The Right Approach To Trade The Forex Market - A Journal

This is my personal trading journal as we enter year 2023!

Let’s go…

I will be sharing my pair of interest weekly here. As a swing trader, I enter fewer traders and hold for at least 3 days to several weeks.

Focus will be on xxxUSD and xxxJPY pairs ONLY

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Very nice! I look forward to your journal! How long have you been trading?

What’s your SL policy like? Tight or wide?

aww yeah

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Another 1-hitter and quitter, I guess.

Hmmm, totally forgot that I now have a journal here on babypips, lol.

This journalling requires alot of dedication.

I hope i wont derail again going forward. This year, I have entered just a trade so far, and trade not doing too bad at the moment. NZDCAD sell (ended up not focusing on only USD and JPY only, as claimed in my opening remark).

Yet to see a greenlight to enter any trades in my preferred pairs.

Analysis done on tradingview, I waited for a clear breakout of the countertrend, then a retest of the trend for final confirmation.

Trade taken on mt5

Will keep updating on here on trade progress.

see below my analysis and after enteirng the trading.

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screenshot after trade was taken on mt5

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:grinning: :grinning: Not used to this yet. I am back! Thanks for following and giving your feedback. Hopefully, more people will come on board, because I have alot of good calls to give on here.

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I have being trading since September 2017, it’s now 5years+, for my stoploss, it depends, priority is on position sizing, which dictates the lot size to use based on account size, entry on 4H.

For the next trade i will take, everything will be properly documented here. The screenshot i gave above, u wont see the SL. However, I have where i intended to take L if trade doesnt go my way

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So guys, I don’t predict the market or forecast, because I can’t see the future. However, I analyze the market and act based on only what I see. I have certain criterias that MUST be meant before I enter any trade, if only one of the criteria is missen, best believe, I don’t mind missing on the trade.

It’s fine by me if i don’t see my set ups for weeks or months, my money is on the line here, and forex is a big business and should be treated as such.

I didn’t enter any trade all through January 2023.

on my watchlist at the moment, I have screenshot of what I would like to see before i can enter a trade, looking at potential sell on EURUSD, if i don’t see it the way I wanted, then I will quietly move on with my life, :grinning:

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On my NZDCAD sell trade, half of my position is closed with 148 pips profit, the remaining half position is on breakeven, now a risk free trade.

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That’s impressive. Good on you for having that discipline! I look forward to more posts!

Ah I love that you’re only focusing on certain types of pairs! Definitely makes it easier to manage. Look forward to reading more entries from you! It is hard keeping a journal but it’s pretty amazing reading it again after some time has passed. I for one haven’t started my 2023 journal yet. I’ve been collecting losses left and right and have not been in the mood to show them so publicly :cry:

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Thanks for the feedback. In the whole of January, I didn’t see any trade on my favorites (usd and jpy pairs), so I ended up taking nzdcad sells (check my previous comments) few days ago. profit taken on trade already.

I have a propfirm challenge account of $10k (fortunes funding) I just started. Target is 9% in 40 days.

I will keep documenting my progess here, let’s see how it goes.

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Ah good for you. Meanwhile I just closed yet another losing trade. SIIIIGH.

Oh nice when did it start!

Selling AUDUSD at current market price, the red line on my chart is my stoploss and blue line is my take profit. This is my 2nd trade of the year, 1st trade on propfirm challenge account. Let’s see how it goes!

just starting with audusd sell.

Trades Update!

NZDCAD (partial position) sell still running.

AUDUSD sell still running.

All positions on NZDCAD sell closed in profit, only AUDUSD selling now running.

Crazy long wick on AUD/USD 1D!