TRADING FOR CHARITY
Hi to all reading this! First off this is a journal detailing my trades for charity. A large portion of all profits above my initial deposit of $2000 will be donated to charity. A small portion will be used to continue growing my account. I am new to trading and am using this as a learning experience. Any profits is an added bonus and will be donated to a good cause! I have decided to start a live journal just as a personal record for trades I take as a means of going back/analyzing my setups and thought processes at the time. My entries are mostly based off of long term low risk s/r zones and candlestick formations.
The only indicators I use are moving averages, along with fib price extensions (if you want to count that as an indicator). Other than that just simple support/resistance lines and trend lines I draw in myself mostly off of the daily/weekly/monthly time frames. When determining when to enter trades that fall in line with daily+ s/r resistance levels I look to the 4hr and hourly charts for more specific entries again based off prevailing s/r levels. Actual entries are made off of the 5 minute chart where I draw all of my S/R lines.
My s/l's vary depending on the entry setup (certain entries require different s/l's due to volatility at the time or varying entry parameters), but generally I try not to put more than 3% MAX 5% of my account at risk at one time. Generally if I see a trade going sharply against me I have mistimed my entry and the s/r level I was targeting did not hold and I will exit the trade (or be stopped out). Once trades have moved at least 20 pips in my favor I move my stops to BE and walk away. If I did my job correctly I should return to find myself up around 50+ pips and the budding starts of a leg to be forming.
Anyways enough talk.
EDIT: Current market conditions are not at all suitable to this strategy and i am stuck scalping for the time being until the choppiness levels out and we start the new year!
Hi to all reading this! First off this is a journal detailing my trades for charity. A large portion of all profits above my initial deposit of $2000 will be donated to charity. A small portion will be used to continue growing my account. I am new to trading and am using this as a learning experience. Any profits is an added bonus and will be donated to a good cause! I have decided to start a live journal just as a personal record for trades I take as a means of going back/analyzing my setups and thought processes at the time. My entries are mostly based off of long term low risk s/r zones and candlestick formations.
The only indicators I use are moving averages, along with fib price extensions (if you want to count that as an indicator). Other than that just simple support/resistance lines and trend lines I draw in myself mostly off of the daily/weekly/monthly time frames. When determining when to enter trades that fall in line with daily+ s/r resistance levels I look to the 4hr and hourly charts for more specific entries again based off prevailing s/r levels. Actual entries are made off of the 5 minute chart where I draw all of my S/R lines.
My s/l's vary depending on the entry setup (certain entries require different s/l's due to volatility at the time or varying entry parameters), but generally I try not to put more than 3% MAX 5% of my account at risk at one time. Generally if I see a trade going sharply against me I have mistimed my entry and the s/r level I was targeting did not hold and I will exit the trade (or be stopped out). Once trades have moved at least 20 pips in my favor I move my stops to BE and walk away. If I did my job correctly I should return to find myself up around 50+ pips and the budding starts of a leg to be forming.
Anyways enough talk.
EDIT: Current market conditions are not at all suitable to this strategy and i am stuck scalping for the time being until the choppiness levels out and we start the new year!
