My first post on Fxfactory and first journal

There is a trick, but I definitely do not personally certify or recommend it - use at your own risk.

Just put an opposite 1 lot pending order at your TP. So for example, if you are short, put a long pending order in for 1 lot where you want your target to be. Hedging is _usually_ not allowed so the two colliding effectively creates an TP exit.

It is actually far simpler and takes less time and risk of human error just to enter 3 separate trades, one lot each.

does that actually close out the trade or does it just open up a separate order?

It may open up a separate order that would be canceled, stinging you with spread again instead of just closing an order - i'm not sure. You'd have to check it out on demo. I haven't tried it with MT4 w/ IBFX, but I used to do it all the time on FXCM's proprietary platform.

Buy GBP/USD @ 1.9535
SL: 1.9475
Target: Lot1: 50pips, Lot2: 100pips, Lot3: 200pips

this is just a side note for anyone interested in trading

Trading in the Zone by Mark Douglass is a MUST READ, I am currently 3/4's of the way through and am very impressed to see his philosophy on why professional traders are able to be professional traders.. he dissects the levels of psychological barriers involved in trading.

Definitely has helped me become MUCH more comfortable with the idea of trading and also helped confirm that i have been heading in the right direction with my trading style, especially compared with how it was when i blew out my $500 live account (which i refer to as either one of my most valuable lessons or my learning account )

lot1 closed at target for +50pips

lot2 and lot3 stops moved to break even

lots 2 and 3 stopped out at break even

Total So Far: +732

Sell GBP/USD @ 1.9479
SL: 1.9539
Target: Lot1: 50pips, Lot2: 100pips, Lot3: TBA

I opened up another demo account using my broker's dealstation, MGForex

I currently have $6551 in the account so i will be using this w/ mini lots to be more realistic on how i would go back into the market w/ a live account.

I will post my money management rules in the next post, i am busy writing an essay now tho

all 3 lots stopped out at -60pips
so -60*3= -180


heres the money management for the trade:

1) I bought 3 mini lots and had $6551 in my demo account so..
True leverage: 30,000/6551= 4.58:1 (below 20:1)

2) My stop loss was 60 pips initially so at 3 mini 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..
($3*60pips)/6551= .0275 = 2.75% .. close to 3%, but ok

Total So Far: +552

I will be posting my strategy later this week, very busy this week, exam and papers due

Sell GBP/USD @ 1.9582
SL: 1.9642
Target: Lot1: 50pips, Lot2: 100pips, Lot3: TBA

Noticed MacD and RSI negative divergence on 4 hour and 1 hour charts (used 1 hour to confirm, its the only time i ever go below 4 hr chart)

hai...brxxt

are u ready sell in 1.9642?
u must carreful bcause tonight all news out include gbp news and usa news
but we have chance take profit in cable in 1.9500.

good nice trade

lot1: +50pips

Moved lot2 and lot3 to break even

Stopped out at break even


Was a HUGE whipsaw due to the GDP data coming out for the US. Theres still more news to come. Not the greatest week for a trend trader


Total So Far: +602pips

Okay I have finally found some time to write my strategy out here... sorry it took so long, last week I had tons of school work and my I had to send in my "good" laptop to get fixed so im using my crappy one now that has no sound so trading on here is harder, i get the good one back friday.

Alright the strategy is based mainly on TrendManager on the 4hr chart. I enter trades based on Trendmanager alerts. I use discretion before entering any trade by making sure there is no series of economic data coming out that could create big whipsaws during my open trades. Also i keep open a daily chart to make sure i can see any major trendlines, channels, macD/RSI divergence going on in the "bigger picture" because this will either back my trade or make me stay out of the trade. I also use a separate 4hr chart for the same things as the daily chart, just to see any "big picture" things going on in the smaller timeframe (again just to back my trades). Also i have one more 4hr chart open for mouteki. Mouteki can help me to back my trades (but i wont enter due to its signals). But also, sometimes (not very often) i will use mouteki's target price as my target price if it matches w/ the "big picture" charts.

My exits are determined by lots. I always go in with 3 lots (keeping in mind i am only risking below 2-3% of my account). I set the target for lot1 at 50pips profit and lot2 at 100pips profit. Lot 3 is determined by Entrex and Angle_PR (2 exit indicators i have downloaded). When price hits either of these first lot 3 is out (these indicators move w/ price so i dont have a set target for 3 until it is close to the entrex/angle_pr line).

ALWAYS USE TRAILING STOPS!!
My initial stop for all 3 lots is -60pips. But whenever lot1 has hit its target of 50pips profit i immediate move the stop loss on lots 2 and 3 to my breakeven point (my entry point). I do this because it usually will give price enough room to retrace a little and by having the stoploss at breakeven i have erased all of my risk (only profit or 0 from here on out).
NOTE: If Trendmanager signals a change in direction before the initial stoploss of -60pips is hit, COME OUT and change trade direction (Follow trendmanagers signals).

So basically, my strategy is based on Trendmanagers signals with a good amount of discretion. This means people might have different outcomes using my strategy. I have found a good amount of success trading this way and it works for me. Although the market does change often, it will go through cycles of having good trends then goings sideways. So of course trendmanager will not work as effectively in sideways markets, but having a good idea of the "big picture" will help know when and when not to rely completely on Trendmanager.

Sell GBP/USD @ 1.9311
SL: 1.9371
Target: Lot1: 50pips, Lot2: 100pips, Lot3: 100pips

Trendmanager change signal

closed at 1.9346
so -35*3lots= -105pips

Total So Far: +497pips

Ignored signal to go long due to UK interest rates coming out at 7am
could be a MASSIVE whipsaw if there is a change in the interest rates and i read that 15% of economists thought there would be a change.

decided to stay out, too unpredictable

ive got my "good" laptop back now so i have sound and can hear the signals so i will be back to my regular trading (as apposed to 1 trade a week).. kind of a good thing i havent traded for about 2 weeks since the market has been all over the place.

I will begin trading sunday/monday because tomorow is the biggest news day of the month, NFP and lots of other stuff so the market will be chaos.