My first post on Fxfactory and first journal

Sell GBP/USD @ 1.9635
SL: 1.9695
Target: 1.9535

I put this trade in last night.. just woke up and saw that it came down to 1.9537.. again within 2 pips of my stop loss lol, seems like this has happened to me too much since ive started this journal

It hit mouteki's target price on the dot

woke up this morning and moved stop loss to breakeven

hit stop at breakeven... was in profit of 98 pips with the target at 100 pips... happened again lol

Im not big on saying what i should have done, but more of what i should do in the future. So im not gonna bite myself over this trade since it was going against the trend too.

My strategy has been very dependent on the concept of letting my profits run.. but it seems like my exit is either just plain too far or less that 5 pips too far.

Hopefully when i start locking in my profits using up to 3 lots this will alleviate some of this problem and i will start actaully earning the profits i have been 5 pips away from lol

At least most of my trades have been in profit much more than in loss, and with my breakeven stop losses i am able to eliminate my risk on certain trades

STILL HAS POSITIVE PIPS EITHER WAY

i used to get burned on exit doing things the way you do now. i eventually just started to TAKE THE MONEY!!!!!!!! you are obviously doing something right, dont be scared to take the profit, you are never going to predict highs and lows, but you are going to get tired of leaving 20,40,60, even 100 PIPS on the table. sell the position, regroup, and get ready to do it again.

you are gonna be great at this, just focus less on exit strategy.

i know that may sound crazy, but imagine how much more you would have made if you did.

keep it up man you r doing great
pipple

hey pipple,

i appreciate your insight and suggestions on my journal.. nice to see ppl are reading it and have helpful ideas on it.

Just to clarify for me could you explain what you mean by "regroup" when you said "sell the position, regroup, and get ready to do it again."

also, what do you think of locking in the pips using 2-3 lots at a time when going with the trend, of course applying the rules i have set for money management

Thanks again!

by regroup i really just mean to start looking for a new set up for another trade, also psychologically regroup

in my personal trading, i find its important to tell myself in between trades what my goals are and point out what i couldve done better in previous trading

as far as larger lot sizes, i am a fan of using larger leverage with trades i feel stronger about, in my trade journal i dont really specify how many lots i am trading, i just outline how many pips i made/lost. but the lots are usually different depending on how strong my setup is. also if using larger lot sizes, you can achieve your pip goals quicker
i dont know if this is what you mean but i hope it is
pipple

Sell GBP/USD @ 1.9635
SL: 1.9735
Target: TBA

I actually sold 3 lots by accident because it was already preset to that amount.. so technically i am going against my rules because it is against the long term trend.. but short term the market has been pretty sideways so i will stay in and take profit off lot 1 @ 50 pips, lot 2 @ 100 pips, and lot 3 will be announced later

1) I bought 1 standard lot and have $101,277 in my demo account so..
True leverage: 300,000/101,277= 2.96:1 (below 20:1)

2) My stop loss was 60 pips initially so at 3 standard lots...
My initial risk-to-return ratio was:
50+100+100[or >]/ 60*3
=250/180
= [> or =]1.39:1

3) Now to see if i was within risk of losing 2-3% of my full account size..
($30*60pips)/101,277= .0178 = 1.8% .. looks good

wow, that was strange

i was in the middle of a dream where i just met 2 guys that told me how they invented coca cola and the symbol they used for their advertising...

Just woke up in the middle of it at 8:40am to see a huge candle that just struck 1 PIP FROM MY TARGET OF 100 PIPS FOR THE LAST 2 LOTS AGAIN LOL!

but, price had only retraced back 10 pips by then so it was still +80 so i decided to close out both those lots for a total profit of:
Lot1: +50pips
Lot2: +90pips
Lot3: +90pips

I will make a new post and write these results neatly

closed Lot1 w/ target stop @ 1.9625 for +50pips
closed Lot2 @ 1.9585 for +90pips
closed Lot3 @ 1.9585 for +90pips

Total profit in pips: +230pips

Just went back to check what my status was previous to this trade, was at +39pips, so:

Total so far: +269pips

Sell GBP/USD @ 1.9490
SL: 1.9550
Target: lot1:50pips, lot2: 100pips, lot3: TBA

last night i left a stop at 1.9405 on meta trader, I dont know if u can take out each individual lot at a time when u buy 3 lots in one batch (if anyone knows how please let me know)

So technically i made 85pips on 3 different lots.. but i wont count this because if i was using my strategy, i would have earned the following:
lot1: +50pips
lot2: +85pips (moved the stop to this point due to it being close to my exit strategy)
lot3: move stop to break even and stay in the trade

I hate to do it this way, but since im not a professional trader YET (lol), I cant be staying up all night watching my trades cuz im still in school. I will have to try to be the most honest i can to myself and doing this includes being stubborn with my strategy

I will see how the next few trades go over with the multiple lots because im trying to decide whether in the future i will be moving the stop loss on lot3 to 50 once lot2 has hit whatever profit i set OR strictly 100pips.. because in this case i would had made 50pips on lot3 because lot2 was fullfilled.. for the sake of this trade tho i will imagine i am still in the trade for lot3 and see where it goes

lot3:
target: 1.9376 (+114pips)
stop: breakeven

MacD and RSI are both showing strong positive divergence, so we will see where this trade ends up

looks like everything is going well for you. look forward to checking in to see how things turn out for you. For now great job and good luck.

See ya
Bob

thx Bob appreciate the positive comments


lot3 stopped out at 1.9490 @ break even

So total so far: +404pips

GBP/USD @ 1.9533
SL: 1.9473
Target: lot1: 50pips, lot2: 100pips, lot3: TBA

lot1: +50pips
lot2: +100pips
lot3: target: 1.9733, stop: moved to 1.9583 (+50pips lock-in)

lot3 was stopped out at 1.9583 for +50pips
this was due to a news spike from the GBP Retail Sales coming out worse than expected

So this trade gave me a total of +200pips

Total so far: +604pips

Sell GBP/USD @ 1.9522
SL: 1.9582
Target: lot1: 50pips, lot2: 100pips, lot3: TBA

Lot1: grabbed +50pips

Stop loss moved to break even on lot2 and 3
Target for lot2 and 3: 1.9422 (+100pip for each)

Question for everyone!!
Does anyone know how to set a target price for individual lots in mt4?? I can only do this manually... I am trying to have it so i initially go in to the trade with 3 lots and set the target for lot 1 at 50 lot 2 at 100.

closed out lot2 and 3 at 1.9508 for a profit of:
lot2: +14pips
lot3: +14pips

Total so far: +682pips