Trading Towards Financial Freedom

Trading Discussion Trade Journals
1

Hello all,

This is my first attempt at a real FOREX trading journal. I have been trading FOREX since 2010 and haven’t really made any sort of profit, however I have the persistence and drive to continue trading. I consider trading to be my passion, and am striving towards trading for a living.

My goal is to obtain financial freedom through trading the Foreign Exchange market.

I have taken the classes here at Babypips, have tried many systems and have found that the 4H and Daily charts are the ones for me. I never could handle the whipsaw of lower timeframes; the 4H/Daily give me good quality trends and price action with greatly reduced false signals and noise.

That being said here are the few rules to my system.

  1. The instruments I trade are EURUSD, GBPUSD, AUDUSD, USDCHF, GBPJPY
  2. Timeframes as stated above 4H, Daily
  3. Indicators will be: Trendlines, S/R, Weekly Pivots, Price Action, Stochastics, Volume
  4. Entries will be retracements to S/R or Trendlines correlating with good price action, stochastics, and Pivots
  5. Initial stops will be placed at the nearest swing high/low or pivot level.
  6. Take Profit will be either the next pivot point or the last swing high/low in the direction I am trading.

I appreciate any and all comments, suggestions, and advice.

2

Goodstuff mkausch!, I like your approach and gunning for your success!

Cheers

3

I like the approach even though myself am not a swing trader or highly experienced in FX yet. The TP seems to be very static in your system, do you plan on using trailing stops ? Do you consider your position went against you only after it hits the nearest pivot level where your stop is placed ?

4

Thanks to you both for the encouragement.
Dan82au the TP is static, the Stops however are not. I will most likely move the stop manually as the trade goes into the money by keeping it 5 pips above/below the latest closed 4H candle (this is discretionary, for small bars I probably won’t do this, but for large bars I will).
Yes I consider the trade to have gone against me if it hits my initial stop; at that point I will look at the trade and figure out what went wrong.

5

dont forget about emotional management, i think this is a must for all traders as i heard :smiley: