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$700 to $50,000 Journey

  • #1
  • First Post: Edited 8:15pm Jan 28, 2018 8:04pm | Edited 8:15pm
Hi folks.

Have been trading for many years. But everytime when I get hit, it's because of greed.

I'll try my best not to let greed get in the way through this journal.

Trading the Gbp/jpy pair only
Daytrading from the 1 min chart
From 7:00am - 12:00pm EST or during New York session
Daily goal is 20 pips per day

I'm expecting to miss alot of trades so therefore I would need to keep in check with FOMO in addition to greed.
I might have to wait for hours for few good trades.
Since starting with small account, I will be trading very aggressive.
Analyzing the charts from 4Hr, 1Hr, 5min and down to 1 min for the entry.
Not interested in holding the trade more than a day or overnight since this pair has lot of surprise risks.

Feel free to comment, post your gbp/jpy trades or results or anything that you want to contribute.

Thanks!
Just 20 pips a day to riches
  • #2
  • Jan 28, 2018 9:15pm Jan 28, 2018 9:15pm
i dont want to discourage you but it doesnt seem like that you are trading for many years,i suggest you to start analyzing from atleast daily if not weekly.
  • #3
  • Jan 29, 2018 12:41am Jan 29, 2018 12:41am
Quoting T4Trade
i dont want to discourage you but it doesnt seem like that you are trading for many years,i suggest you to start analyzing from atleast daily if not weekly.
he wrtoe:
"Trading the Gbp/jpy pair only
Daytrading from the 1 min chart
From 7:00am - 12:00pm EST or during New York session
Daily goal is 20 pips per day"

do you really think it is that important and necessary to analyze weekly, or even daily timeframe to successfully scalp M1 timeframe?
there is always, always another trade!!
  • #4
  • Jan 29, 2018 3:46pm Jan 29, 2018 3:46pm
Quoting profitfarmer
{quote} he wrtoe: "Trading the Gbp/jpy pair only Daytrading from the 1 min chart From 7:00am - 12:00pm EST or during New York session Daily goal is 20 pips per day" do you really think it is that important and necessary to analyze weekly, or even daily timeframe to successfully scalp M1 timeframe?
profitfarmer you are really a seasoned trader,so i wouldn't argue with you on this topic but i have traded 4 hourly without consulting D1 and had very bad experience.But i have not traded below 4HTF.

may be 1 min scalping is ok to go with 4HTF.if you find this strategy successful then i am also in,who doesn't want green pips. i was sharing my experience and caution him to check Daily time frame.
  • #5
  • Jan 29, 2018 8:38pm Jan 29, 2018 8:38pm
Hahaha... Awesome, as soon as I wanted to start fresh with a new journal, I get a drawdown, what a bummer.

Wasn't patient enough to wait for the setup later on the day.

T4Trade. Thanks for the comment. I do look at the daily/weekly TF once a day but since I trade intraday, I'm looking more at those lower TF's I mentioned.

What a great start, isn't it?

Let see how I do tomorrow.

peace.
Just 20 pips a day to riches
  • #6
  • Jan 29, 2018 10:03pm Jan 29, 2018 10:03pm
Quoting FastPipn
Hahaha... Awesome, as soon as I wanted to start fresh with a new journal, I get a drawdown, what a bummer. Wasn't patient enough to wait for the setup later on the day. T4Trade. Thanks for the comment. I do look at the daily/weekly TF once a day but since I trade intraday, I'm looking more at those lower TF's I mentioned. What a great start, isn't it? Let see how I do tomorrow. peace.
if u really follow the direction of W and daily and trade the lower time frame,then i would like to connect to u to discuss the pairs u r selecting everyday to trade.
  • #7
  • Jan 30, 2018 1:52am Jan 30, 2018 1:52am
Quoting FastPipn
I'll try my best not to let greed get in the way through this journal.
You say you do not want greed to get in your way. Yet, you trade with such large positions sizes for your account. It'll only take a few losses to nearly wipe out your account.
  • #8
  • Jan 30, 2018 10:41am Jan 30, 2018 10:41am
May be this is that you already decided but, i might suggest you to do scalping in 5 min chart better than 1 min TF ,because you know there are lot of noise in 1 min TF than 5min TF for scalping which could be difficult to differentiate the fluctuation from the trend reversals ,


and all the best for you success , happy scalping.
  • #9
  • Jan 30, 2018 2:45pm Jan 30, 2018 2:45pm
[quote=FastPipn;10716771]Hi folks. Have been trading for many years. But everytime when I get hit, it's because of greed. I'll try my best not to let greed get in the way through this journal. Trading the Gbp/jpy pair only Daytrading from the 1 min chart From 7:00am - 12:00pm EST or during New York session Daily goal is 20 pips per day I'm expecting to miss alot of trades so therefore I would need to keep in check with FOMO in addition to greed. I might have to wait for hours for few good trades. Since starting with small account, I will be trading very aggressive.

Hi, i wish you well BUT it does not matter how big your account is, so no need to trade aggressively .

You trade for %%%%% not $$$/£££ your wins will mount up quickly and even faster if you compound.
Good Luck...............
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #10
  • Jan 30, 2018 4:10pm Jan 30, 2018 4:10pm
Hey there Fastpipn

Here is what I see in your first trade. Over leveraging... poor execution.. then carried away with emotions for 41 minute .. possibly some praying or cursing along that time. And as soon as you breakeven you quit and promise to yourself, may be not to do that again. Few minutes later you look at the chart and curse again.

I think we all have been there but some of us gone well beyond it and now making money consistently with little risk and lot less stress. So it is not too hard to guess where this will end up unless you take some real action and do the right thing.

700 to 50,000 is not a good journey to take. Better take 10% gain with max 5% DD every month for a year. That will take you more than 50K over the long run.

I hope it makr sense for you.
  • #11
  • Jan 31, 2018 8:46pm Jan 31, 2018 8:46pm
LetusForex, Rajesh.d, billytt, Kxeroo,

Thanks for your feedback.

Yes, I messed up in the beginning, probably coming out from serious cold... but felt like I was more fearful than greedy after having my TE public. I guess I was more under pressure but I know that this is what I have to go through, performing under pressure, so I'm going to have to train myself from it.

I do know I'm over leveraged. using 0.50 lot with $500 is crazy but does not mean 5 lot at $5,000.
This will make my trades much more selective because I know I can't mess up.
I'm pretty comfortable trading at this level unlike first couple of days where I was at a disadvantage (i.e. cold, TE public) and will ease out on leverage as the balance grows and becoming more comfortable.

Thanks~
Just 20 pips a day to riches
  • #12
  • Jan 31, 2018 10:17pm Jan 31, 2018 10:17pm
2 trading days thus far, only trades GJ win rate 100% no drawdown sounds like you know your craft and your trading buddy (GJ) don't mess it up by putting too much pressure on your account you're doing well. Even if you've got an edge which you may if you risk more than you and your account can handle you'll do silly things don't do it
...
  • #13
  • Edited 10:23am Feb 1, 2018 9:11am | Edited 10:23am
So you’re starting with a currency pair with a spread of approx 1.0 as opposed to EUR/USD, on which you could get spreads of approx 0.2, there’s your first mistake right there, have you analysed the huge impact this can have and taken into consideration the poorer fills, slippage etc you’ll get with your chosen pair? You’ve already made a critical rookie mistake whilst still on the starting blocks.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #14
  • Feb 1, 2018 12:31pm Feb 1, 2018 12:31pm
good to see your come back.
  • #15
  • Feb 1, 2018 2:21pm Feb 1, 2018 2:21pm
Quoting FastPipn
Hi folks. Have been trading for many years. But everytime when I get hit, it's because of greed. I'll try my best not to let greed get in the way through this journal. Trading the Gbp/jpy pair only Daytrading from the 1 min chart From 7:00am - 12:00pm EST or during New York session Daily goal is 20 pips per day I'm expecting to miss alot of trades so therefore I would need to keep in check with FOMO in addition to greed. I might have to wait for hours for few good trades. Since starting with small account, I will be trading very aggressive. Analyzing...
good post; subscribed !
  • #16
  • Feb 1, 2018 2:23pm Feb 1, 2018 2:23pm
Quoting T4Trade
{quote} profitfarmer you are really a seasoned trader,so i wouldn't argue with you on this topic but i have traded 4 hourly without consulting D1 and had very bad experience.But i have not traded below 4HTF. may be 1 min scalping is ok to go with 4HTF.if you find this strategy successful then i am also in,who doesn't want green pips. i was sharing my experience and caution him to check Daily time frame.
I trade intraday only; and I never look at charts above hourly charts.

Multi timeframe trading is trading master***ion in my opinion
  • #17
  • Feb 28, 2018 8:19pm Feb 28, 2018 8:19pm
Good luck FastPipn , good choice , GJ , runs like hell 20 pips more than reasonable . My favorite GJ too , trading it on demo sometimes.
One a week I check daily , 4hrs , once a day hr chart but just for the heck of it. Absolutely irrelevant to me whats on them. I dont want to get into forecasting or fortune telling.
I use 5 M for birds eye view , basically for intra day trend , direction. 1M is my main chart for trading decisions and 8 Tick chart is for timing entry with SL max 6-7 pips.
  • #18
  • Mar 1, 2018 12:07pm Mar 1, 2018 12:07pm
Quoting todor113
Good luck FastPipn , good choice , GJ , runs like hell 20 pips more than reasonable . My favorite GJ too , trading it on demo sometimes. One a week I check daily , 4hrs , once a day hr chart but just for the heck of it. Absolutely irrelevant to me whats on them. I dont want to get into forecasting or fortune telling. I use 5 M for birds eye view , basically for intra day trend , direction. 1M is my main chart for trading decisions and 8 Tick chart is for timing entry with SL max 6-7 pips.
Thanks. Started with EUR/USD then GBP/USD. Dabbled with USD/JPY and USD/CAD, all 4 pairs due to low spread but realized they were very sensitive to USD news during US Session especially USD/CAD. Then jump over to GBP/JPY and little bit of GBP/AUD.
Just 20 pips a day to riches
  • #19
  • Mar 1, 2018 12:51pm Mar 1, 2018 12:51pm
Quoting FastPipn
{quote} Thanks. Started with EUR/USD then GBP/USD. Dabbled with USD/JPY and USD/CAD, all 4 pairs due to low spread but realized they were very sensitive to USD news during US Session especially USD/CAD. Then jump over to GBP/JPY and little bit of GBP/AUD.
My favorite is GJ , a little bit wild . Good alternative is EJ.. I don't like EU. It moves lately but most of the time pretty lame. Spread is low but when GJ moves 25 , EU 5 -6-7 so really not a god deal saving a pip or so on spread and after that getting 5-6p instead 25 -26p after a good trade. EJ is between , good choice I believe for traders who want to concentrate on one or max 2 pairs , short term intra day trading. For me the biggest challenge is entry.Thats the most important part. How to enter so the position will be in profit in a minute or so . How to catch small swing at the right time in the right direction . Takes a lot of screen time to master that.Thats why I use 8tick chart for entry.
  • #20
  • Last Post: Jul 8, 2018 3:13am Jul 8, 2018 3:13am
How's the journey going? Or it's dead already here?
Whether you think you can, or you think you can't,you're right. H.F.
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