Hi all, this is my first journal, I have waited much, too much to start a trading journal, that is one of the keys to success because with it you have to follow your own strategy, have discipline to apply it and learn about your mistakes.
I have 1 year of experience in Forex, after blowing up many accounts I know now what are my principal mistakes: overtrading and let emotions trading for me. In last month I used to make 5 trades at day, but some days, at the beginnig, I get to make till 100 trades at day, this is completly insane and the most important, I have discovered that I have lost more with the spread and the commissions than with the losses of my trades.
Forex is a too easy market when you see it in historical perspective, so, why 95% of people lose like me? Because we all make the same mistakes, we kill ourselves overtrading and let our emotions take the control of our trades.
I'm inspired by the thread Forex House of Pleasure and Pain of Jacko and by the book Trading for a living of Elder, in fact, you don't need much more to became a profitable trader, just a good book and good advices to begin.
So, these are going to be my untouchable rules:
1.- No emotions.
2.- Larger timeframes, from 4H to Weekly.
3.- Tight SLs, between 20 and 30 pips and large TPs, between 100 and 200 pips.
4.- 50% of Fib Retracement.
5.- Sell in Resistances, Buy in Supports.
6.- To take a look to fundies and news.
After one year trading I think that is better to find a trade that you think that could be perfect and use with it all your margin with the maximum leverage than open a lot of impulsive trades with less leverage.
That's all, my goal is to find 10 perfect trades this summer, with an average of +150 pips each one. This is an average of 3 trades at month with +450 pips monthly. I don't need more. And the golden rule is: if I can't find a possible perfect trade, I will not open any position. It's possible that I will not open any trade in next 3 months, and it's possible that I open more than 10 trades, this doesn't matter, the key is that each trade must be a canditate to be a perfect trade.
Sorry for my bad english..., and let's go! I will update the thread when I find the first candidate to became a perfect trade, see you till then.
I have 1 year of experience in Forex, after blowing up many accounts I know now what are my principal mistakes: overtrading and let emotions trading for me. In last month I used to make 5 trades at day, but some days, at the beginnig, I get to make till 100 trades at day, this is completly insane and the most important, I have discovered that I have lost more with the spread and the commissions than with the losses of my trades.
Forex is a too easy market when you see it in historical perspective, so, why 95% of people lose like me? Because we all make the same mistakes, we kill ourselves overtrading and let our emotions take the control of our trades.
I'm inspired by the thread Forex House of Pleasure and Pain of Jacko and by the book Trading for a living of Elder, in fact, you don't need much more to became a profitable trader, just a good book and good advices to begin.
So, these are going to be my untouchable rules:
1.- No emotions.
2.- Larger timeframes, from 4H to Weekly.
3.- Tight SLs, between 20 and 30 pips and large TPs, between 100 and 200 pips.
4.- 50% of Fib Retracement.
5.- Sell in Resistances, Buy in Supports.
6.- To take a look to fundies and news.
After one year trading I think that is better to find a trade that you think that could be perfect and use with it all your margin with the maximum leverage than open a lot of impulsive trades with less leverage.
That's all, my goal is to find 10 perfect trades this summer, with an average of +150 pips each one. This is an average of 3 trades at month with +450 pips monthly. I don't need more. And the golden rule is: if I can't find a possible perfect trade, I will not open any position. It's possible that I will not open any trade in next 3 months, and it's possible that I open more than 10 trades, this doesn't matter, the key is that each trade must be a canditate to be a perfect trade.
Sorry for my bad english..., and let's go! I will update the thread when I find the first candidate to became a perfect trade, see you till then.
