• Home
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • User/Email: Password:
  • 12:18am
Menu
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • 12:18am
Sister Sites
  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Newbie asking a newbie interest rate question: 1 reply

Learning Together - A Newbie on the road to improvement 25 replies

The snail Journal 2010 12 replies

Newbie Factory Journal 12 replies

  • Trading Journals
  • /
  • Reply to Thread
  • Subscribe
  • 2
Attachments: Learning at the speed of snail [Newbie Learning Journal]
Exit Attachments

Learning at the speed of snail [Newbie Learning Journal]

  • Post #1
  • Quote
  • First Post: Edited at 11:45pm Mar 18, 2012 8:16am | Edited at 11:45pm
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
Here is a little background, I am currently a student aiming to become a professional fashion photographer. Photography is where I express my creativity and I do want to do it as a career, one day being published in high fashion magazine such as Vogue and Harper, and working with major fashion brand advertising campaign. However I only want it to be my career because it is what my right brain love, but I don't want to rely on it as sole income.

I am actually more of a logical type person, I love solving problems and am very technical. In order to satisfy my left brain I have fallen in love with forex and it continues to fascinate me. I hunger for information and I have spent 8+ hours for the last 4 weeks reading, researching, and discovering forex. I went through a phase of trying out every system, indicator, script that I could get my hands on. However, I noticed that it was all clouding up my brain and made it very difficult to filter out the bad information.

When I stumble upon B.S. Trading with Kenneth Lee and after reading the whole thread I realise for the first time I actually understand how the market works, why price goes up and down, it all seems so simple but it never "clicked" because I was too busy understanding what to do when this ma touch that or when this turns green and that turns red. I decided that since Supply and Demand completely explains to me the movement of PA, it will be a pretty good starting point to make sense of the chaos, and allow me to see the order within it. For now it will be my only way of trading until there is a reason to adjust in the future.

I am starting this thread in order to increase accountability, which will help myself sticking to the rules and hopefully improve my trading skill. The following is my trading plan that I must follow, and as seen in the rules section, if ANY rules are broken I will skip the next trading day as punishment.

I appreciate everyone's time if you choose to read this thread, and I will update it every day with screenshot and details of every trade of the previous session.

Here is my trading plan:

Goal:
Become consistently profitable in forex.

Method:
Using only supply and demand and only trading AA+ set up

Risk management:
1% Max per trade
2% Max Lose per day
3% Max win per day

Entry:
Strength of move: Strong (2)
Profit margin: 3:1(2) 2:1(1)
Bigger Picture (Daily trend): With trend & level far (2), with trend & level close (1), else (0)
Retracement: Fresh level only (2)
Time: Few candles (1)
Strength of return: Strong (1)

Total of 10
If score = 9-10, pending order worthy
If score 8, confirmation entry
If score < 7, no trade

Exit:
Stick to planned take profit.
Move SL to BE+1 when 1/3 of the way to TP.
Can’t go broke taking profit.

Rules:
1)Only trade from London open to NY open +2
2)Only trade AA+ Set up, score 8 or more
3)Stick to risk management
4)Only adjust plan during weekend
5)Do not change SL or TP unless TP1 is reached or price stalls obviously
6)Plan trade before entry and stick to it
7)Exit when “hoping” for result
8)Accept risk before entry
9)When in doubt don’t trade
10)Don’t study forex during trading hours
11)Stick to supply and demand until proven unsuccessful
12)Keep journal and write down all reasoning in a trade (why entry, why change SL, why close)
13)Revisit trading plan before trading for the day
14)Don’t trade out of boredom
15)Don’t force a trade
16)No more than 3 pairs
17)Only 1 open trade during any moment (Pick the best one)
18)Wait for best set up, if none rather no trade than risking on subpar setup
19)Tell others when you break your rules, be accountable for your mistake
20)If rules were followed and lesson learnt, even a losing trade is a good trade
21)Revise each trade of the day after trading hour, look for flaw and if it was justified
22)Will not adjust risk management until 4 winning week in a row
23)Anything could happen
24)Trade with probability
25)Don’t predict the market
26)No expectation
27)Trade to learn, not to earn
28)If a rule is broken skip next trading day

-SnailRoll
  • Post #2
  • Quote
  • Edited Mar 19, 2012 12:35am Mar 18, 2012 10:17pm | Edited Mar 19, 2012 12:35am
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
Accidentally broke a rule and traded outside of the planned London > NY open +2, I thought I was in demo but actually logged into live account. But I treated the trade as real and didn't notice it was live until it almost hit TP. Since it was accidental I will only skip the current trading day, so there won't be any trade for the next 29 hours, only demo.

I had a pending order set but the first spike missed it be 0.2 pips so I didn't count it as first touch, I figure that if the price stopped right before it there would still be a lot of supply waiting, so I took off the pending order and when I saw price was moving up strongly I placed the exact same pending order.

Trade #1

AUDUSD - m5
Entry - 1.06030
SL - 1.06070
TP - 1.05932

Strength of move - 2

one long candle away from level, seems pretty strong so I gave it a 2

Profit margin - 2

(1.06030-1.05932)/(1.06070-1.06030) = 2.45:1
Potential risk was 3:1 since last low was right at 3:1 but I placed my TP just a little above

Bigger Picture - 1

HTF trend was up, but since there isn't major supply or demand in the way I gave it a 1

Retracement - 2

Fresh level

Time - 1

Only 1 M5 candle before the move away from level, so I gave it a 1

Strength of return - 1

Only took 3 M5 candle to reach supply from low, very strong so I gave it a 1


Total - 9/10




Review

The trade was a winner, I followed the rules in terms of trading, even though broke the rule of trading time accidentally. I only watched the trade and did not modify the trade in anyway.



Day 1 Result - +2.11%

- SnailRoll
Attached Image (click to enlarge)
Click to Enlarge

Name: audusd19032012.jpg
Size: 69 KB
 
 
  • Post #3
  • Quote
  • Mar 19, 2012 3:20am Mar 19, 2012 3:20am
  •  Dopey
  • Joined Apr 2005 | Status: Dopey Bastard | 1,568 Posts
You need to trim that rules list down. You'll drive yourself nuts with that many. Summarize it, chop it, do something though, it's too long.
 
 
  • Post #4
  • Quote
  • Mar 19, 2012 3:30am Mar 19, 2012 3:30am
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
Quoting Dopey
Disliked
You need to trim that rules list down. You'll drive yourself nuts with that many. Summarize it, chop it, do something though, it's too long.
Ignored
Yeah it's a little long but I think most of them are pretty basic and not very hard to follow. It's more about writing them out to keep them in mind, not like they are rule to a system that I have them go through them one by one before a trade.

If it starts to become a problem I will trim them down, but every one of them have their reason and I plan to add more as I go.
 
 
  • Post #5
  • Quote
  • Mar 19, 2012 5:44am Mar 19, 2012 5:44am
  •  Quezoy
  • | Joined Nov 2011 | Status: Member | 1,078 Posts
I'm also a newbie who just started a journal to improve my trading, so we're in the same boat.

Have you tried to trade longer time frames? Daily or 4H? Many paople say TF below 1H are not suitable for begginers and that they should start out with daily charts.
I myself started out with 5M and 15M charts and over time worked myself up to daily and can understand now, why those TF's are more appropriate for newbies.

Here is a thread and an article I've found helpfull.

Wish you good trading!
Thoughts are things
 
 
  • Post #6
  • Quote
  • Mar 19, 2012 5:56am Mar 19, 2012 5:56am
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
Quoting Quezoy
Disliked
I'm also a newbie who just started a journal to improve my trading, so we're in the same boat.

Have you tried to trade longer time frames? Daily or 4H? Many paople say TF below 1H are not suitable for begginers and that they should start out with daily charts.
I myself started out with 5M and 15M charts and over time worked myself up to daily and can understand now, why those TF's are more appropriate for newbies.

Here is a thread and an article...
Ignored
I draw supply and demand level from M15 to Daily and entrance would be around m5 if I am not using pending order. I don't really trade on a particular time frame as long as I see a set up.
 
 
  • Post #7
  • Quote
  • Mar 20, 2012 7:34am Mar 20, 2012 7:34am
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
-1 % today, will stop here since I am starting to get major headache, will update on trades tomorrow.
 
 
  • Post #8
  • Quote
  • Mar 21, 2012 7:09am Mar 21, 2012 7:09am
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
Pause on trading for a week, going to be very busy.
 
 
  • Post #9
  • Quote
  • Mar 22, 2012 5:46pm Mar 22, 2012 5:46pm
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
A quick share of two trades I took on USDJPY yesterday and the day before on demo, they were both pending orders, which is what I want to be able to do in the future. Study the charts and place PO and done for the day.

Entry and exit highlighted by circle. First trade was about +2.5% second was +3.2%
Attached Image (click to enlarge)
Click to Enlarge

Name: usdjpy.jpg
Size: 68 KB
 
 
  • Post #10
  • Quote
  • Last Post: Mar 24, 2012 8:56pm Mar 24, 2012 8:56pm
  •  SnailRoll
  • | Joined Feb 2012 | Status: Member | 109 Posts
A bit of losing streak but I have been studying on some webinar and getting a better idea on how to find good levels, hopefully it will show next week.
 
 
  • Trading Journals
  • /
  • Learning at the speed of snail [Newbie Learning Journal]
  • Reply to Thread
0 traders viewing now
Top of Page
Forex Factory Blog Updated: Alerting All Members
  • Facebook
  • Twitter
About FF
  • Mission
  • Products
  • User Guide
  • Media Kit
  • Blog
  • Contact
FF Products
  • Forums
  • Trades
  • Calendar
  • News
  • Market
  • Brokers
  • Trade Explorer
FF Website
  • Homepage
  • Search
  • Members
  • Report a Bug
Follow FF
  • Facebook
  • Twitter

FF Sister Sites:

  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Forex Factory® is a brand of Fair Economy, Inc.

Terms of Service / ©2022