I am DiamondBanker and from Indonesia, GMT+7. Here is my trading journal. [ Live Account ]
My background in forex trading is only around 2 months or so in demo account and win quite a bit back there, so now I will try my fortune in live account. Wish me luck.
I will just write this journal whenever I am in the mood.
My strategy is really stupid, I am ashamed to share it with you all. I don’t use any indicator nor I read any news either, though I usually check news from MT4 android version [ Yes, I trade using my phone. I have normal job. Actually, I never trade using MT4 from my computer. ]
I only play, yes play, in 5 major currency. [ USD paired with EUR, JPY, GBP. ] Some people from the book and internet told me that " I should say FX Trading is Business, not Playing. " But oh well, I am more comfortable when I treat it as playing. It give me less pressure, and I am a gamer. So even though I say I am playing, I treat it seriously. I hate lose. And I have primary job.
2 jan 2017, first day.
Deposit 500.18 USD. No trade this day.
3 Jan 2017.
Sell USDJPY, 0.23lot, +1 pips, well, wrong button.
[B]* Second deposit, 219.38 USD. A trade floating in red area and it takes 30% of my margin. 20% more and I hit stop call. Really scary. Have no choice but to make second deposit. Good thing this one doesn’t take any pips, or maybe some measly pips. I forgot. Bad Luck on my first day trading. Oh God.[/B]
Sell USDJPY, 0.23lot, +20 pips.
Sell USDJPY, 0.23lot, +17 pips.
4 Jan 2017
Buy USDCAD, 0.23lot, +18 pips.
Buy USDCAD, 0.23lot, +32 pips.
5 Jan 2017
Buy USDJPY, 0.23lot, +20 pips.
Buy USDJPY, 0.01lot, +18 pips.
Buy USDCAD, 0.01lot, +11 pips.
Buy USDCAD, 0.01lot, +3 pips.
Buy USDJPY, 0.23lot, +20 pips.
[B]* Buy USDCAD, 0.23lot, -18 pips. Floating for 1 days. I should close it when it hit +14 pips.[/B]
6 Jan 2017
Sell AUDUSD, 0.03lot, +3 pips.
Buy USDJPY, 0.01lot, +8 pips.
Buy USDJPY, 0.01lot, -5 pips.
Buy USDJPY, 0.03lot, +36 pips.
Buy USDJPY, 0.01lot, +23 pips.
Buy USDJPY, 0.01lot, +5 pips.
Buy USDJPY, 0.03lot, +26 pips.
Buy USDJPY, 0.03lot, +36 pips.
Sell USDJPY, 0.23lot, +17 pips.
Buy USDJPY, 0.01lot, +14 pips.
Sell GBPUSD, 0.01lot, +24 pips.
Sell GBPUSD, 0.01lot, +16 pips.
Sell GBPUSD, 0.01lot, +12 pips.
Buy GBPUSD, 0.23lot, +11 pips.
Buy GBPUSD, 0.23lot, +16 pips.
[B]* Sell USDJPY, 0.23lot, +6 pips. This one is desperate attempt. USDJPY got so high. Should close it when +11 pips instead waiting for more. Should trust my guts.
Floating Sell USDJPY, 0.23lot, in -52 pips.
Floating Sell USDJPY, 0.23lot, in -22 pips.
Floating Sell USDJPY, 0.01lot, in -9 pips.
The last trade 3 trades, not include the 0.01 lots, really make me shed cold sweat. The minus got so high I almost run back to initial capital. I should close it when the first trade in + around some 10 pips. I should close the trade before 10 pm if they are in green area. I break my own rule. What gonna happen in monday I wonder? Will this trade gonna turn me back to initial capital? Will this trade gonna cost me some pips? Will this trade gonna back to green area? God bless me.[/B]
[B]9 Jan 16
Too overconfident, break my own rule.
All my hardwork for the whole week turn to dust.
It even take away 30 dollar from my capital.
I think I will go watch the movie to calm my mind.
[/B]
0.01 would be too small, but taking account of what happen, I reduce it to 0.15 lot for now.
9 Jan 16 ( Continued )
Seeing USDJPY bearish make my heart cold. If I hold it, I will not back to square one.
But every lesson need price to be remembered.
I should discipline myself, became calmer, and listen to my own thinking.
I hope my next trade will be better and I am become more professional.
What do you mean my account size? With just 0.01 lot, I will just profit around 2 dollar even if it move 30 pips. If I see 0.15 still too big, I will reduce it in future.
What do you expect, with an account of a couple of hundred dollars?!
There’s no “if” about it. I urge you to read in any beginners’ trading book about [U]position-sizing[/U]: it’s one of the most important things for you to understand. And good luck.
Edited to add: I’m not trying to suggest that there’s anything wrong with starting off with an account that size. Of course there isn’t: if it’s what you have available, it’s what you have available. But you need to appreciate that the primary purpose of trading with an account like that [B][U]isn’t[/U][/B] to try to earn realistic income from it: it’s to get some practice and screen-time experience. It’s really important to have realistic expectations. [I][U]Many[/U][/I] people try to achieve much too much, much too quickly, and the great irony is that doing so actually [B][U]prevents[/U][/B] their ever becoming successful when “slow and steady” might have helped them out a lot more.
[QUOTE=lexys;799435]I don’t understand what’s going on here at all. Why are some of your positions 23 times the size of other positions?
[\QUOTE]
Lexys - he states in the beginning - he’s “playing”, I’ll guess in his time playing he’ll realize what your stating, and in time come to understand how the position size matters. Then again maybe not.
