Im creating this thread to keep track of my trades in a journal format. Also want to share my trades with the babypips community and enable some positive discussion among all.
I will be posting once every few days, occasionally everyday.
My aim is to hold profitable trades as long as possible to increase profitability. So this then is a swing trade/position trade journal. I may occasionally take intraday trades but expect more swing trades lasting few days to few weeks.
As a side note, I am in the UK. As such, the account i am using is a spread-betting account. This means my trades are in pounds (£) per point as opposed to lots.
I am a swing trader too but sometimes I do mix it with a little bit of day trading when opportunities suggest so. I will be following your thread closely.
Swing trading has many advantages. Personally ive been more successful with this style of trading compared to day trading. I am of the opinion that swing/position trading is avoided by most traders not because stops will be too wide therefore risk is increased but because it is more difficult to garner the discipline required to wait for markets to “set up” on a higher TF and also the discipline required to manage a position over an extended period of time. This is a difficulty I have experienced and continue to do. DISCIPLINE…
On another note - been looking through charts for possible trade setups on Monday 13th.
Sugar (cash) looks very interesting. It has pushed up from previous 5/6 year lows and lost some steam on the way up. I’m going to monitor the chart on Monday for a possible sell order as it may make new lows. Or alternatively could carry on to start a new up trend. Either way looking like there is a high possibility for a move to the downside. By how much, we shall wait and see.
I’ve had several trades since my last post
Some good some not so good. These trades are all from Monday 13th April.
Had two of scalps on AUD/GBP which were profitable. If only with a few pips on each trade.
I then looked at euro bund. Traded long as bund prices have been increasing. I came out of this at a loss. It was meant to be a swing trade, but im not so knowledgable on the bond market so changed my mind to suffer only a minor loss.
Final trade was yesterday. Gold short at 1198. Sold today at 1193. So that is the best trade so far. My gut feeling was to close the trade although I’d intended to run it longer. US retail sales are out today and this will affect hold price. The retail sales have been quite bad recently so if they are bad today gold would rise.
Taken two short positions on the GBP after dissapointing inflation data. Using the daily chart here.
GBP/JPY - Short @ 175.122 -
GBP/CHF - Short @ 1.42899 -
May look to exit the GBP/CHF as CHF looking a bit weaker compare to JPY.
