My Trading Journey:
Some time I lost, some time upset, sometime disappointed, some time changed systems, some time excited, sometime paused but I never quit and never thought that I dont need to learn now.
Will update soon...
I am starting this journel to keep the track of my trades;
I will trade 4 hour charts based on fibo.
I will consider price action of pin-bar, outside bar, inside bar (details are in James-16 thread) . I will take 80% profit early or first target on sing of weakness and rest will move my stop-loss to previous canlde high/low to maximize profits.
I will try to add more details in first post about rules, my trading joureny, what I learnt so far and what I am still learning...
The backbone of trading is to control your risk, minimize your risk as much as possible, preserve your capital ... that is main key thing.
I will trade GJ,AU,UJ,NJ,NU,GU,NCad,ACad,EURCHF,CadJpy,AJpy,GCad,EURUSD
I will keep adding subtracting the pairs based on results.
I learnt from many threads/traders, Feb System II and III, James16, FTI, Bobokus, Sho' trading the price action.
But these trades are based on Simoneg's thread:
http://www.forexfactory.com/showthread.php?t=471531
Thanks for all of my friends who helped me a lot and guided me to find what kind of trader I am and which system work for me. I am still in the journey but had finished some of my lessons.
Ruels:
1. I will fib monthly high/low, weekly high low, daily high low and/or current 4h swing high low.
the stop loss will be nearest opposite support/resistance or fib level where I think market will not go or if it goes there then mean I was wrong.
I have not much hard and fast rules of entry/exit or trade but few things which I will not change;
1. Always use stop loss
2. I will only move stop-loss to put as break-even or lock my profits
3. I will trade 30 cents per trade till I get consistency in profits.
Edit: I thought .30 is thirty cents but actually it is 3$. Now I will keep it as is; Later with live account I will do it for 30 cents.
Charts setting:
0.0 Low
1.0 High
.809 Resistance
.618 Long
.50 Pivot
.382 Short
.191 Support
1.34 Bull Target 1
1.55 Bull Target 2
-.34 Bear Target 1
-.55 Bear Target 2
-1.27 Bear-extended T3
-1.68 Bear-extended T4
2.27 Bull-extended T3
2.68 Bull-extended T4
Magenta color for Monthly-fib, Green for weekly, firebrick for daily and blue for currenty 4 hour swing high/low.
Some time I lost, some time upset, sometime disappointed, some time changed systems, some time excited, sometime paused but I never quit and never thought that I dont need to learn now.
Will update soon...
I am starting this journel to keep the track of my trades;
I will trade 4 hour charts based on fibo.
I will consider price action of pin-bar, outside bar, inside bar (details are in James-16 thread) . I will take 80% profit early or first target on sing of weakness and rest will move my stop-loss to previous canlde high/low to maximize profits.
I will try to add more details in first post about rules, my trading joureny, what I learnt so far and what I am still learning...
The backbone of trading is to control your risk, minimize your risk as much as possible, preserve your capital ... that is main key thing.
I will trade GJ,AU,UJ,NJ,NU,GU,NCad,ACad,EURCHF,CadJpy,AJpy,GCad,EURUSD
I will keep adding subtracting the pairs based on results.
I learnt from many threads/traders, Feb System II and III, James16, FTI, Bobokus, Sho' trading the price action.
But these trades are based on Simoneg's thread:
http://www.forexfactory.com/showthread.php?t=471531
Thanks for all of my friends who helped me a lot and guided me to find what kind of trader I am and which system work for me. I am still in the journey but had finished some of my lessons.
Ruels:
1. I will fib monthly high/low, weekly high low, daily high low and/or current 4h swing high low.
the stop loss will be nearest opposite support/resistance or fib level where I think market will not go or if it goes there then mean I was wrong.
I have not much hard and fast rules of entry/exit or trade but few things which I will not change;
1. Always use stop loss
2. I will only move stop-loss to put as break-even or lock my profits
3. I will trade 30 cents per trade till I get consistency in profits.
Edit: I thought .30 is thirty cents but actually it is 3$. Now I will keep it as is; Later with live account I will do it for 30 cents.
Charts setting:
0.0 Low
1.0 High
.809 Resistance
.618 Long
.50 Pivot
.382 Short
.191 Support
1.34 Bull Target 1
1.55 Bull Target 2
-.34 Bear Target 1
-.55 Bear Target 2
-1.27 Bear-extended T3
-1.68 Bear-extended T4
2.27 Bull-extended T3
2.68 Bull-extended T4
Magenta color for Monthly-fib, Green for weekly, firebrick for daily and blue for currenty 4 hour swing high/low.