I really desire with all my heart to start a live account. I have developed a profitable trading system that is included in my trading plan. In this thread I intend to share the “magic,” my system of course. I will share the techniques I use to choose the currency pair to trade, how I analyze whether to go long or short, the leverage and margin used. How I find suitable entry points and establishing well calculated stop loss. I usually don’t set take profit since I trail my stop on the wining side of the trade and bag some profits. To be in my vibrations you have to understand Moving averages, Fibonacci retracement, trendlines and support and resistance levels. The knowledge of swing high and swing low candles is a necessity. Timeframe is in a 4hour chart but larger timeframes are used to confirm the trend.
Looking forward to your future updates.
Sounds like you have already given a lot of thought to your trading approach and it sounds very promising. I wish you luck with your “magic”. 
And, naturally, that magic is not just limited to your system, it also extends to your own patience and discipline in sticking to your rules and not getting distracted along the way!
Awesome. Looking forward to your first journal entry!
I suggest you also consider focusing on ‘trading the trend’ in current economic markets. Just use a 200SMA with the aim to buy above and sell below.
Hello journal
Identifying a pair to share in this thread has not been a walk in the park as I first envisioned it. After examining marketmilk carefully and mostly focusing on volatility of currency pairs I selected GBP/NZD. I have selected this pair because GBP is my favorite pair to trade and its highly volatile at the moment selected. I then head to open the chart. First I look at the weekly and daily timeframes to determine the overall trend of the pair. Since there are more bullish candles than bearish I determine the trend to be uptrend. From my trading tools I apply the 5SMA blue line and 10SMA red line. The Moving averages are acting as support hence confirms the uptrend. I use the crossover system as my signal to enter the market. In this case I will wait for the blue line to cross above the red line. I go back to my forex toolbox and pull out the Fibonacci retracement object. Identify a swing low(A candlestick with at least two higher lows on both the left and right of itself) then drag the cursor to the most recent swing high(A candlestick with at least two lower highs on both the right and left of itself). In this case my swing low is on 5th of May and swing high 11th May. I then wait patiently for my signal, blue line to cross above the red line.
An interesting and logical analysis process. I think you might see some continuing volatile price action with this pair.
I suspect on the 4H timeframe that an SMA crossover might be a bit slow in giving you entry signals, especially when price movements have been volatile and erratic or there has been a fast change in direction.
You said in your OP:
which is ok on timeframes of 4H and higher (trailing stops on lower timeframes, where targets are smaller, maybe eat too much of the open profits before triggering).
So once you have opened your position do you apply an automated trailing SL with a pre-set pip value, or adjust it manually? If manual, on what basis do you set your initial SL and when do you adjust it? (e.g. pip amount, new swing low/high, etc, etc)
An interesting start to your journal 
Then I pull the 1hour timeframe and place my long position at the highest point the price reached on the previous candlestick. I open a lot size of 0.02 and place a buy stop order at 1.95899. I wait patiently for my trade to be executed.
I use average true range to calculate stop loss. at *1.5 gives my position enough room to breath.
For the perpetuation of this thread I intend to write anything and everything related to my feelings and this position. I have confidence in this order especially now that it has been executed. To be honest I never thought that it will require much energy and persistence to record this journal, For fear of criticism is mostly at it’s peak especially at moments when the market is against the trade. But I have confidence in my probabilities and “Magic” system. And with this in my mentality I follow my trading plan the best way my heart knows how to and remain loyal to my system rules. In calculating stop loss I pull out the Average True Range oscillator from my forex toolbox. The ATR help to set the stop loss by calculating the volatility of the price pair. As stated previously I allow 1.5 to give enough room for my position to breath. My calculations:
1ATR=0.0081 points
1.50.0081
=0.01215
=1215 points.
Since my position is a buy order at 1.95899 I subtract the points
1.95899-0.01215
And set my stop loss at 1.94684
Which timeframe do you use?
Daily for trend confirmation and 4hr for entry providing it’s in accord with Daily. Extra: review the 15m chart to see if is in line with the higher TFs. If not, wait until it is. Set S/L at circa 3X ATR from the 30M TF.
I also use other confirming signals, which must all be in correlation, The justification of involving the 200SMA is that pro institutional traders employ it to set their positions, maybe for months, weeks, days ahead… Thus a consistent high trade volume going only one way.
That’s not to say you cannot trade against the trend, but keep it short-lived.
Thank you.
It’s very similar to my trading style and system.
Good morning Journal
Lets examine what’s going on?
The position hit stop loss.
Just like a normal person has good and bad days, a trader has good and bad trades. A good trader always goes back to his trades, whether good or bad to determine what exactly may have made the trade to be good or bad in the first place.
I define good trade as a trade that’s on your favor, probably reaching your take profits. A bad trade on the other hand is one that hits your stop loss.
In this scenario it was a bad trade since the trade was against my probabilities making a change of -0.62% in my demo account.
Examining my trading plan and this trade carefully, I try to understand why probabilities were not in my favor, reasoning intelligently from the known to unknown
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Pair selection
I was not sure of the pair to share in this thread. As a matter of fact I lacked confidence since I deeply desired for my first pair on this thread to be a good trade. Even though I decided on this pair, I had much confidence in other pairs. -
Picking a volatile pair
After placing the trade, the market quickly went against my probabilities and hitting stop loss before resuming it’s direction to it’s original trend. Some may say at this point that maybe I had not given the pair enough breathing space but I trust that *1.5ATR stop loss on 1 hour timeframe is sufficient space. -
This my first time to share my trading plan and system to this amazing family of traders. Being a newbie, Only seven months demo trading after 1 year with Dr. Pipslow at the school of Pipsology, the fear of criticism was at it’s peak.
With all these in mind. I intend to work on what needs to be worked on and ensure the perpetuation of this thread to Live account. Forex is a game of probabilities hence there will always be a good trade or a bad trade. No shame in that.
Hello Journal
Let’s see. Where was I?
The Power of Will.
The power of will captures the attention and vibrations are induced mentally. Desire is the starting point of all achievements and every great achievement was once and for a time just but an idea. I understand that I love conducting my own analysis but need little help pulling the trigger sometimes. I am adventurous and prefer to trade on charts fast and furious, for this reason I love to know if I end up a winner or looser at the end of the day. Come to think of it, nobody enjoys loosing. Loosing cultivates space for fear and greed. A good trader tries to understand why he won or lost in the first place. Changing his system as to customize himself with the law of averages.
I am a conscientious person, I have the right blend of self control and perseverance which makes me a rule follower. I stick to my trading plan and strictly follow the rules of my trading system, adjusting the system to be profitable on my own terms. With this in mind and the many lessons I get from this amazing community, I make the following resolutions
- I will pick one direction, become an expert in going that way
- I will pick a currency, know more about this currency than any other
- I will pick one pair, know this pair inside out
Hello Journal
It has been quite a busy weekend and a break from the charts. But this week is here. This is my week of change. Paradoxical as it may seem, Nothing is permanent but change. So I had decided to make some big changes in my last entry. This wave of change penetrates to my trading plan hence changing the trading system in the process. I intend to learn and study one currency for the next coming days. I pick the JPY currency. With all it’s pairs, I’ll be observing how it moves and behaves at different time intervals. How exactly are the candlestick formed and what the pattern of their formation if any exist. I will also investigate how this currency moves when it’s highly volatile as also when it’s least volatile.
With all these in my mentalism, I have decided to take a break from entering a position. My chief aim will not be to find suitable entry points and take profit levels but to understand this pair inside out. Make this pair my best friend and keep it close. Know how it behaves when the market is ranging or trending.
This I believe will allow me time to think and meditate about the shortcomings of my trading plan and system and the various notch I have to make it profitable. This is my week Journal
10650.10650
Reporting back to business, not as usual though. But with much persistence, hope, faith, desire, will power, and organized planning to be a profitable foreign exchange market trader. It has been an outstanding breather for me and now am back from the drawing board ready for the task ahead. The previous week has been nothing but feasting and drinking for me. My birthday was on 22nd and my family prepared a traditional African beer made from wheat and honey. Still enjoying the drink even today. With all that in this thread, lets get back to business.
After a series of losing trade in my demo account I decided to take a break from the market. This decision was quick and inevitable due to the circumstances that surrounded me. I wanted to have enough time with my mental so as to polarize my trade to the winning plane. You see winning and loosing is just one and the same but difference is in degree. Winning is on the positive degree while loosing is on the negative degree. To change my account from looses to wins I have to direct my will to the positive scale. The will gets the attention and the attention transmutes the vibrations to a desirable state. First, it is Mental.
I intend to graduate to a live account this month. I crave for the feeling of a live account and I believe am definitely ready to manage one. I have planning and am learning about a currency. Understanding this one currency the best way of my abilities can.
My I will not discriminate, Am flexible in starting with either a small or big account. Am willing to start at the begging, somewhere above the bottom where I can easily see incoming opportunities just in time to embrace them, and observe impending dangers for me to avoid.
The pairs that I will be monitoring this week are all JPY pairs since JPY is my currency of interest. I invite all criticism in this thread since I also wish to learn from others. I will be making observation and findings on the following pairs
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USDJPY 1MIN
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MXN JPY 5MIN
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SGDJPY 15MIN
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NZDJPY 30MIN
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GBPJPY 1HR
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EURJPY 4HRS
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CHFJPY DAILY
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CADJPY WEEKLY
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AUDJPY MONTHLY
NOTE: Timeframe is not restricted on what is mentioned above. But I will be keenly observing the movement of the pairs at different intervals. The ones stated above will be recorded on this journal as my final observations.
See you around Journal.
Hello Journal
It has been a minute, and when I say a minute I mean a very long time. In this world anything is possible. Many effects of causation leads to different scenarios unfolding in our life chapters. I truly desire not to be a pawn in a chase board of life being pushed about aimlessly. No, I have other dreams and vision for myself. That’s why I polarize my I on the opposite end of the scale my Me manifests. On the rich side of the scale. You see poverty and riches is just one and the same thing, just vary in degree.
What exactly do you desire?
In my country it’s only 53 days to the national election. Politicians are now moving around in their expensive cars campaigning. Campaigning in the face of poverty. Showing off their polished shoes and neatly ironed suits to hungry and impoverished masses. This is such a shame. I do not wish to be on this side, I intend to rule, rule myself. Rule me. Master my feelings and emotions. Practice self discipline for I am destined for greatness. One thing about myself is that I don’t start anything without a plan and I enter action with boldness. I believe to be successful in life one has to desire to be successful first. Desire is the starting point of all achievements.
The race to State House in my country is between the “Majors” the so called “tyrannical duo” the President and the former Prime Minister against the self proclaimed ‘hustler’ who is currently the deputy president. It seems ironical for the president and his deputy not to be on the same team but all paradox can be reconciled. After the 2018 handshake which threw the deputy president out of the president’s circle and embraced the former prime minister into government. Immediately steps to amend the constitution through the Building Bridges Initiative (BBI) was put in place. Could the BBI be a smoke screen or just a tip of the iceberg? I wonder! why does Kenya need to add more pages on it’s 108 pages constitution yet the original American constitution is only 4 pages?
These and many more are the things I don’t understand as an African. I am not proud to tell you Journal that I cry sometimes about my motherland. Prayers for my mother and land.
At times I wish I was born how I desire to be. Someone in authority. But if I was born that way, will I be overstanding all that I understand? Because I desire to make a difference, I create in my mentalism so hard. Dream so hard that I imagine myself I have it. Learning and constantly learning. In this new dispensation I intend to emerge victorious, someone who is dedicated and has the will and desire to push on and keep on keeping on. With absolute faith and persistence I encourage myself to follow and free my dream.
Free my dream.
Free my dream.
The election is tensed up and highly anticipated, there’s another horse in the race, they call him Prof Wajakoyo. He has currently been cleared to contest for the presidency by the chairman of the Independent Electoral Boundaries Commission (IEBC) Kenya. Together with another underdog Mr. David Mwaure. Prof Wajakoyo main agenda and the building block of his political party (ROOTS) Is the legalization and growth of marijuana in Kenya. His vision is to legalize and grow this crop. He strongly believes that market is readily available abroad and Marijuana is priced highly. He intends to use the profits to clear the 8 Trillion Kenya debt to the Chinese who are busy overseeing government projects. In addition he intends to suspend the constitution for the first six months and burn the newly imposed police uniforms. Prof Wajakoyo maybe an underdog but he already has the attention of the youthful population whom in a great number are jobless. To get work in my country you have to know and be in perfect harmony with someone in authority. “Nchi ya kitu kidogo” swahili translation for the land of bribe. The unemployment rate is at 6.6. The Azimio la Umoja coalition which is headed by the former prime minister has promised to be allocating every jobless youth a maximum of 60 USD on a monthly basis. Now let’s reason intelligently Journal.
What difference will 60 USD make in my life?
I am a graduate with Bachelor of Science in Agriculture but I can’t find anywhere to intern let alone to be employed. The government offices are full of corruption that to be a son of a pauper and make it in this life only requires you to desire and dream. Dream so hard that at times you believe you have it. Will the 60 USD be able to feed myself and buy all the things that will make me happy? Will it be able to feed and provide for my son? For I have to take care of whom I bring in this world. It may be something to other youths but not to me. To me this is mediocrity and mediocrity of high standards. I desire to rise above mediocrity and be the one to push the pawns in this chase board of life.
But why? Why is it not manifesting? Why is it that when I lay down organized planning and follow them with absolute faith and persistence they fail? For knowledge is only but potential power. It can only be power when harnessed into organized planning and put that plan to action, but my plan fails again. I go back to the drawing board, rebuild my plans and set sail once more towards my coveted goals, yet I fail again. I rebuild again, I fail. I rebuild again, I fail. I rebuild again. I fail. I venture on another approach, build on my dreams, put more fire under my desire, lay down organized planning to attain my desire, follow my plans the best way my heart and mind knows how to, but I fail once again.
Yet, am not a quitter, for I know what needs to be done and I must do it.
I have a small live account thanks to babypips giveaway. The accounts equity is at 32.98 USD. However small it maybe, it gives me the feeling I’ve been craving for in a very long time. Live account. In this account I get to observe the movement of the JPY pairs. I get to farmiliarize myself with it’s movement and news. I use babypips calendar to check on the coming news and speculate on the movement of the pair.
I have observed some sweet short order chart formations on GBPJPY daily timeframe. I crave for margin to open this trade. The formation of double tops which tend to form after a long bullish pull always indicate price reversal in the pair. By placing my short order at 154.974 with a stop loss at 155.904 and take profit at 143.453 I could bag in sweet profits if the law of averages are in my favor. It’s not a must.
But I don’t have the margin. Yet I continue to observe this pair, keenly. Daily am in font of my computer, learning. Knowing well that even if I go out and look for work, I will come back in the evening even more hungry. In my country looking for a job is a job in itself. I see my neighbors, my friends whom I was with in the same University, having nothing to do, loitering around, scheming different ways to get dead presidents under this harsh high inflated economy at the center of the world in Eastern parts of Africa.
I stare at the JPY pairs keenly with desire, and in my mentalism scheming. Scheming on different ways to have a good deposit for my live account. For I believe money is just an illusion, paper. It does not have eyes nor ears but it listens, when someone who desires it, and has laid down organized plans to get it, calls it, it comes. And flows in as easily as water flows downstream.
I know am not stupid. I believe I can rise above mediocrity, but how much energy in terms of sacrifice am I willing to give? What is it that I need to change in order to witness breakthrough in my life?
How hard do I have to pray?
How hard do I have to work hard?
How sound should my plans be?
What kind of plans should I really lay out?
Is this what you desire?
These mystery questions disturb my mental. For I am not blind. I see clearly what needs to be done and how it ought to be done.
To be the best version of myself. To dream the life that I live and live the life that I dream.
FREE MY DREAM
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