My first post on Fxfactory and first journal

Sell GBP/USD @ 1.9719
SL: 1.9780
Target: TBA

Although im technically going against the longterm trend there are reasons supporting my decision to listen to trend manager's short signal.
There is currently negative divergence on macD and RSI, this combined with a recent double top around 1.9777. I dont want to refer to this decision as trying to predict a swing in the market, rather just catching a retracement

Target: 1.9671

.. mouteki is showing 1.9670 as downside target and this is the bottom of channel that developed recently

closed at breakeven due to trend manager signal change to go long

also, im not big on trading fridays, market is usually too choppy and i dont like holding trades over the weekend


price bounced off a long term resistance trend line (december 1st high connected to Jan 3rd high) that had recently become support after it was breached 2 days ago

i will wait till monday for my next trade

Closed at breakeven

Sell GBP/USD @ 1.9741
SL: 1.9781
Target: 1.9706

closed at breakeven

Buy GBP/USD @ 1.9747
SL: 1.9697
Target: TBA

moved stop to breakeven


from now on I will start calculating my true leverage, and possible risk management, and will make sure each of my trades will be within 2-3% of my account balance of each trade

I figured i might as well practice money management skill using the new demo account i opened yesterday which i chose to put 100k in w/ 1:100 leverage

SL: 1.9847 (lock in 100 pips)
Target: 1.9946

Okay, i decided to calculate my initial true leverage, etc. for my current trade:

I bought 1 standard lot and have 100k in my demo account so..
True leverage: 100,000/100,000= 1:1 (good I will try to keep it below 20:1)

My stop loss was 50 pips initially so at 1 standard lot...
My initial risk-to-return ratio was over 2:1 because my initial target was somewhere over 100 pips (didnt know what exactly but knew over 100)

Now to see if i was within risk of losing 2-3% of my full account size..
(10*50pips)/100,000= .005 = .5% .. looks good

Stopped out @ 1.9847

So made +100 pips

So total is +61 pips

(decided to add green for positive and red for negative so its easier for me to keep an idea of my wins and losses and overall progress)

I will start using 2 lots if im going with the trend and 1 lot agains trend for smaller targets. This way i can lock in profits and stay in the market for continuing trends

Buy GBP/USD @ 1.9621
SL: 1.9559
Target: TBA

move stop to breakeven

stopped out at breakeven

going back in at same price:


Buy GBP/USD @ 1.9622
SL: 1.9558
Target: TBA

closed @ 1.9600 due to trend manager short signal
-22 pips


didnt go back in due to many news events coming out early this morning

so far:
+39

Buy GBP/USD @ 1.9641
SL: 1.9581
Target: 1.9841

moved stop to breakeven

ive been setting up classes at school and still am in the process of it. Also have been going to bed earlier due to classes starting so i havent been able to pay as much attention to my trades and have also missed out on a couple trades.. i will try to keep consistent as much as possible

Here are the current specifications for the money management of my current trade:

(I just realized i put in 1000000 as my initial deposit... im still going to write on here as if it were 100k.. lol sorry for my stupidity)

I bought 1 standard lot and have $101,278 in my demo account so..
True leverage: 100,000/101,278= 1:.99 (below 20:1)
... looks like im under-leveraged in this trade

My stop loss was 60 pips initially so at 1 standard lot...
My initial risk-to-return ratio was over 3.33:1 because my initial target was somewhere around 1.9841 (200 pips)

Now to see if i was within risk of losing 2-3% of my full account size..
($10*60pips)/100,000= .0059 = .6% .. looks good


I have been a little of track so on my next trade I will be upping the lot size if it is going w/ the trend (long)

stopped out at breakeven...

I am not grabbing any of my profits.. i should be up around 300 pips so far this month...

My exit strategy seems to be askin for too many pips..

I will not be changing my exit strategy yet, but will be locking in my profits at 50 and 100pips using 2-3 lots if going w/ the trend.

Hopefully this will get me up to where i should be since most of my trades have been in profit. This week also was not very good for trend trading since there was a lot of news that was creating 100+pip candles frequently