Hello all,
I will be using this as a place to document every trade I make and the profits or losses that result. I trade using the daily timeframe, using a few indicators using ODL Metatrader: Stochastic (5,3,3), AC oscillator (default settings), and AO oscillator (default settings) with EURUSD, USDJPY, USDCHF, and GBPUSD. I also use candles. I only enter trades at 8pm EST if a set-up presents itself. I've adopted aspects of this system from other profitable traders I've observed on this forum. Here is how I trade:
I place a long trade when all of the following occur on the previous day:
stochastic is crossed in an upward direction
AO is green
AC is green
bull candle
if the first three occur and the candle isn't bull than I don't take the trade and I have to wait for the next setup.
I place a short trade when all of the following occur on the previous day:
stochastic is crossed in a downward direction
AO is red
AC is red
bear candle
if the first three occur and the candle isn't bear than I don't take the trade and I have to wait for the next setup.
Money Management: 100 TP and 100 SL on all trades. After the market moves 50 pips in the direction of my trade, I move all stops to break even.
A little background on me: I've been trading forex for the past two years. I hastily opened a live account soon (too soon) and lost half of it quite quickly. After that I did a lot of reading and demoed for over a year. I have now been trading live again for two months and I have nearly tripled my account size (using extremely high risk money management). I've decided now to trade risking less of my account size, but I realize it's still considered to be outrageously high to some (20%). The main reason why I wanted to start this journal is to improve my discipline. Most of the losses I've incurred over the past couple of months happened because I strayed from my system or tried trading on a smaller time frame... no more! I'm sticking to my rules now.
As for today, there are no setups indicating I should take a trade, so I will stand aside. We'll see what happens tomorrow!
cheers.
I will be using this as a place to document every trade I make and the profits or losses that result. I trade using the daily timeframe, using a few indicators using ODL Metatrader: Stochastic (5,3,3), AC oscillator (default settings), and AO oscillator (default settings) with EURUSD, USDJPY, USDCHF, and GBPUSD. I also use candles. I only enter trades at 8pm EST if a set-up presents itself. I've adopted aspects of this system from other profitable traders I've observed on this forum. Here is how I trade:
I place a long trade when all of the following occur on the previous day:
stochastic is crossed in an upward direction
AO is green
AC is green
bull candle
if the first three occur and the candle isn't bull than I don't take the trade and I have to wait for the next setup.
I place a short trade when all of the following occur on the previous day:
stochastic is crossed in a downward direction
AO is red
AC is red
bear candle
if the first three occur and the candle isn't bear than I don't take the trade and I have to wait for the next setup.
Money Management: 100 TP and 100 SL on all trades. After the market moves 50 pips in the direction of my trade, I move all stops to break even.
A little background on me: I've been trading forex for the past two years. I hastily opened a live account soon (too soon) and lost half of it quite quickly. After that I did a lot of reading and demoed for over a year. I have now been trading live again for two months and I have nearly tripled my account size (using extremely high risk money management). I've decided now to trade risking less of my account size, but I realize it's still considered to be outrageously high to some (20%). The main reason why I wanted to start this journal is to improve my discipline. Most of the losses I've incurred over the past couple of months happened because I strayed from my system or tried trading on a smaller time frame... no more! I'm sticking to my rules now.
As for today, there are no setups indicating I should take a trade, so I will stand aside. We'll see what happens tomorrow!
cheers.