NeverQuit's Trading Journal - page 12
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I had no trades on 2-8 and no trades today as well. I'm working with a friend and he is helping me out and today we had no trades as well as yesterday.
I did not have any trades this week. A successful trader who is a personal friend of mine is teaching me his method and there were no trades this week.
Well there were some earlier in the week but of course I was away from my computer when those trades set up.
I hope that next week will bring some trade opportunities for me to take advantage of.
I was not able to do any trade last night or this morning. I had a dentist appointment this morning so I was unable to trade and last night during the London session, I was over at a friends house.
I will be trading today tonight during the London session and if something sets up during the Asia session today I will take trades also.
I'm not happy how limited I have been with my trading lately so it's time to step up to the plate.
I just made a horrible mistake and entered a long trade not risking much (well at least that's what I thought). I thought I was entering with 280 units (almost cent per pip) but I accidentally entered with 2800 units. I was stopped out to the surprise of losing over 4%.
My account balance is now $80.25. Nothing I can't bounce back from but be very careful when you are trading at all times to avoid mistakes like this.
I just realized that I did not display how I will be trading in my journal from this moment forward.
My trading will be very basic and simple. I will be trading in the direction of the hourly stochastics (14,3,3 settings) on the 5 minute chart. I also have the 50ema, 100ema and 200ema plotted on my chart as well and I use them as support and resistance points.
I also have another way that a friend is helping me with so I will have a few different types of trades going.
I will be using Heiken Ashi candles to help me enter the market. I will be posting screenshots as I have gotten my paint program to work just fine now.
Each day I will post my trades (in real time) via screenshots to show what trades I've taken and my thought process on the market.
I've bounced all over with my trading but feel this way of trading is most comfortable for me and my personality.
As of right now my trading account is at $80.25.
My goal is to average 0.50% per day.
I will post a screenshot in a few to show my setup. I also will open an / account to link to my demo account (going to open a new demo account for this point foward) so those who want can follow along with my trades and journal.
I've attached two screenshots to show what my charts look like. These screenshots are from my FXCM demo account that I just opened. I will be taking the trades live in my Oanda live account.
For those who want to know, I love Oanda's fxTrade platform so that is why I have not switched to their MT4 platform yet. I have an MT4 account open with them but I have yet to deposit funds into it.
I will be trading the EUR/USD and USD/CHF currency pairs from this point forward.
I will be risking 2% per trade with no more than two trades (one in each pair) open at any given time. My stop losses will be placed below/above the most recent swing high/low and the spread will be taken into consideration when I'm determining my stop loss.
I will not set a pre-determined take profit. I will manually trail my stop loss and if I see fit, I will close out trades manually but that is not my intent as of right now.
I'm waiting for myfxbook to verify my account and then I will post the link for my page.
I just took a short trade on U/C at 0.9180.
This is a counter trend trade so I'm only risking 1% on this trade. I have a 25 pip stop loss at 0.9205.
I've attached a screenshot to show my entry. I have to run and do some grocery shopping so I will let the trade play out and see what has happened when I get home from grocery shopping.
I've attached a screenshot of the long trade that I just took on E/U.
My two trades are both in profit right now. My E/U trade is up enough that I have locked in 1% profit if I am to get stopped out.
My U/C trade is only up a few pips so I have not been able to move my stop loss in my favor as of yet.
If I was to get stopped out on the U/C trade, I will lose 1%.
My E/U trade was stopped out about 15 minutes ago for a 3.50% profit. My U/C trade is currently still running and I have moved my stop loss to +1 pip if I was to be stopped out.
My view on E/U is currently still bullish and my view on U/C is still bearish. I'm looking for an entry on E/U around the area where price is at right now and I'm also looking to add to my U/C trade in the area where price is at on that pair right now also. As of right now E/U is at 1.3194 and U/C is at 0.9157.
As I'm dong something a bit different with my trading all trades I take this week will be with a risk of 1% and not 2%. After I see how my results go for this week will determine if I increase my risk or not.