Hi Everyone,
First a bit of background info on myself.
I am very new to forex trading and trading in general. I have been trading for about 8 months. I started off with no idea what i was doing and am gradually trying to learn new things and gain more experience.
I have a full time job so try and trade when time allows. I am trading a real account and every trade i do i risk only 0.5% of my account.
From about October i started to get some where with my trading and had 4 months of profitable trading. BUT since the begining of Feb after going on holiday i have lost my way completely and not been able to get back into the way i was trading before the holiday.
I have started making trades i know i shouldnt be taking and not letting good trades run to targets. So have ended up making my trades around a risk to reward of 1:1 as i havent let them run.
Because of this i have wrecked all the gains i made in the good months.
The aim of this journal is to stop me taking silly trades as i will put them up on here and i know if i do i will get slated so hopefully this will help me stop teh rot.
Also i will be able to get some helpful feedback from my trades.
MY TRADE PLAN
I mainly focus on GBP/USD.
I look at 15m,1hr and 4hr time frames.
I use the following indicators
Mcad
Stoch
ema5, ema8, ma24
I will enter tardes when there is divergence on the mcad, a stoch cross and if above the 50 mark for longs and below for going short.
and also if there has been a cross of the 5ema and 8ema.
I also use support and resistence lines to aid in my entries and exits.
I know this may not be a wonderful trade plan and may need a lot of tweaking but this is what i have so far. Any feedback would be great.
Like i said before i am part tiem trader so will not update that frequently during the day but will hopefully upadte in teh evenings with my trades.
~Thanks
Michael
First a bit of background info on myself.
I am very new to forex trading and trading in general. I have been trading for about 8 months. I started off with no idea what i was doing and am gradually trying to learn new things and gain more experience.
I have a full time job so try and trade when time allows. I am trading a real account and every trade i do i risk only 0.5% of my account.
From about October i started to get some where with my trading and had 4 months of profitable trading. BUT since the begining of Feb after going on holiday i have lost my way completely and not been able to get back into the way i was trading before the holiday.
I have started making trades i know i shouldnt be taking and not letting good trades run to targets. So have ended up making my trades around a risk to reward of 1:1 as i havent let them run.
Because of this i have wrecked all the gains i made in the good months.
The aim of this journal is to stop me taking silly trades as i will put them up on here and i know if i do i will get slated so hopefully this will help me stop teh rot.
Also i will be able to get some helpful feedback from my trades.
MY TRADE PLAN
I mainly focus on GBP/USD.
I look at 15m,1hr and 4hr time frames.
I use the following indicators
Mcad
Stoch
ema5, ema8, ma24
I will enter tardes when there is divergence on the mcad, a stoch cross and if above the 50 mark for longs and below for going short.
and also if there has been a cross of the 5ema and 8ema.
I also use support and resistence lines to aid in my entries and exits.
I know this may not be a wonderful trade plan and may need a lot of tweaking but this is what i have so far. Any feedback would be great.
Like i said before i am part tiem trader so will not update that frequently during the day but will hopefully upadte in teh evenings with my trades.
~Thanks
Michael