I am a kitty minion given a laptop and some money by my manager bear. I decided to trade Fx after graduating kittygarten in the school of Pipsology. I wanted to be formal about the journal but my Bearcat mentor told me not to be like Spock in Star Trek so here we are.
There will be three kinds of trades: (1) CP Trades (Named after my mentor who taught me to trade currency), (2) MK Trades (Named after my mentor who taught me to trade indices and commodities), and (3) KT Trades (My experimental trades)
CP Trades (Mostly scalping or day trading) are based of a system using:
a. Heikin Ashi
b. EMA (5,hlc3,2) - The usual crossover triggers
c. Stoch (11,3,3) - The usual momentum signals (80 and 20 levels, direction, ob/os levels)
d. RSI (10) - The usual momentum signals (45 and 55 trigger levels) and divergences spotter
MK Trades (Mostly mid to longer term) are more setup based and one of the setups is similar to the 20% rule taught to me by another mentor, only that it’s 50% this time. Let’s leave it at that for now (and hopefully I can show a live trade to demonstrate this)
KT Trades are trades done based on my kitty minions’ moods on EMAs or Ichimoku or any other experimental system and will take a considerably smaller amount of risk
Risk 1% to 2% per trade (For KT trades 1% maximum)
*A lazy fat cat once taught me that it’s bothersome to compute for the ‘value’ of a trade and compare it to your capital so what he does is take the ‘margin required’ and compare that to ‘total margin’ which is where he bases his 1% to 2% rule
Do one trade at a time. No simultaneous trades no matter how juicy or good it smells.
*Upon setting limit, stop (or market, but hopefully no market) orders, take profit and stop loss will be set (Around 20 to 50 pips depending on confidence for CP Trades OR based on pattern/structure for MK trades)
*A trailing stop will also be required at (Around 20 to 50 pips depending on confidence or volatility history)
I don’t expect anyone to read or react to my journal as I intend to simply keep this as my way of keeping track of my progress but welcome to my kitty journey.
This cat has gatta make some manni or my manager bear will skin me! Eek! (=^o^=)