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College student learning to run with the Big Boys

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  • First Post: Edited May 21, 2010 8:11am Apr 1, 2010 11:33am | Edited May 21, 2010 8:11am
"If you want to run with the big boys you can piss like a puppy"

Well I thought it’s time to start a personal journal to keep me motivated and to keep record of what I’m up to.

Ok firstly a bit about myself, I’m 22 years of age, I have a degree in Financial Management Sciences and currently doing honors in financial management which I will be finishing this year...hopefully...nah I will pass

I started trading shares listed on Johannesburg stock exchange in July 2009, and like everything in life it went very well for the first month, and being young and ignorant not listening to the pros I started taking more risks until I lost about 15% of my capital, major wake-up call!!, even got an email from my broker with info on the instruments I was losing money on.

So I decided to slow things down dramatically sort of, I started looking for shares and instruments that I could buy that is not very risky, get good dividends and growth and not to over trade like I used to. Well ever since my shares have been doing well. I’ve got a small account for trading high leverage futures and doubled that in the last 2months.

So I came to the conclusion that Discipline + Patience and a Solid Strategy will yield consistency in the long term!!!

So then I discovered the wonderful world of forex trading in October 2009, never really had an interest until November when I finished my finals and had a long holiday ahead of me.

So November I opened a demo account started playing around getting to know all the features and what not, discovered FF, and WOW did the learning and research process start, in the last 6months I have learned more regarding forex and markets than what I have done at varsity.

It’s been a very rewarding experience so far, KNOWLEDGE wise and not $$$$ wise... : ))

So forgetting what I have learned out of my share trading experience I rushed into the forex markets like there was no tomorrow, opened a live account in December, $100, and that disappeared faster than you can imagine. So back I went to demo trading..... Then opened a $1000 account and once again lost it all, or not all have $176.18 left....lol. And this was all the result of me not sticking to a strategy long enough on a DEMO and rushing things.

I used to go onto FF get a strategy, study it, demo for a day and thinking I’m ready to go live again and after the first losing trade start looking for a new strategy, I have probably gone through at least 40 strategies on this forum, and they are all great strategies!!! And the people that start those threads are truly amazing people, to be so helpful and unselfish is amazing.

Well after paying hefty school fees to the markets I have decided to work on a strategy and take it step by step...patience...discipline...and a plan with goals and objectives.(still working on the goals and objectives).
Congratulations on starting your journal. I know starting mine was a great way of keeping myself humble and honest. My only regret? That I didn't know about Forex at your age...LOL

Keep it simple, keep it real, know it's a business like any other and treat it that way and you'll do fine.

Capitol preservation is EVERYTHING. I'm still a newbie and I've learned that the hard way as well. Newbies focus on how much they could make. Pros focus on how much they could loose.

Best wishes for a long and profitable future!
Ghost Rider - WWTBMD?
Quoting albchr
Congratulations on starting your journal. I know starting mine was a great way of keeping myself humble and honest. My only regret? That I didn't know about Forex at your age...LOL

Keep it simple, keep it real, know it's a business like any other and treat it that way and you'll do fine.

Capitol preservation is EVERYTHING. I'm still a newbie and I've learned that the hard way as well. Newbies focus on how much they could make. Pros focus on how much they could loose.

Best wishes for a long and profitable future!
Thank you for your comment, i appreciate it!!!

i am busy working on my strategy nothing concrete yet but working on ideas. will post a little later on.
good start to the day, have taken 3 trades on GU today, 1 short and 2 long for a total gain of 24 pips.
+3 on short
+8 on long
+13 on long

all of them could of been much more if i closed out earlier, but 3wins in a row is i rate, the question is can i keep it up??

i have the charts ready to post, but i cant seem to upload as i have exceeded my limit for something, could someone please advise me on what i should do???maybe i need more posts???
took 7 trades in total today, no losses for a total 54odd pips, its only demo tho, but have opened a micro account so will be trading with that tomorrow, i will only be trading GU untill i can master the signals and master consistancy!!!
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demo trading statement for today, think im gonna call i quits for today. got class in a couple of hours so thats it for today.
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Congrats for your trades, you show potential

Spelling out your strategy will make it easier for you. You don't have to make it public but creating a rulebook and "updating" it just like a computer program will help you build up your strategy brick by brick. At least getting organized and methodic is what made me make a huge leap in my trading.

This journal is a great idea and your trades show that you've understood the market a little. Add a good methodology to this mix and you'll be consistently profitable far faster than me.
Quoting Intensity
Congrats for your trades, you show potential

Spelling out your strategy will make it easier for you. You don't have to make it public but creating a rulebook and "updating" it just like a computer program will help you build up your strategy brick by brick. At least getting organized and methodic is what made me make a huge leap in my trading.

This journal is a great idea and your trades show that you've understood the market a little. Add a good methodology to this mix and you'll be consistently profitable far faster than me.
well the strategy that i use is a combination of The Dance & Jankone 5m thread, not sure how to put a strategy for them on paper as they are already on paper at those threads. i also like support and resistance, pivots and fibs, trying them out all at ones tho(more for guidelines) which could make me a bit confusing in the future, but the quicker i get use to them the better, but i will post my style of the strategies that i use when i have it all figured out, and im confident that i can bring all this together. i have been working very hard the last 3months, atleast 12-16 hours screen time a day, it does eat into my studies a bit tho. but im starting to get into a good routine and where my priorities lie.

thank you for your kind words it means alot and i hope that you will be motivating me more in the future, it really does help alot when people compliment you it gives me convidence in myself.

thank you ones again and good luck with your trading!!
first trade back live, had a crappy last two days of trading, tuesday was -52pips and wednesday -34pips on demo although it was my own fault really, was jumping in out of trades, and chasing trades that was not there.
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Trade #2 live for today

EUR/JPY short got a +50pips from this trade, was a tricky one to take, very unsure about the direction at first.

Total for today +55pips
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How are you doing FxNoob ?
been out of action last week, was sick and had graduation, took 4 trades today, very sloppy imo there should of been no losses!!

#1 long GBP/USD at 1.54671 closed for +4.2 pips

#2 short EUR/JPY at 125.609 closed at -3.71pips, (should of held on to this one, would of been really good pips)

#3short EUR/USD at 1.33267 closed at -1.3(stupid should of taken +10 on this one)

#4short EUR/USD at 1.3327 closed for +1.2(this was pretty much at the same time i got stopped out at trade #3, i felt it was still good for a short, but decided to close out just to cover the previous loss)

unable to post chart at the moment.

live account is up $20.68 atm from $176 odd, but its been up and down the whole time. i was over trading my account and to inconsistent, but im working on it and getting that needed discipline and patience slowly,

i joined the Dance chat group aswell at www.fxinvestor.co.uk the traders on there is very helpfull and i have learned alot, its only a matter of time to success
cable 10ema touch trade, had RN resistance with the 10ema, so took it for a quick +9.6pips, could of been more as i was able to move s/l to BE pretty early, but the bullish pinbar that formed on 1h and the fact that cable has moved so much already today was warning enough.
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took a great trade, my stop was just to small.
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took 3 STUPID counter trend trades EUR/JPY just now, the 1st i closed for +5 , the 2nd -10 and 3rd -15, i had good support and i thought because it has dropped so much it will most definitily reverse now, so im down to $170 on live account(-6pips) once again

im so upset right now with myself, so many opportunities today that i should of taken today instead of the counter trend which had no supporting technicals.

oh well a new opportunity will present soon, thats the beauty of the forex markets
Dance trade on EJ just taken, 35/50 moving average touch of 1h equivalents on 15m chart with round number confluence, got +16(stop hit) but there was +30 in this trade.

Cheers
Dane
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trade i took much earlier forgot to take screen shots,

Entry was short on EU @ 1.31782
Stop @ 1.3188 and moved to BE very quick
Exit @ 1.31654

Cheers
Dane
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GU short

Entry @ 1.5218
Stop @ 1.5232
Exit @ 1.5216
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EJ short,

entry @ 123.487
stop @ 123.58
exit@ 123.296

this wasnt a trade according to any of the rules so im not really happy with it, i was waiting for price to retrace back to 35sma, i had the daily pivot, previous S/R and 1h 35sma.but it was a very quick +20pips, was like 4min.

cheers
Dane
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another good day so far i have made +40% on the amount i had left in my live account since i started this journal and started trading The Dance. im still finding my feet with this strategy, but everyday im growing and learning new things!!

I have learned alot from the guys in the chat and hope to learn lots more from them, and want to thank them if any of them by any chance are following this journal

This is a 1M chart of GU, didnt have time to take nice screen shots today, while i was entering the trades, made 9trades total with 6wins, im still very nervous when it comes to holding onto the winners, and the losses that occured should not of been losses.

I have put all the equivalent MA's of the 15m chart onto the 1M, today is the 1st day i had it like that. Will see how it goes tomorrow, i also have fibs, pivots, and round numbers on. and i use the 4hour chart to identify some support and resistance areas.

Cheers
Dane
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