoming better straight away rather just that little bit better on a daily basis.

After looking at the set up again, I feel if I did have an active trade management plan in place I would at least have moved my stop to BE therefore taking me out at BE. Also in terms of the actual set up the I need to gather data on the types of candles I should look for.

And yes, the way I gather my data is in an excel sheet with timings etc. So once all the data has been gathered I will filter out by sessions to see how certain pairs are reacting at certain times.

I’ve been reading up a lot on SMC, ICT which incorporate of lot of trades taken on the lower time frames. ICT actually has a free course on youtube that I will probably look into. From what I have been reading online it seems his style can be very profitable.

Have a good week bud!

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Good Day Traders & Journal.

I know it’s been a bit since I have posted a proper entry here. There’s been a lot going on in terms of my own business as well as Eid and stuff. Also took a few L’s in a row which got me very frustrated.

It got me thinking that this strategy “is not good enough”.

Having looked at plenty different communities mentorships etc. I have decided to stick with it but fine tune it after gathering data. As mentioned before I will do this by backtesting as well as forward testing using a demo. I have opened a demo on pepperstone as I could link it to myfxbook.

I recently came across myfxbook and was pretty impressed with the data it gave me. It saves a lot of time trying to filter through data i would otherwise gather manually. So all my forward testing will be done through that.

In terms of my backtesting, I am working on building a notion workspace where I will have all my trading related stuff in one place.

So after having some time off here is my action plan;

  1. Backtest 4 pairs over 2.25 years (2020 - 2021 + Q1 2022)

  2. Forward test 12 pairs (I do not know if I am reaching too far here. But since it is a demo I feel this will give me the chance to get into a good habit of doing some forecasting every morning and evening)
    This will also allow me to analyse pair characteristics and which pairs work well with my trend continuation break and retest strategy.

  3. Weekly Advanced Self Review (on a Sat morning)
    For my ASR I will do the following;
    a) Review all the trades I took that week and see what I could have done better
    b) Backtest all 12 pairs for that week and see what trades I missed and what the results would have been. Also why did I miss this trades.

If I can consistently do this for the next month I feel I will be at a stage where I can do a monthly ASR and tweak small things like how I enter trades, trade management and also will give me an idea of high probability vs valid set ups.

Since this journal is all about being honest and truthful to my future self, the main reason I was so fed up was because I ran an FTMO trial two weeks ago. The first week was really good and I managed to get 2.6% in the bag. The second week was not too good and I lost 1.5%. Therefore I did not pass the two week trial and I was pretty upset as I set high standards for myself.

The week or so I have had away from the charts and trading gave me time to dig into the psychological aspect of trading as well as allowed me to reflect. Going forward we need to ensure that we are focussing on implementing the best possible systems rather than chasing good outcomes. Best possible system = desired outcome.

Also I did some more digging into ICT and SMC. I feel like I am too early into my journey to be learning about all this stuff. And as I learn more, I will look into this stuff to add to my arsenal. For now we continue with what we were doing and get better at it.

Peace Folks.