Trading journal of a discretionary newbie trader

Closed a position at 97.86 (+21 pips)

Total: 299 pips

Hit SL at 97.69 (+4 pips)

Total: +303 pips

I opened during the night a long USD/JPY position at 97.65 again!

I had the opportunity to close this one at break even but the greed was too strong. Now lets run the lose again! Pffff! :slight_smile:

Love the determination! Hang in there, brother. We’re rooting for you!

Ok from now on I will try to write down this post all day. Day in, day out. Even on the weekend if possible, it will be my mantra. I won’t copy paste it. I will write it down and rewrite it again each time in the morning as the first thing I will do. And I will expand it and change it as I go if I feel like I need to add or change something.

Don’t fight the market, follow it.

Walk in the market with an open mind.

Trend and range are both your friends.

Cut your losses short and let your profits run.

Don’t move stop losses backward.

Nobody knows where the market will go. Learn to let it go because any trade could be right or wrong.

Don’t be over confident because one day you maybe nail it but the day after they could nail you, for good!

Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way around or through it.

Thanks Pip Diddy and thanks for your Daily Forex Fundamentals!

Margin calls have arrived at 5 btw! Still not sure If I will be able to avoid them in the future however it is been 4 weeks that I am trading properly and with some nice results! I am trying with all my power to keep things going on the right track! Little by little! But let me not be over confident or it will be a disaster!

Pound very strong in the morning. It seems like this is the reason:

Vodafone shares have this morning jumped on confirmation that they’re in talks to sell their 45% stake in US operator Verizon.

I regret now I didn’t close for twice at break even. Hope I will have another possibility!

Stop hit at 98.09 (+44 pips)

Total:+347 pips

Closed at 1.5504 (-1pip)

Total: +346 pips!

I should have reversed it since it seems like buyers are just waiting 1.55 level to hit to start shooting again and again and again but well I couldn’t find my gun at that moment! :stuck_out_tongue:

There is a nice range to be played but I am up, big news are coming and everything could happen. If news come as expected or better we could see the $ fly very very high, if the news will disappoint we could go a bit down.

The most dangerous thing is if the traders will start closing positions 1 hour before the news brining the dollar down. I prefer to wait and enter again the market either very close to the news or after it.

But well I could be very wrong like most of the time!

Long USD/JPY at 98.12

SL already at break even

Closed at break even!

Nobody is closing positions yet! Seems like US traders are bringing the dollar even higher for now. Not sure what will happen. And I won’t be able to follow the market in the next few hours so I don’t know if I will take the position or stay out. Maybe better to stay out.

Back to trading and the market almost didn’t move after not bad news!

A gift or a trap?! Hard to say!

Long USD/JPY at 98.30

9860 is the 78 fib retrace from high @9910 to low 9680. 9785 is fib retrace from high here @9850 to low 9680. I’m short shooting for the 38% retrace at min. Diff strokes for diff folks i guess.

Will you give your argument for your long position?

Long term trend is up. News were not bad. Fed will probably taper in September. Soon or later we should go back to 100 and then 103 and then go up to 105. I am not saying we are going now of course.

Negative things Syria situation, end month and next week will be a heavy one full of dangerous news.

I would say we touch the high you named and then everyone close positions for end month and the weekend.

Or at least I wish! :slight_smile:

You know nobody is right or wrong. The market goes where the big money flow. I just try to fly with them but I am not that good at it!

no no like the way you pull together info from here and there…well done

one question…which “high” you shooting for …9850 or 9910?

n

To the moon! :stuck_out_tongue:

I will check how the pair will react and behave around 98.50 and then I will decide if to put a super tight stop or let it breath. But first let see if we can get there. I am not too sure yet!

Don’t like how it is behaving around 98.45 and soon with London closing we could see a rush to close positions bringing the pair down.

Should I think about reversing my position maybe?