My Forex Journey!

Hello everyone, I’m a starter in this game so wanted to introduce myself:)

I’m 25 years old, live at home and recently quit my 5 months ago. (I didn’t quit for forex.)I lost nearly 20k which was my total capital in a bad investment decision (putting all your eggs in one basket instead of diversifying) I haven’t decided yet to commit 100% to become a Day Trader or work a job (2.5k month) and trade on the side.

I love games. I recently broke my 5 year addiction to a online MMORPG game called Ragnarok Online. Thanks Tony Robbins!:smiley: But I did learn a lifetime of lessons from my gamer life that I can apply in my real life. So now I’m starting my character in “Forex Online” woot! and working to become the “Day Trader” class :wink:

I have a friend who has taken me under his wing. He started forex with $200 and turned it into $200,000 in 3 years. So far I’ve read once School of Pipsology up to the first College chapter. I started a demo with Oanda and $478.12, I’m on my 5th day trading and my account is at $642.23.

[B]My Play Style & Strategy:[/B]
-I’m trading the max units I can (currently 14,140) and focusing currently on EUR/USD.
-I watch my screen or monitor it, I don’t leave it so I don’t use SL or TP. I started with SL and TP and experienced getting kicked out at a 40-50 pip SL only to find out it bounced back a profit 40-50 pip. So I decided to play manual, for now.

-I buy long when…

  1. Candles are near the lower Bollinger
  2. RSI and Full Stochastics are low and trending up
  3. My EMA’s are heading towards in the direction for Long/Short trades.
    -I take profit when…
  4. 20-40 pips depending on my analysis.
  5. When candles are near the top Bollinger, I do the same when I sell sell short.

-I look at the 3 day, 1 hour, 15 minute, 1 minute, 10 second and 5 second.
-I use 3 day and 1 hour charts to look at which way the trend is going overall and for the previous couple days.
-I use 15 minute chart to read Bollinger Bands mainly but look also at them on the 1 minute band.
-10 second and 5 second chart I use mainly for watching. I look at Bollinger squeezes and it keeps me in action.
-Charting tools I leave them with the following default Oanda numbers because honestly I don’t yet understand how to adjust them to my vantage:
-I look at the 5 EMA, 10 EMA.
-I look at “Full Stochastic” (14,3,3)
-I look at RSI (14,70,30)
-for now I won’t trade the news.

I decided the midst of my morning shower to keep a log of my trades not just for myself but also to contribute to this forum and it’s members. My log will include what I was thinking before I made a trade, why I made the trade and any lessons I learned at the end of my day.

My Monthly Income Goal:
lv1 $1,000
lv2 $2,000
lv3 $3,000
lv4 $4,000
lv5 $6,000
lv6 $10,000
lv7 $15,000
lv8 $20,000
lv9 $25,000
lv10 $30,000

Ragnarok Online taught me everyone starts at the bottom and as long as you learn from your and others mistakes/successes, have a detailed plan/build/strategy and adjust it constantly when needed, focus your time and energy on a single goal at a time, play with integrity, be your best and never quit, you will become legendary.

I look forward to sharing with you all on my forex journey!

Kevin

Previous Few Transaction History

[U]December 9, 2008 +18 Pip Day[/U]
Account Open: $478.12
Account Close: $488.56

LOSS: -$20.4976 / -20 pips
Prediction: Long
07:53:20 Buy - EUR/USD - 1.2868 - 10,000 Units
08:04:58 Stop Loss - 1.2848 - 10,000 Units

PROFIT: $10.0093 / 10 pips
Prediction: Long
14:59:34 Buy - EUR/USD - 1.2924 - 10,000 Units
15:43:59 Sell - 1.2934 - 10,000 Units

PROFIT: $20.0401 / 20 pips
Prediction: Long
15:46:33 Buy - EUR/USD - 1.2928 - 10,000 Units
19:11:39 Sell - 1.2948 - 10,000 Units

PROFIT: $19.3683 / 19 pips
Prediction: Short
19:16:09 Buy - EUR/USD - 1.2942 - 10,000 Units
19:11:39 Sell - 1.2923 - 10,000 Units

LOSS: -$31.0275 / -31 pips
Prediction: Short
20:20:43 Buy - EUR/USD - 1.2916 - 10,000 Units
21:04:40 Sell - 1.2947 - 10,000 Units

PROFIT: $20.0102 / 20 pips
Prediction: Long
22:09:36 Buy - EUR/USD - 1.2937 - 10,000 Units
22:58:06 Sell - 1.2957 - 10,000 Units

Previous Few Transaction History

[U]December 10, 2008 + 61 Pip Day[/U]
Account Open: $488.56
Account Close: $549.68

PROFIT: $20.0378 / 20 pips
Prediction: Long
Dec9 23:03:32 Buy - EUR/USD - 1.2955 - 10,000 Units
Dec19 02:03:41 Sell - 1.2975 - 10,000 Units

PROFIT: $27.0761 / 27 pips
Prediction: Short
03:31:08 Buy - EUR/USD - 1.2981 - 10,000 Units
04:09:18 Sell - 1.2954 - 10,000 Units

PROFIT: $14.0093 / 14 pips
Prediction: Long
11:17:06 Buy - EUR/USD - 1.3018 - 10,000 Units
12:01:03 Sell - 1.3032 - 10,000 Units

Previous Few Transaction History:

“I started to try trading closer to the max units I could, but went for only 1 trade that day.”

[U]December 26, 2008 + 20 Pip Day[/U]
Account Open: $550.42
Account Close: $573.91

PROFIT: $20.0378 / 20 pips
Prediction: Long
08:07:45 Buy - EUR/USD - 1.4085 - 11,735 Units
08:55:07 Sell - 1.4105 - 11,735 Units

Previous Few Transaction History:

“I made a order trade Dec26 with my max units, it got filled then I sold it at a little profit 2 days later.”

[U]December 26-28, 2008 +9 Pip Gain[/U]
Account Open: $550.42
Account Close: $587.70

PROFIT: $12.8890 / 9 pips
Prediction: Long
Dec26 15:48:00 Buy Order - EUR/USD - 1.4064 - 12,245 Units
Dec28 17:42:22 Sell - 1.4075 - 12,245 Units

Previous Few Transaction History:

“Most profitable trade yet again with my max units. It went from more than -40 pip loss all the way back up to my prediction. What a way to start the year!”

[U]January 2, 2008 +43 Pip Gain[/U]
Account Open: $587.70
Account Close: $642.24

PROFIT: $54.4877 / 43 pips
Prediction: Long
13:25:28 Buy - EUR/USD - 1.3874 - 12,720 Units
18:23:58 Sell - 1.3917 - 12,245 Units

Well I did it! I almost lost my entire account, a good opportunity to share what happened and what I had learned yesterday…

I spent from 6am yesterday to 1am then 3am to 7am tradining today with a scalping goal and doing a thought log. The EUR/USD reversed and went against me 200 pips overnight and I nearly lost my entire account since I traded the full amount. I’ll share in in a new post with an attractive title like maybe “Lost my entire account!” So people will see it and hopefully learn from my mistakes or learn something.

I like your idea of thinking of trading in terms of levels in a game. However, I think it would make more sense to base the levels on compounding your account balance and upping the pip value every time you compound.

I’ve done something similar. I’ve set up an excel spread sheet with forumulas. The three headings are: account balance, pip value and 30 pip win or loss value.

The spread shee is based on the assumption that the account either shrinks or grows by 30 pips and that is a level (my maxium stop loss/ take profit). Every time I win or lose a total of 30 pips I recalculate my pip value.

I’m determining my pip value by dividing my account by 400. Using a differnt version of, “dragon33’s” money managment.

Thanks I’ll look into this. My 200 pip margin call today taught me that I’m not even ready yet to do demo. Like I did in my games, I spent maybe a week or more planning my build, strategy before I even start. Here I started before I even had a system! Going to read “Never Lose Again!!” and “The Joy of Candlesticks,” as suggested if I want to become a Scalpler/Day trader.

At least it was just demo. I did the same thing on demo. I just wanted to get the curiosity of what the platform and charts looked like and what the buttons did, out of the way.

I eclipse.
I’m sure I’m not the only one who feels this way.
If you want to become successful in Forex you can’t think of it as a game. I would argue that the most successful traders see it as a business.

When I was a kid I played a lot of 3rd person shooter games. Nothing was more fun than finding an online community and splattering each others brains all over the simulated walls.
When I went to war (Iraq) killing people (for real) wasn’t as fun but was a necessary means to an end.

I’m still here because I took true warfare seriously … I think the best traders feel the same way about thier accounts.

(Not to say that making money is life or death :wink: