My GBP Trading recommendations & Journal

 

I'm going to start this thread for my trading recommendations and as a journal also.

I hope you don't find this boring but I'm giving here my years of experience so even if you don't entend to follow the signals you'll find it informative and you might find answers to things that been in your head and know body dares to talk about it so my advice to you is to read this it might change a lot of the way you think in your trading.

•I mainly trade GBP/USD and GBP/JPY(why would I look for others if they are giving me enough pips)

•My initial SL for the G/U is 100 and for G/J is 150.

•I'm a swing trader that's why my stops are a little big, i have 2-3 trades for each pair on average, so if my stops or trading style don't suit you please don't follow.

•I divide my position to 3/3 the first target is @ 50 pis profit 2nd @ 100 and the 3rd is open until I have an opposite signal or smell a rat

•Some times I start the position with only 1/3 and start buying another one(in case of long position and the opposite for short)after the market is against me or in favor by 30-50 pips..and that's not adding to a losing position(caz your SL doesn't change and in the same place for all) that's averaging if my stop got hit I'm out. so be with me when I say I'm buying just 1 or 2 or what ever.

•I started these recommendations in other forums 2 weeks ago with 6000$ so that I'd be able to start with 3 mini lots which is 5% of the account(1:100)

so I'd be showing pictures of this account to show how much we did at the end of each week.

•I'm doing this as a sign of gratitude to the people who I've learned from and inspired me with a lot of great ideas to improve my trading style, not only here but in other great forums 2 every and each one of them added to my knowledge and I'm saying trading style caz it's not really a system it's a style,

that's why I can't explain it here, I know that some people will say why don't you tell us your system and I'm answering now caz it can't be just told it should be mentored until its a second nature and maybe first, and it takes time that's why its a style.

•Some times I will not be here(that's why you don't see much post for me here or on any other forums though I've been a member years ago) so forgive me caz though I'm a full time trader and i trade for a living I learned that if you're in a bad mode or you don't feel like it today go do something else instead of losing your money caz your first target is not to lose money and the second is to make it ..Believe me it saved me a lot.

•Since I'm doing this out of gratitude I don't like people who comes to threads with there negative attitude God knows that I've seen a lot of people here and there and i know they're losers or they're snake oils but I don't like it i just leave maybe some people will get some good out of it, so if you don't like it here just leave it's my trading journal I don't have to prove anything to anyone.

•Some of the trading methods I've seen is not realistic like trading zillion pairs and on the same time or trading with 90-100 % of the account on one trade and the others show some scalping experts on 1m and it would make you a million $ in a month starting with only 22 cents or what ever .. This is bullshit I know people who trades 1:1 and even they wouldn't dare to put there eggs in one basket , also I don't believe in experts(sorry guys I know there are great programmers here but I only trust my manual trading and I have to be the one who push the buy or sell button)specially if you're trying to scalp the smaller time frames the retail brokers that most of us individuals deal with will either stop you or eat you alive until they squeeze your last $,I'm not saying also to trade 1:1 and lose one of the best advantages in the forex world I'm a moderate trader who trade with 1:100 , with 5-10% of my capital , with a good trading style , good risk and money management and ends up with 5-40% some times at the end of the month trading no more than 2 pairs and why should I trade more if these are making me money with less headache .. so what else could I hope 4..what could any of us hope 4 ..I'm just one of you(I'm feeling like I'm running for presidency with these sentences )

•A lot of times if I made my target which is 100 pips a week I close all my positions and enjoy my time..so if you saw me done by Tuesday that's it don't wonder. I've seen people do hundred pips in one day and they were stupid enough to spend the rest of the week losing it and maybe some more , so again what more could you possibly hope 4 you've done about 3-5% on your money in one day don't through that a way just because of the fun and the sake of adrenalin in your blood , don't go spit in your hands every day with a big cup of coffee beside you and say ok lets trade and go get them ..the market will be here days after you like it was days before, so slow down what keeps you from being a millionaire is only you trying to do it so fast that you make mistakes prevent you from ever being while if you would've done it just a little bit slowly and using your brain you would of done it in few years.

•Now for the last thing caz I don't like to talk a lot(Boy.. for some one who never liked to write and didn't had much posts this sure is a loooooooong post ).who I am? I'm a guy who's my first language isn't English by the way so forgive my typos, I was an architect till 1998 I've started trading stocks and I've started to take courses and read every book I can lay my hands on and even traveled overseas to learn and spend a fortune on learning caz trading is like any other business you have to spend money to get revenues , any way I switched to futures at 2001 and after a year I heard about forex and started trading it at 2002 beside the futures and after a while I began concentrating on forex mainly and now I trade forex and future currencies and in all that path as usual I've blown some demos and couple of real accounts and it was normal and a part of each trader learning cycle when he enters a new market , now one more thing if I gave a signal and you didn't see it until later on and you find that the price had made first target which is about 50 pips never do that trade even if it comes back to the signal price and also if I gave a signal and it moved 20 pips or so don't say it doesn't matter caz you'll have to put your SL at the same point as me but if the market go against my position I'll be losing 50 and you'll be losing 70..the only case that you could still do the signal is if I gave the signal and the market go against me instantly and you could get the trade for a better price in that cas if I lost I'll lose 50 and you'll be risking 30 or what ever.. don't bend the rules I'm giving you 9 years of experience to avoid my mistakes the moment you'll feel confident and say that I'm sure of that one and I'm going to load the boat on that one most probably it's going to be the losing one that get you all the way back to zero point I've seen statements with hundreds of winnings and 4 losers again 4 losers that blow the whole account , also I've seen accounts went from 10,000 to 120,000 in 5 months and ended with a margin call in less than 2 weeks…this is not trading this is gambling and the casinos always win and if there is professionals here and I'm sure there is they'll know what I'm talking about , they'll know that if you apply for a trader job in a reputable place they'll ask you for a track record and when they have it they have people to analyze it they look for your risk in each trade and your management to the account and most important your CONSISTANCY , they're not interested in one who makes 100% in one month and lose them or lose even 70% in the second one they don't like sudden falls and collapses they look for people who make 5- 10- 7 that kind of percentages each month and if he had a losing one it should be contained in 2-3 max. look at the performance of the big funds they're making 30-40% yearly have you ever asked your self why? Caz they limit there risk and it's a lot more harder to manage billions caz you have to have a certain technique to get out of your position caz when you do with these kind of money you actually move the market against you so if you losing you'll lose more and if you're wining the market has to move way out of your average so that when you get out you still ends out wining..look at the futures you'll see in the daily reports that funds had bought for instance 10,000 contracts and commercials had sold 4,000 and the next day funds are buying 6,000 and commercials are selling 2,000..see what the funds are doing which is where the big money is, they're getting out of there positions but they can't do that buy selling each day 10,000 lots or contracts or what ever caz the market will fall and it will move against them and instead of ending the year wining they'll lose so this is there technique and there is others using options 2 if you know where to look..any way I'm telling you all that not because I read it in an article but because I learned it the hard way and I was there I was a trader for a one of the biggest in our region, and because of being lazy as if you didn't already figured that out I left it and I like working for my self doing the money I want with out any one telling you to wear a tie or where had you been you're late..see that’s why when I make my weekly target I stop..and here I stop.

 

Sell 1 lot GBP/USD @ 1.9992 and 2 @ 2.0002 SL for all positions if triggered @ 2.0092 ..Leave TP open for now.

 

cancell all G/U ordesrs this train has left without us

 

sold 2 lots G/J @ 239.21 SL @ 240.71 our first TP is @ 238.71

 

sold another 2 lots G/J @ 239.42 with the same SL

 

Take profit for the second 2 lots(sold @ 239.42) @ 238.92 and leave the first 2 open for now.

 

we got out of the second 2 lots with 50pips*2=100 pips = 83$

and the other 2 lots are still open.

 

Nices pips

 
nicesurf:
Nices pips

Thanks i'll try to keep them that way

 

close the 2 first lots with a small loss @ 239.39 (-18*2= -36 pips= -29.97$)

 

ok thsi week recap is 43.89$ which is 0.7% less than one percent lets hope we do better the next week..I'm sorry i didn't get to you much of this week during to personal issue..still we did good don't under estimate what we did caz i've seen some of the good service providers this week and they are in red, so as long as we make money or even didn't lose it we're on the right trackwhen you take a look at the orders we toke this week take a look at the candles to see how choppy this week was till the next week ahve a great weekend.

Files: