Well this is going to be my last attempt at a trading journal and trading in general.
I have a solid system/plan which works but I tend to deviate away from this. It almost seems that I dont want to suceed in FOREX. Which led me to start thinking that maybe this is not for me. After thinking about this for a extended time, I have decided to give it one last shot.
Problems that I have recognized-
1) Lack of discipline and structure, all these other problems snowballed from this.
2)Over Trading, at one point I was trading 12 pairs.
3)Greed, originally I had a solid MM plan, but false confidence led me to throw that all away.
4) No direction, Now I dont mean in trading but I didnt follow any kind of trends, I took any trade that came my way.
5) Greed, Yes I know that I already mentioned this but I believe this was the main reason why I tend to fail. I want it all and I want it yesterday!!!
6) Lack of paitence, I jump into trades way to early. Some times it works in my favor, sometimes it doesn't.
Steps that I have taken-
1) I am only going to trade 3 pairs
2) Going to go back to basic's with my MM.
3) Only take trades in the direction of the Daily.
4) Going to take at the most 3 trades per week and go about my life.
5) Hopefully this journal will help my follow my plan to the tee.
One of what I believe to be a major aspect of trading that I have overlooked was "what do I want from this" After looking in the mirror for a bit I realized that there are many marketing geniouses in forex. At one point I bought into all of that jibba-jabba that was fed to me. Anyways I'm just ranting now, so this is what I expect of myself.
1) To hopefully be able to help some other trader out who is in the same dilemma.
2) Extra income per month
3) Eventually maybe quit my 9-5 and trade full-time.
As the tittle implies I trade Part-Time. By that I mean I normally trade off 4H charts and occasionally off the 1H. These TF work best for me as I work a full time job and am very active after work. The 4H works becuase I dont need to be in front of the charts monitering all day. I trade this TF but I am lucky enough to be able to monitor my charts when at work!
As for my system and charts-
I use MT4 for my charting (I think its GMT+1) and place trades on a different broker.
Indicators-
Slope Direction Line (SDL) (Period 9, Method 3, Price 0)
Accelerator Oscillator (AC)
Stochastic Oscillator (%K 5, %D 3, Slowing 4, Low/High, Simple)
Average True Range (ATR) (Period 10)
The Stoch is overlayed on the AC
Entry-
For Longs- When Stoch is crossing up and the SDL turns from red to blue. AC should be changing from green to red.
-I will wait for the SDL to close in blue before I enter, since it sorta re-paints.
-After it closes in blue enter on the open of the next candle.
For Shorts- Stoch crossing down, SDL turns from blue to red, AC changing green to red.
Filter-
Only trade in the direction of the daily. Same settings apply to determine direction.
Stop Loss-
Either the Value of the ATR or the high of the set up candle.
-Set up candle is the candle that the SDL started to change, 95% of the time its either the previous candle or candles.
~Note~
My stop losses are not static. In other words I dont place them with my broker, unless I know i wont be around then I place it. Instead I have a mental SL or I will use MT4 to set an audio alert when it reaches in about my SL area.
Take Profit-
Right now I am going to use a static TP. It will differentiate for each pair.
EURUSD- 30 pip TP
GBPUSD- 40 pip TP
GBPJPY- 50 pip TP
This may change, but right now thats where they are staying at.
For the time being-
-I will only be in 1 trade at a time, unless I am in a trade that is in profit then I will consider taking another position.
-I will also use the 1H to re-enter into the positions or to TP. These trades you sorta need a feel for.
-I will not be trading on Sunday's
-Positions will be closed befor EOD Friday.
I have a solid system/plan which works but I tend to deviate away from this. It almost seems that I dont want to suceed in FOREX. Which led me to start thinking that maybe this is not for me. After thinking about this for a extended time, I have decided to give it one last shot.
Problems that I have recognized-
1) Lack of discipline and structure, all these other problems snowballed from this.
2)Over Trading, at one point I was trading 12 pairs.
3)Greed, originally I had a solid MM plan, but false confidence led me to throw that all away.
4) No direction, Now I dont mean in trading but I didnt follow any kind of trends, I took any trade that came my way.
5) Greed, Yes I know that I already mentioned this but I believe this was the main reason why I tend to fail. I want it all and I want it yesterday!!!
6) Lack of paitence, I jump into trades way to early. Some times it works in my favor, sometimes it doesn't.
Steps that I have taken-
1) I am only going to trade 3 pairs
2) Going to go back to basic's with my MM.
3) Only take trades in the direction of the Daily.
4) Going to take at the most 3 trades per week and go about my life.
5) Hopefully this journal will help my follow my plan to the tee.
One of what I believe to be a major aspect of trading that I have overlooked was "what do I want from this" After looking in the mirror for a bit I realized that there are many marketing geniouses in forex. At one point I bought into all of that jibba-jabba that was fed to me. Anyways I'm just ranting now, so this is what I expect of myself.
1) To hopefully be able to help some other trader out who is in the same dilemma.
2) Extra income per month
3) Eventually maybe quit my 9-5 and trade full-time.
As the tittle implies I trade Part-Time. By that I mean I normally trade off 4H charts and occasionally off the 1H. These TF work best for me as I work a full time job and am very active after work. The 4H works becuase I dont need to be in front of the charts monitering all day. I trade this TF but I am lucky enough to be able to monitor my charts when at work!
As for my system and charts-
I use MT4 for my charting (I think its GMT+1) and place trades on a different broker.
Indicators-
Slope Direction Line (SDL) (Period 9, Method 3, Price 0)
Accelerator Oscillator (AC)
Stochastic Oscillator (%K 5, %D 3, Slowing 4, Low/High, Simple)
Average True Range (ATR) (Period 10)
The Stoch is overlayed on the AC
Entry-
For Longs- When Stoch is crossing up and the SDL turns from red to blue. AC should be changing from green to red.
-I will wait for the SDL to close in blue before I enter, since it sorta re-paints.
-After it closes in blue enter on the open of the next candle.
For Shorts- Stoch crossing down, SDL turns from blue to red, AC changing green to red.
Filter-
Only trade in the direction of the daily. Same settings apply to determine direction.
Stop Loss-
Either the Value of the ATR or the high of the set up candle.
-Set up candle is the candle that the SDL started to change, 95% of the time its either the previous candle or candles.
~Note~
My stop losses are not static. In other words I dont place them with my broker, unless I know i wont be around then I place it. Instead I have a mental SL or I will use MT4 to set an audio alert when it reaches in about my SL area.
Take Profit-
Right now I am going to use a static TP. It will differentiate for each pair.
EURUSD- 30 pip TP
GBPUSD- 40 pip TP
GBPJPY- 50 pip TP
This may change, but right now thats where they are staying at.
For the time being-
-I will only be in 1 trade at a time, unless I am in a trade that is in profit then I will consider taking another position.
-I will also use the 1H to re-enter into the positions or to TP. These trades you sorta need a feel for.
-I will not be trading on Sunday's
-Positions will be closed befor EOD Friday.
Attached File(s)
