Hunter101's Forex Journal!!

I have been in this forum for about 2-3 months and just now i am trading live (yesterday started). I make this my 'blog' on trades til i blow my account away, and of course have my reactions/ feelings and of course wins and losses. I am primarily a News Trader (FA), so i will try to explain all my trades through what economic reports that comes out. I am not an expert, nor i can explain everything, i will give a basic, bastardly, summation of the trades. Of course i will use charts that are available on this forum from other GREAT members who would do teh work to help out others in the forum. I will BOLD which reports i trade and update on how much i won or lost. I am here till i lose to about 1k from my 1500 account and only trade good reports that are very volitile, which is basically limiting myself to only a few trades per month.


First day; Sept 25 06

Lost 240 total out of 1500 account. I should have been up for all my trades, but slippage/delayed reaction caused this to happen. I traded the NDZ trade balance and US home sales (was up on this one). I lost 200 in 2 seconds, i had my TTO at a specific spot and should have been a 2-5 pip loss, rather it was a 20 pip loss. I called and they will see what they can do. Which the C. service dude said TTO is a market order which was that a market order. Go figure, stop loss+ TTO signals my automaded trades as market orders eventhough i told the system that i wanted to get out at a specific spot. They even said that Forex is a unregulated market, which they are hinting that i am screwed. Overall, not a good sign to trade with MBT with the current responces that they said. But i will see today if they call me with a better explaination. Hopefully i will get teh differnce (it was the sread that filled me, not the market, added to teh slippage, yeah... not good).

Today is a better day, i will trade the retrace (fade as others call it) on the US consumer confidence. Would love to trade the Market orders, but fear of slippage + spread adds to a non-favorable move, esp with a weak report such as this.

THankx for reading AND insights are welcome.

- J

so you lost 16% of your total equity on one trade!?!?!?

if you're trading news I hope you subscribe to some news alert that cause around $1500-2000/month I heard. They give you the reports a few seconds early. Try reuters.

I called them and hopefully i can get back my 150 bux. TTO was suppose to limit me from losing and slippage, as said on their website (or somewhere i heard). IF i get that back, i would be only down a few bux. Shame too, i was suppose to be up. All of my trades were good, but the late fills, spreads and slippages adds to an unfavorable situation. But i am now confident i can bring it up. My demos are GREAT. I been news trading for a few months, since i leraned forex, and my demos shows great improvments, which i have to transfer over to this new culture of live trading. I guess i have to improve on situation for the live enviroment.

9/26/06

No trades today. The US consumer confidence was expected to be around the range of 103, but the actual was at 104.5. Just as BK said, the Dollar is pretty much stronger for now. THe lowest that the Euro went was at 1.2669-70. I would enter my fade at 1.2680, but after 39 min now, it seems that the retrace wont happen anytime soon. I call it a no trade.

Retraces can take time. But to determine retraces, in my opinion, there has to be a fast market movement within the first 30 min after the news announcments. In most cases, less than 5 minutes. But today it seems that the Dollar is strong. Which pretty much started around the London opening of trades today. Since then there has been a down trend which gave the dollar it needed to be strong. If the markets were a more neutral position, then there might have been a retrace, as such in the past few months with this report. No trade today for this newbi in the forex markets.

For my prediction, which is a prediction that i wont gamble upon, i think that there will be a retrace. How soon? Dont know. Retraces can take time to happen. I once saw a video having a retrace take about 6 hours!!! Of course it was edited, but i cant dwell on the computer for 6 hours just for 10 pips. And as i am tryping this, the Dollar is getting stronger. Currently the price is at 1.2663-5 on the Euro (and going lower) on my Oanda demo (i use their charts and trade live with MBT, which on their demo i have proved to myself that i can be good, and improve, on my news trading).

To sum up, Dollar strong, no trade. BUT there is a trade, but dont want to be on the computer for X amount of hours.

Another day to wait for good trades. Cant win them all.

Also, MBT called, and they will look into what happened to account and the TTO order that i placed which didnt got honored. Hopefully, but unlikely, i will get honored back the difference, since it was a TTO that was suppose to limit my losses. But we all know that brokers rarely honor their mistakes and in my case, my mistake as they said.

TTY readers tommarow

- J

Hunter 101

You need to have a trading plan. Try not to risk more than 5% of your trading capital on any one trade. Tomorrow at 10:00 AM EST is New Home Sales. If the number is way below GUESSPERT's call , then the EUR/USD should spike up. There sometimes is intervention to push it down. A way around that is to set a limit out and a stop when you buy your Position before the numbers are released.

Good Trading

BWM

9/27/06

US Durable Goods


Thanx Warren for your comments! I do trade 5 percent of my net, but for the NZD i got greedy that i straddled 1 full lot with a currency pair that i dont know about. I usually straddle 5% one up and 5% one down. Which is safe, i cancel the trades after the numbers comes out in fear of the "whip."

Today was a good day to say the least. Straddled the US durable good. made 5 pips trading the news. And 11 pips for the "fade." Which is better than the debockle that happened on monday night.

+5 pips= 25

+11 pips=110

All = a good trading day for me. One more coming up at 10 am, i will only trade the fade. My girl woke me up like 6 min before the trade too, hehe.

9/27/06

US New Home Sales

Straddled and lost about 4 pips.

Traded retrace, exited and made 10 pips.

The freakin commissions is killin me!!! 40 bux total for commissions today, they are makin a killin off of me!

-4= news (automated TTO exited me on the trade, i should have kept it, since i caught the spike down).

+10= Fade, slow slow fade.