looking forward to the next update!
I like that you use larger time frames, price action analysis, are starting with a small account and are patient. This is how I hope to develop my trading strategy as well
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Monitoring NZDJPY and NZDUSD.
Withdrawing my money now to see if they really send me my profits.
Then Iāll deposit more.
I deposited $2000 on Sunday.
This is a different feeling. I have never traded with this much money.
But I must learn and overcome the challenge of trading with more money than before.
The rule is that I wonāt risk more than 5%. Thatās about $100. However, Iāll try to profit more than that (at least every week) with a position. I must do 1.5 profit ratio.
Same price action strategy. I use Fibonacci Ret because it might be useful. Bollinger Bands only for confirmation.
So far Iām up to $2074. I donāt know if I should aim $100 profit per week or 1.5 profit ratio. Or both. Itās difficult. But will see. I still need to control my greediness.
Anyway, this is how we look like now:
Iāll avoid trading big news like NFP and Fed rates. I donāt want to risk it, itās not worth it. Letās focus more on the technical parts.
Update later.
I lost $50. The chart was so easy to trade in the past few weeks.
Now itās confusing, maybe because of the big news coming up.
I will wait now. 
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@Mordengaard great journal!!
I too like the longer TFs.
Just came home for an early lunch and looked at the chartsā¦ mistake! So easy to get sucked into the short TFs.
Looking forward to following you.
Good luck and stick with your plan!
KC
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Did they? (Based on your next post, Iām assuming they did?)
Yes, they (IC Markets) did send me my money. So far itās a good broker.
Alsoā¦ bad news. Iāll withdraw most of my money and just leave $500 in my account.
$2000 is too much for me at the moment and I canāt afford to āplayā with that amount of money. Iām worried about losing too much, so I guess Iām not ready yet emotionally. Iāll just continue with $500 next week and risk 5-10% each trade.
I want to grow that $500 to thousands hahahaā¦
Same strategy. No indicators. Daily, 8H and 4H timeframes.
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Hey @Mordengaard, IC Markets are a reliable Brokerā¦Good move pairing back to $500ā¦ Just start live trading with 0.01 Lot positions to get used to the anxiety that is caused trading with real fundsā¦ It will be a lot less stressful if the position goes against you. Concentrate building the account slowly and consistently over the next few months while learning the psychology needed to handle live tradingā¦
FX being a zerosum playā¦ Just try to add $100 to your account in that time, you are then effectively trading with other peopleās money while your initial investment can remain safeā¦ It will add to the psychological edge needed to play in this gameā¦ ANDā¦
Keep it super simple (KISS), confusopolies can be easily found elsewhere in these threadsā¦
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A very good idea. I can see that your self control is quite good. Just need to curb on the greediness. Donāt grow the account too fast. The faster it gets the higher the risk.
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Thanks for the support, I appreciate it.
I love trading and enjoy every second of it so I try my best to learn from the mistakes and develop myself.
Update next week. I will look at NZDUSD and NZDJPY.
Will monitor other major pairs and read the news.
May the market be with us next week.
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Amen, brother.
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I received the money I withdrew from IC Markets.
Now my balance is $500.
I will trade NZDUSD and monitor other major pairs + NZDJPY. Also regularly check the news.
Shorting now.
Iām on $501 yay!
Anywayā¦ Iām waiting for NZDUSD opportunity. Iāll go long soon. Thereās an inverted H&S pattern forming on the daily chart.
Closing this week with $522.
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Great job MG!
Thank you!
Just a little update:
Iām still with IC Markets. Great broker, no issues yet.
I deposited $2000 last week but I felt a bit nervous and not ready to play that much money so I withdrew it, and this week started with $500. This is the amount of money Iām confident playing with.
My strategy is the same price action strategy I have been using for a while.
I risk around 5% per trade.
I only trade NZDUSD but am also looking at other NZD pairs plus major pairs. I donāt want to trade many pairs because I get confused easily. Iām happy with NZDUSD and I learnt a lot about this pair.
However, I want to learn more about other pairs (especially NZD and JPY pairs) so Iām doing my best to learn and control myself at the same time.
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Guess this is the exact right thread for me to follow ā¦
Thinking about doing the same on OANDA, (depoing like 300 bucks and trying to swing trade via TradingView).
But not sure if I should do this or go with trading Bitcoin, my experience so far tells me that Bitcoin would be way more profitable than the regular markets in case I made a few percent a month. On the other hand only trading one market seems to be a big drawback.
Did not read through your thread yet (its getting late here), but will certainly do.
How do you feel about all this? And are you a real beginner? When did you start getting more serious about trading? If I may ask ā¦
greetz,
Weirdough
Edit: Just got through the thread. Are these normal win rates on the regular Forex markets? Or are you being lucky and leveraging heaps (you certainly do not seem to be that kind of guy)? How long are you in a position on average?
Answers / PM much appreciated.
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