2020-06-06T21:00:00Z
Having traded Forex for over a year now with varying degrees of consistency, i have discovered that one of my biggest challenge has been lack of consistency in following my trading plan.
Therefore, I will be taking one trade per week and I will journal each trade here.
I will base my trades on price action SNR, use the 1D and the 4H TF.
Let’s roll baby.
I had six currency pairs on my watchlist and I chose GBPUSD since I can only take one trade a week. The breakout candle closed above theSNR line the previous day and there was a retest of the Support. I went long, entered using a trailing stop of 200 pips(twice the daily atr). I will not close the trade manually and will wait until it is closed before i check the platform again lest I be tempted to close it prematurely.
Hey! The journal idea is awesome. You’re doing well, the main thing isn’t to stop yet, because there will be no result and all your efforts will go to waste. It’s good that you keep a public journal, so you will probably feel some commitment and maybe some pressure of conscience on yourself, and so the audience of the forum will motivate you like I do now. Good luck to you! =)
This trade ended in a loss of 200 pips(twice the daily atr. But we can that’s not the point. The point is that I skipped updating the journal in time (another sin).
The news loss on the gbpusd pair was due to the positive news coming in from the US, taking the gbpusd USD down. Indeed, the pair moved upwards this week (the following week)
This 14-19th day of June 2020, I took the EURUSD trade on Monday having met my PA requirements the previous week. I was in a hurry and did not want to miss out. The rr was 1:1 or 200:200 pips each. I’ll update the journal over the weekend about how the trade performed.
On point bro. It’s key. Thanks.
We are back Brian, the key thing is keep bouncing back. I have been up and down thinking I had no time to spare a few minutes a week to journal my trades in the midst of this pandemic. What a joke!. I have missed journaling over 8 winners and losers.
But here we are now again. This week i have taken a shot on EURUSD pair after an bearish engulfing formation on the downward trendline on the 1D TF. I didn’t wait for a confirmation on the 4H.
R:R is 1:1. I notice there is nothing I can do to make this trade turn out the way I want, so I will move my stop to near break even when the price moves half way near the TP point.
Trade went down as anticipated but bounced back to the BE point. I closed it with a small profit. I foolowed the plan perfectly.
Traded this set up on the 4H, it is not in trading plan to take trades in this style. Although it may come out in the green, It is still a mess.
Well, it’s good that you will be keeping a journal of your trades from now. This will make you learn a lot in the coming time. You will get to know what wrong you have been doing and the areas that you need to improve.
Exactly, maintaining a trading journal is very beneficial. One can always use it when they start doubting their trading system after a series of trades gone wrong.
It is very important to maintain the journal. Because of how many pips I am losing, how many pips I am earning, if it can be limited in the journal, it is possible to bring much better results. If you maintain the journal, it is possible to work with a plan.
Keep learning and keep growing. That’s the only way of having a successful trading career.
