Nic's Trading Journal

[737ngx]

Hello Everyone,

I like to take this opportunity to introduce myself and at the same time start recording my progress in the world of Forex.
I start getting interested in trading about 3 years ago, it wouldn’t surprise me if my story is very similar to one of many others, YouTube was getting full of videos about making money in the stock market so I started looking into buying companies stock, I quickly realized that it wasn’t for me so I start looking into Forex.

My first mistake was trading on a demo account for just a couple of weeks before I opened a real money one. I have never lost all my account but I also never made a profit, or at least a consistent profit, my account was always very small, I would deposit 100 euros and trade with 0.01 lot and once I was maybe 20 euros down, I stop and search YouTube for a new strategy, test it on demo for a few days, see that I got a couple of good trades out of it, top up my account back to 100 euro and, obviously, lose another 20 or so… I did this maybe 6 or 7 times, so compared to some of the horror stories I read here, I like to consider myself pretty lucky.

Then about a year ago I realized that this was not working, so I stopped everything and went back to basics, I started the Papypips school, and I started to go through material on the internet that would not give you a strategy but instead would teach you the basics, like money management, risk, psychology etc…, I started to work on my trading plan, I looked at myself, my life, and decided what type of trader I wanted to be or I could be. I have a full-time job which I have no plan to leave so scalping wasn’t for me, so I decided that the best fit was trading for the medium to long term. I created my strategy around this, I tested for six months on a demo account but also backtested for the previous 2 years of prices… Finally, I went live again last month, happy to report that I was able to close the month in profit, probably beginner’s luck

Which brings me to this point, I like to track my trades in a journal, which will serve as a reminder that I need to stay focus, persistent, stick to my trading plan, hopefully, buy publishing my results here others can provide support, advice, and encouragement.

My current goal is not about how much money I make (or Lose), but try to have few months of consistent profit, review my trades with comments and validate that I made the right decision even when the trade went against me.

In my next post, I will start posting my trades, I have a few still open from last month.

I hope this will be a lasting journey…

Thank You, everyone.
Nic

[737ngx]

Hello Again,

the below are trades I am carrying over from last month, I usually check them 3 times a day, After doing my routine check this morning, I was unable to find any new possible trades to open.

Let me know if you have any questions or comments.

Nic

[Jerome32]

Looks pretty good so far

Look forward to learning more about your methodology

[737ngx]

Here is an updated summary for the 1st of July

Trades Opened = 1
Trades Closed = 1
Currently Opened = 4

I closed the GBP/NZD, I was getting signs of a reversal, I did not have support identified, but nevertheless.

Opened a new trade, Short on GBP/USD
Months stands at 225+ pips, this is thanks to a trade I had open for nearly a week already.

Thanks
Nic

[Mornevs17]

Hi, I wish you all the best on your journey, I have a question.
why do you only trade with a 100 account size and not bigger?

looking forward for your reply

[737ngx]

Hi, that is because I wasn’t sure what the impact of trading with real money would do to my head. Since than I have grown the account a little, I have to about 400 now. I am still at the beginning, I like to see the account grow and I don’t do this for a leaving.

Thanks
Nic

[jessoprules]

Good luck with it.

[737ngx]

Updated summary for the 2nd of July.

FYI: These updates are based on the report I get via mail by my broker each evening after 10:00 pm every day, so technically are about 10 hours old, but it is easier for me to copy and paste them in my tracker. Anything that may have happened in those 10 hours will be reported here the day after.

Trades Opened = 2
Trades Closed = 0
Currently Opened = 6

EUR/CAD still going down, tempting to take profit, but I will still let it ride a while, going towards support.

EUR/JPY is getting very close to my SL, well nothing we can do about it.

Thanks
Nic

[737ngx]

Update for the 3rd of July
Trades Opened = 5
Trades Closed = 6
Currently Opened = 5

Yesterday was a crazy day, managed to lock 189 pips, but I felt I was all over the place, there were moments I did not know what I was doing, I have a plan in front of me the entire time and yet I made some silly mistakes. The large 100 pips loss, I do not believe was a mistake, the trend just did not go my way but I followed the plan, but the last two small trades I opened both on EUR/CAD, that was scalping and I should have not been there.

Thanks
Nic

[737ngx]

Update for the 4th of July
Trades Opened = 4
Trades Closed = 0
Currently Opened = 9

I think I should have stayed away from trading Thursday. Things did not go anywhere, some of the trades I had in profit actually lost some of it.
Thanks
Nic

[737ngx]

Update of Friday 5th of July

I was right saying that the last two days I should have not traded,
I have had some negative trades, overall damage is not big but I know have some catching up to do.

I do feel a little more comfortable now, I think that 9 opened trades were too much.
Let’s see if this week will bring something good.

Trades Opened = 0
Trades Closed = 5
Currently Opened = 4

[737ngx]

Update of Monday 8th of July
Trades Opened = 0
Trades Closed = 0
Currently Opened = 4

No much happening, started the day with the opened trades negative, during the day they most mostly in profit to then revert back into negative towards the end of the day.

[737ngx]

Update of Tuesday 9th of July
Trades Opened = 2
Trades Closed = 1
Currently Opened = 5

One more trade hit the SL.
At first, I thought my SL was too tight but that was not the case, AUD/CHF just gave me a false signal to buy, I need to rethink of a way to be able to ignore false signals.

[737ngx]

Update of Tuesday 10th of July
Trades Opened = 1
Trades Closed = 1
Currently Opened = 5

One more loss yesterday. The trade was open on the forth and at the time it looked like a buy signal, but instead now seems like it’s consolidating and those up and down movements have triggered my SL which for some reason it was set way too tight.

At least the currently opened treads start looking to breath a bit.
It’s sad to see that I have nearly 300 pips profit and yet a loss in capital, even if very small

Let’s stay focused and make good decisions, the month is not over yet.

[737ngx]

Update for Thursday 11th of July
Trades Opened = 2
Trades Closed = 0
Currently Opened = 7

The open trades don’t look so good, however, that is based on the report I get at 11 pm as I am writing this post, 13 hours late, I have back just above profit, which means absolutely nothing since things can change at any time.

[737ngx]

Update for Friday 12th of July
Trades Opened = 1
Trades Closed = 0
Currently Opened = 8

Compared to yesterday, we are in a better position, let’s hope now that from next week the trades will move the right way… don’t we all hope that

However yesterday was a special day, I made a change to the strategy, I generally focused on the 4h timeframe, this causes me missing many signals for entry and exit, new candles are created while I sleep or while I work, and with back to back meetings nearly every day, this was not suitable anymore.
I have now moved to the daily chart, I check the trades officially every day at 6 am right after waking up, about 10 minutes, If I have time during the day I give it an extra look otherwise I just don’t do it. This change also required a small adjustment to my moving averages, and to where I place SL and TP, but for the rest, I stick to my basics.

The trade I opened yesterday is based on the new strategy, I have to say that from a psychological point of view, it makes me feel much better, the fact that the trade is negative doesn’t bother me much, it has enough room for improvement

I am curious to see what happens in the next few weeks. Right now I just want to close the other trades based on the old time frame.

[737ngx]

Update for Monday 15th of July
Trades Opened = 0
Trades Closed = 1
Currently Opened = 7

Monday was a better day, I closed one trade on NZDUSD, I am back in profit for the month and this trade was from the old strategy. The new trade which opened with the new strategy is also doing well, as the moment of writing this post is up about 45 pips. But overall I am happy as all the trades are performing well.
EURUSD looked like a possible sell today, but when I zoom out a little bit, it looks just like a bunch of up and downs but it’s not going anywhere.

[737ngx]

Update for Tuesday 16th of July
Trades Opened = 0
Trades Closed = 1
Currently Opened = 6

Another trade based on the old strategy closed yesterday for reaching the support line.
GBP/JPY - a profit of 171 pips

Closed Trades Review:
NZDUSD Long: Trade closed on the 16th for reaching Resistance, price bounced back yesterday but today looks like is testing again.

There are 5 more trades open with the old strategy, that I am looking to close

[737ngx]

Update for Thursday 18th of July
Trades Opened = 0
Trades Closed = 1
Currently Opened = 5

There was no update yesterday because no trades were opened or closed for the 17th,
On the 18th one more old trade was closed due to resistance reached. 55 pips profit bringing me to 573 for the month with a 6.7% gain.

It’s nice to see that all of the open trades are currently positive, moving to the daily charts sure make thing slower and more boring since I am not opening as much trades, but on the other side, this does also give me a sense of control and security.

[GilasTrading]

Good progress @737ngx, keep it up!