This is my second attempt to journal my trades here in Babypips. I made my first journal a month ago but was unable to keep up with details of previous positions held. I feel more motivated to manage this one so let’s see how it goes.
Brief Intro About Me
I’m 22 years old living in NYC. College dropout and recently resigned from my dead-end job. So yep, I can say that I’ve hit rock bottom. Although, I remain optimistic that my situation is temporary. I’ve lost almost $10000 of my savings since starting to trade Forex last year. My last account is gravitating around $3500 as of the moment. Definitely depressing numbers but I guess its the price you pay for learning and getting experience.
I’d like to think that I trade using price action but I must face the fact that I mostly gamble. The positions I take are poor setups. Overtrading, revenge trading, too big position sizes, getting greedy with winning positions, breaking my own trading rules and making new ones…you name it! I’ve committed all the trading sins imaginable. This pretty much reflects my account right now.
Anyways, I’d like to start using genuine price action and candlestick patterns. I ignore most news events except high-tier ones like interest rate decisions and statements from Central Bank bigshots. I like to keep a 2:1 reward/risk ratio but will pull out a position or increase TP if situation calls for it.
Trading psychology is another aspect I am highly interested in learning and mastering. I think many traders overlook it and instead focus on indicators. Am not much of a math wizard as well so prefer to stay away from algorithm trading styles. Right now, I’m learning mindfulness techniques that help make me keep calm and focused.
So What’s the Plan?
I will start journaling trades next week, Sunday 5pm EST. I prefer not to trade on the first day but if there’s a tradable setup like a gap i may take it. Thanks folks and have a profitable career!
P.S. I realize that my sentences are a bit blunt so you’ll have to excuse me. I prefer an informal writing style as long as what I am sharing is complete and to the point.