Mjollnir journal - Guppy, rainbows and other kinds of MAs

Introducing myself:

I have been demoing for 2 months before. Been stock trader for 6 months.

Today, hot friday, was my first experience in forex live account.

My account is @ MBT. 5$/million traded. Deposit of 2000 USD.

Platforms: MT4, Quotetracker, Oanda. All of them have their own specific advantages.

This day has been really exciting.. lot of news, especially NFP.
EUR/USD made crazy things within the next 2 hours of the release.

Will post results of my first day tonight after close. I can already say I have been overtrading: 13 trades: P/L breakeven minus 23 USD of commissions. So I'm down 23 USD at the moment.

Summary of my first trading day:

Profit/loss: $0 after 13 trades. Minus 30$ commissions, I'm down 30$.

Overtrading is bad :] But that scalping session was fun. Should have stopped trading @ +20 USD profit.



Next week objective: stick to my systems. Investing half of my position sizing in each of them if signals say to.

System #1:
Based on Guppy
S/L @ 8 pips
T/P undefined.
1% of my account to this system -> Can trade 2.5 lot of 10k

System #2:
Swing trading based on some MMAs.. still experimenting..
S/L @ 100 pips
T/P @ undefined pips
1% of my account to this system -> Can trade 0.2 lot of 10k

A word about my MM:
Fixed ratio (not fixed fractional!) MM: deposit of 2k USD, delta of 250$, next increase of contract @ 2500 USD (+500 usd profit).

Congratulations on starting your journal. But, if you are going to treat this as a business, then you certainly need to get your costs right, so that you know what your projected income will be.

Commissions on MBT are $5/100K USD traded. Not per mil as you have written. Also, remember it is usd traded, so if you trade eur/jpy, the cost is different, if you trade aud/nzd, it is different.

Just thought I'd give you a heads up.

Happy trading.

Regards,
K.

Yep sure, sorry for the mistake.

Disastrous first week on forex...

I've been losing 10% of my account.

Friday, my first day was breakeven, all others days were losers except today I was doing fine, sticking to my method (guppy+trend/sr lines) then lost all my profits and even more.

Tuesday was a very good day btw. +50 pips on 7 trades (1 loser) and +90 pips on one trade overnight. But that day I decided to use only 0.01 lot.. so I just won something like 50 cents or 1 $... Stop loss were around 6 to 7 pips.


SR lines and guppy seem to work fine for me, but I really have to stick to them. I've been trading mostly M1-5 charts and 4H. Another thing I noticed is that I do a lot better when I put a Limit+TTO order (MBT platform is very good for complex order types). That means I set up my SL and TP when I enter my trade. Those are determined by the various SR lines and sometimes some fibonnacci.

I should also avoid trading news, was breakeven once and lost twice on that type of event.


I'm disappointed but won't give up. Cya next week.

Too much loss since I've gone live.. 12+% drawdown ! No positive day.

So this morning I decided to switch to rainbow scalping, on 12 sec timeframe method. And I finished the day positive! Hurrayyy

17 trades, 3 losers (biggest by ten pips). Can't say total pips profit cause MBT platform sucks for reports.

http://img218.imageshack.us/img218/1060/todayxv2.th.png

Almost half of the profits has been eaten by the commissions. I have to improve that.

Calculated by hand, my profits are:

+42 pips on eur/usd
+7 pips on eur/jpy