This journal is for the purpose of helping me stay on track with my forex trading. I have a story just like most traders and I want to share it here. I've been trading for over 5 years now with very minimal success. I've been able to buy a few nice dinners and nights on the town with my forex winnings but nothing more than that.
I'm currently unemployed and still wanting to trade for a living. I will be scalping the EUR/USD pair. I've dabbled in the past with other pairs but always come back to focusing on just the EUR/USD pair. Since I'm unemployed, I will be starting this journal with what I have left in my trading account...a titantic $57.16.
In the past, I've had the worse mental focus when it comes to my trading. Today is my new beginning. I know that I won't change my life drastically in just one day, week, month or year. I no longer expect to be living in a million dollar home on the water. I have left those dreams in the back of my mind and won't revisit them until that is my reality. For the present, I will focus on just trying to be a successful trader.
The reason that I have chose to scalp is very simple, I like to get in trades and then get out. I don't like sitting through 100+ pip retracements or drawdowns.
Another big issue that I have had in the past was thinking in terms of dollars earned or lost. I can recall reading post from others on the internet about how they made 300 pips or they made $1000. That is great to know but in my mind the more important thing is what percentage that is in relation to your account balance. If you made 300 pips but your account grew 1%, in my eyes, that's alot of pips to make for such a small gain in your capital. Granted no gain is a small gain but if I make 300 pips, I would surely want it to be worth more than 1% of my account balance. So for me personally, I like talking in percentages.
So with me starting to think in terms of percentages, I've picked a target of 1% profit per day. I understand that this will not be an easy task to accomplish at all. I just believe that if I can manage to take an average of 1% gain out of the market each day, I will begin to slowly change my life one trade at a time.
So with that being said I wish all traders nothing but success and I will be updating my journal each day. Whether I have a winning day or a losing day, I will make sure I update my progress.
A key topic I want to share quickly is that if my first trade nets me my 1% target, I will continue to trade. I continue to trade until I feel I have traded enough for the day. I usually try to trade the first 2 or 3 hours of the Europe session and the first 2 or 3 hours of the US session. After that, I usually get on my search of trying to find a decent job. So my goal is to average 1% per day but I know I will have days where I make more than that and also lose more than that. That's why I say average 1% and hope for the best.
I will begin trading tomorrow night during the Europe session.
Fast Copy MT5 allows to copy trades between different MetaTrader 5 (netting)(hedge) and MetaTrader 4 accounts in any direction and amount, quickly and easily (without loading the system).
Any type of copying is available MT5 —> MT5 MT5 —> MT4 MT4 —> MT5 MT4 —> MT4
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One tool for sending and receiving transactions: [master] > [slave] operation mode can be selected in th
Cluster analysis of volumes is now available in MetaTrader 5!
The YuСlusters indicator is a professional tool for analyzing the trading volumes. The cluster graph is plotted based on tick data. For the exchange financial instruments these are the volume, type and price of a deal. For the Forex instruments - the real or tick volume (depending on the broker) and Bid price.
There are 6 criteria of cluster generation:
Time interval, the criterion is set in seconds. Price range, the criteri
S2 Trend At Wavelet is designed to eliminate the noises on the Price Chart. A clear picture of the market flow will be seen due to the elimination of the unnecessary variations on the chart.
Capabilities of S2 Trend:
Chart End could be shifted to any desired point by Market End Line; A desired Scale could be used by selecting Scale Menu and the result will be shown on the chart; A separate diagram on the Main Chart could be shown by using Chart window's check box; Graphical representation
News Loader Pro is a tool that automatically updates every economic news in real time with detailed information from several online data sources. It uses the unique technology to load data with full details from popular Forex websites. An alert will be sent to your mobile/email before an upcoming news release. Moreover, it also marks the news release points on the chart for further review and research.
In Forex trading, news is one of the important factors that move
This is a panel for controlling the profit/loss in dollars, pips or % of balance. A new function for trailing profits has been implemented.
The panel can be used as a virtual Stop Loss or Take Profit.
It also features the emergency button - CLOSE ALL.
You can also try the full version of the VirtualTradePad for mt5 panel, as well as the Profit or Loss for mt4 panel
Other versions in this collection:
VirtualTradePad for mt5 Digit Market Time Pad Market Time Pad Scalper PadMain f
EasyPen is designed as beautiful and innovative way to create and manage all your chart analysis, scribbles, notes and more. The app takes advantage of new MQL5 technology to offer an experience unseen in the other apps or in older MQL versions.
An App That Changes Everything
There is no existing drawing app that allows the level of customization that EasyPen offers. Change color of your pen, choose brush size, save drawings, keep drawings attached to specific position in chart, and more. With
This panel is designed for quick and easy one-click trading. All you need to do is to set up all the necessary parameters and enjoy trading! It supports two languages: English and Russian.
The panel consists of four parts:
1. Trade Window
Standard trading operations are conducted from this window: opening buy and sell trades. A trade is opened for he current symbol.
TakeProfit, StopLoss and Trailing stop can be set for each trade. To do this, mark an appropriate item. The values are entere
This indicator allows you to enjoy the two most popular products for analyzing request volumes and market deals at a favorable price:
Actual Depth of Market Chart Actual Tick Footprint Volume ChartThis product combines the power of both indicators and is provided as a single file.
The functionality of Actual COMBO Depth of Market AND Tick Volume Chart is fully identical to the original indicators. You will enjoy the power of these two products combined into the single super-indicator!
The indicator displays in a separate window a price chart as bars or Japanese candlesticks with a periodicity below a minute.
Available periods (seconds): 30, 20, 15, 12, 10, 6, 5, 4, 3, 2, 1.
The display mode (bars or candlesticks) is switched by clicking on the chart.
Period in seconds - the period of bars in seconds Price levels count - the number of price levels on a chartBuffer number: 0 - Open, 1 - High, 2 - Low, 3 - Close, 4 - Color.
FULL Automatic is a fully autonomous trading robot for MetaТrader 5 without configurable parameters.
It is similar to SAFE Automatic robot intended for traders having no knowledge of trading basics. It works in Low, Medium, High and Extremal trading modes.
The EA applies modified versions of well-known strategies, including Elliott waves, following a trend, half-pyramiding, scalping, speculative trading with a double deposit protection. The EA switches the strategies automati
The script is intended for automatic placing of Buy Stop pending orders, Stop Losses and Take Profits on the user specified levels.
Avoiding unwanted entering a long position in case of false hitting the level as a result of widening of the spread by a dealing center. Avoiding unwanted triggering of a Stop Loss in case a quote pierces a significant level (fractal) without further confirmation with the close price. Setting a necessary virtual order and entering the market in
The EASIEST way to manage your risk for each trade!
Add the indicator to your chart, configure a risk percentage (of account equity) Enter the number of pips for your stop loss into the text entry field that appears on the chart The position size to take will automatically be updatedThe product features two modes - a compact mode which allows entry of stop loss pips and shows the resulting lot size based on the percent risk setting, as well as an expanded mode that also shows
This indicator gives full information about the market state: strength and direction of a trend, volatility and price movement channel. It has two graphical components:
Histogram: the size and the color of a bar show the strength and direction of a trend. Positive values show an ascending trend and negative values - a descending trend. Green bar is for up motion, red one - for down motion, and the yellow one means no trend. Signal line is the value of the histogram (you can enable divergence
Who will be interested in this product:
those who are used to diversify the portfolio with a large number of pairs. those who work with a large number of orders those who trade news using pending orders (see the "Grid request" tab).The panel is designed to make managing a large number of orders as easy as managing one.
The currency pairs and order types for opening are formed here. The prices and stop levels are set.
User can define the price valu
Veno EA MT5 is a safe and fully automated medium-term trading robot.
The EA does NOT use hedging, martingale, grid strategies, arbitrage, etc.
Veno Expert System MT5 automatically monitors the appearance of participants with distinct preference towards buying or selling on the market. Trades are conducted on sharp cluster and news based movements of the market. The robot analyzes the market volumes and volatility, and follows strong supply and demand movements. It smoothly sets breakeven level
Safe Automatic is a safe MetaТrader 5 trading robot working autonomously on a VPS server. The good results are achieved on EURUSD.
The EA applies modified versions of a trend-following strategy, half-pyramiding, scalping, Elliott Wave method and speculating trading with a deposit protection. The EA switches the strategies automatically. The robot does not trade at night from 10 p.m. to 4 a.m. (server time).
The robot was tested in the special tester on real ticks. Empirical e
Trade Controller provides multiple methods to protect and maximize your profits. This powerful weapon helps you to set the protect and trailing-stop rules on your trade automatically in many effective methods. Once it is set and turned on, you don't need to monitor your orders anymore, the software will keep watching and control your orders with your predefined rules.
It's designed to support multi-protection and trailing strategy: Protect by break-even, protect by percentage, protect by pip, p
Easy Order is an Expert Advisor allowing you to enter any type of trade with one click based on your RISK preferences.
You can choose to enter a trade and automatically calculate your lot size based on how much of your account you want to risk. Risk is calculated based on your Stop Loss placement. You can use a fixed lot size if you don't want to use risk based calculation of lot size. Your previous setting of risk based or fixed lot size remains saved for your next use of this Expert Advi
FXG_Info – the most important data in one place.
MetaTrader 5 Indicator FXG_Info provides basic statistical information about a particular currency pair. So that in combination with a chart representing currency price it is easy to determine whether the current situation is good for trading. And when you open a position it will clearly show you the current data such as SL, TP, RR. You are not limited to currency. You can use any market which is provided by you broker.
The following information
VirtualTradePad - is a contol panel for working with orders in МetaТrader 5 : buy, sell, buystop, buylimit, sellstop, selllimit, close, delete, modify, tralling stop.
VirtualTradePad won 2nd prize in the "Best Control Panel in the MQL5 Language" Contest.
The panel consists of 5 tabs.
VirtualTradePad PositionsStyle VirtualTradePad Ordersstyle VirtualTradePad SignalsStyleDemo version of the panel - VirtualTradePad LiteProfit or Loss PadINFO PadYou can also try this panel for
Three variables are available for every strategy, any one of them can be disabled, their period can be changed.
type_order=ORDER_FILLING _FOK - order filling type.
ReverseTrade=false — trades opens in reverse direction if true. ExitOnBar=true — trades close on each bar only. spreadcover=false — Spread you pay includes in profit trades. It's like trade with zero spread but you should remember that it can decrease exact match between tester's result and live one. It
Does not support openning multiple orders on a single symbol on MT5
MultiMTCopier MT5Receiver - new and improved multi-terminal positions copier for your real/demo account, works faster, requires less, flexible in managing and upgrading, new information support. This Expert Advisor is designed for the MetaTrader 5 terminal, trades will be copied into this terminal.
The EA will copy all positions without delays Additionally integrated notification in situations requiring user
The indicator is intended for determining the spread and swap size, the distance for setting stop orders and stop losses from the current price allowed and the risk per 1 point in the deposit currency.
The indicator informs a trader about possible additional expenses and profits connected with transferring a position to the next trade session of the financial instrument. It also informs about the spread size and the distance of pending orders, stop loss and trailing from the current price. In a
Open interest (current) is the total volume of effective contracts (futures, options) for which there have been no calculations yet. In MetaTrader 5 an open interest is displayed as "Open Interest" in "Details" tab of the "Market Watch" window, but it is not available as an indicator. This product displays the open interest as a candle chart for all trading instruments for which it transmitted to MetaTrader 5.
Easy to use - it does not have any specific parameters. Color and le
This software has no equals in the world and represents a universal trade "console" covering trading signals, automated market entry, setting of Stop Loss and Take Profit, as well as Trailing Profit for multiple trades at the same time in a single open window. Intuitive control of the Expert Advisor in "three clicks" ensures a comprehensive use of all its functions on different computers, including tablets PCs.
Interacting with additional signal indicators that mark the chart to give a real mar
The Trade Manager Pro EA is a MetaTrader Expert Advisor that performs position management for you avoiding human errors and enhancing your trading activity.
Amazingly easy to use Trade easily from the chart Trade with precise risk management, hassle free Capital preservation is top priority Let profits run without your attention Enjoy risk-free trades as soon as possible Automatic trailing stops for all opened trades Initial stop losses are placed as soon as trades are
This indicator shows how much time is left on the current candle.
You have absolute control over appearance of remaining time label. Also, you can set additional flag to show remaining time in the comment section of your chart and how much time has already passed on the current candle measured in percents.
The script is intended for automatic placing of Sell Stop pending orders, Stop Losses and Take Profits on the user specified levels. This script is not that useful as "Virtual pending buy stop", since short positions are opened as Bid price crosses the levels. Thus spread widening is not dangerous. Nevertheless, you need to have this script to prevent unwanted hitting of the Stop Loss levels.
Automation of the process of placing the Sell Stop pending orders, Stop Losses and T
The indicator is based on the comparison of the correlation of trading instruments following an original algorithm. It determines the difference between correlated contracts (delta). The greater the difference, the more it is likely that this Delta will return to zero.
More suited to the FORTS market.
The greater the deviation from zero, the more it is likely that the price will return to zero. Also, the indicator divergence can be applied by comparing highs and lows.
Tick volume is equal to amount of ticks at the unit of time. There is direct correlation between tick volume and real amount of deals. Every change of the price is a result of a real request to perform a deal. Consequently, fewer requests we have, the less price changes we get, and, as a consequence, tick volume is smaller.
In this case, when big amount of requests appear on the market, price changes happen more often. Big tick volume appears. Tick volume is an important indicator of trad
I'm a complete newbie to FOREX trading, but I'm looking forward to following your journal. I wish you all the best and good luck. We're in similar situations with the employment aspect, so I fully understand you there. In any event, good luck, looking forward to reading about your successful trades!
Thanks for taking the time out of your day to stop by my journal. Being new to Forex can be a positive thing as long as you let it. My advice would be to take your trading very serious. Also, don't get caught up in the nonsense that you may read on forums or message boards. I've learned that there are many ways to be successful in this business, just like in life. Just because something has not worked from somebody else in the past does not mean it can't work for you. Find your trading style that you like and trade it as much as possible. This business is truly about putting in the time and effort to see your dreams come true.
I will be updating my post each day and I will also leave other post as I see fit or have the time. Stay focused and one day we will never have to worry about another 9 to 5 ever again! I wish you much success and if I can help you in any way, just let me know.
I just closed out my last trade for the day. I forgot that I had a few trades open from last week, so all of my trades today were not actually scalps. Some of them were and others were me managing the trades from last week. All in all, today was a nice start to my new beginning. I was able to make a profit of 5.13%.
For those who like to see the actual dollars my 5.13% gain took my live account from $57.16 to $60.09.
Starting tomorrow I will begin posting screenshots and my trading statement since my trades from this point forward will all be scalps.
In the past, I would continue to trade and it always ended up in me turning a positive day into a negative day. I don't want to go down the roads I have in the past so I'm going to just stop trading until around the Europe session tomorrow. I will be online throughout the day however.
I wish you all much success!
I'm done trading in my live account as I made a bit over 5% last night but I still view the markets throughout the day after I get done with my daily chores.
As of right now, the market is bearish. I have two pending orders set up in a demo account that I wanted to share.
Sell Order at 1.3751 / Stop Loss at 1.3786 / No Take Profit
Buy Order at 1.3810 / Stop Loss at 1.3728 / No Take Profit
Both trades would risk 2% with the lot size being determined on the size of the stop loss.
The buy order has a much bigger stop loss because I place my stop loss above/below the most recent swing high/low. Since the market is in a downtrend, a bullish move would initially be a counter-trend trade until the market truly reversed so that is why I set that trade up with a larger stop loss. These are just my ideas and not trade recommendations at all. I'm not an expert in this business but doing my part to improve my skills. If either of these trades are triggered, I will come back online and add a new post. The 15 minute chart was used to determine my entries and exits.
My sell order was triggered in my demo account and I will see how it plays out. The market is slow moving right now so it will be a minute before there is anything worth reporting in my eyes.
I did make one monumental mistake. I should have traded at $2.85 per pip and I set it up to trade at $28.50 per pip. I forgot that the lot size was based off standard lots. So since it's demo, I will let the trade run. It's either going to be a little more than a 20% loss or a nice winner if the trend continues to be bearish. Either way, no harm as it was a demo account but I will keep it open. I have changed the lot size on the buy order to make sure it is correct.
As the trade plays out, I will come back and post anything worthwhile.
The short trade that I took in my demo account I closed out for a small profit of 2 pips.
I'm now in a long trade from 1.3754 with the stop loss at 1.3714. I'm also going to take this trade in my live account. Either I will wait for a pullback to get in at a good entry or I will place an order and let price put me in the trade as it makes it's way north.
Also I will use this journal for all my trades and not just the scalp trades.
I will generate another post as the trade begins to move.
Well I entered a long trade at 1.3760 and I'm currently up 3.26%.
As of right now there is strong resistance around the 3780 level. On the 15 minute chart price has reached this level 3 times in the last few hours and has yet to either break north or fall south. Price seems to be in a 40 pip range between 3790 and 3750. My bias is still to the upside but of course that is just my opinion and only time will tell if I'm correct or not.
The long trade that I was in I manually closed it out for another 2 pip winner. I was up 3% at one time and the market retraced on me. I did not let that discourage me one bit. I kept doing my analysis of the market and I entered a short trade at 1.3755 and closed it out manually at 1.3704. The 3700 area seems to be holding pretty strong for right now.
My long trade netted me 0.20% and my short trade netted me 10.08% for a daily total of 10.28% earned. That takes my account balance to $66.27.
I began this week with an account balance of $57.16. I've currently gained 15.41% so far this week in my two trading days.
I'm done trading for now. If I see anything that I like during the US session I may give it a go or I will just wait until tomorrows Europe session...don't want to be greedy after a nice trading night tonight.
Hey, thanks for your kind words, I really do appreciate it. I have that feeling like I'm drowning in information right now. I'm starting to see what you mean with the forums, because for every earnest journal, message, post -- there are 1,000 idiots out there talking out of their butts. At least I'll honestly tell you I have no clue about FOREX, the ins and outs of it, but hey, gotta start somewhere. Look forward to more of your journal!
Now you see why I said what I said. My advice...block them out. They will only try to hinder your progress so you can settle at the bottom with them. Being a newbie in this business is perfect if you do the right things. All that means in my eyes is that you are raw and don't have any bad habits to break because you are new to Forex trading. That's a great position to be in if you ask me. Having bad habits to break like myself and millions of other traders have had to do is not impossible but it takes time.
I compare it to having a dog who you train to be an attack dog and want to attack anybody who is not you and then all of a sudden you want him to start taking the newspaper to your next door neighbor each morning. It's not impossible to re-train him but it sure would be an uphill battle.
So block out the negative people and things and channel the positives. The sooner you can do that, the better off you will be.
I sent you a private message by the way. You can respond whenever you get a chance. Thanks for having interest in my journal by the way. I never expected anybody to stop by and read my post so it's cool to know you took the time out of your day to not only read them but share your thoughts. I appreciate that very much.