Risk - Reward - Probability trading

Backstory

I've been a passive reader of this forum for a very long time. I've not only read a bunch of threads, but also I was trying almost every strategy that I've found here. Not a surprise, none of them were really working. I don't say that these strategies don't work at all, at least I couldn't make them work. Maybe I was jumping too much from strategy to strategy, I don't know.

Almost 6 months ago I was about to quit trading. I was questioning not only myself, but also the whole "trading thing". Is it possible to make money at all? Is there something that I still don't know or don't understand?

So, I was trying to build a strategy where I could be terrible at finding entry points and still be profitable. I've applied very strict money and risk reward ratio management to achieve this. For the entries, I basically use standard technical analysis + overall price action.

I think that I've already developed a system which really works and gives me consistent results. It's time to make a journal to keep me focused and motivated. So, here I am

I've just deposited 5,000 euros to my my account and looking forward to Monday!




Budget:
5,000 eur


Goal:
100,000 eur

PS. I don't sell ANYTHING and this journal is only to share my knowledge!

I am intrigued & look forward to seeing how you progress.

Day 1

I must admit that I felt some more pressure than usual, because of this journal I wanted to make this day green, so I closed this trade and call it a day. I still have one trade running and I think that I'll leave it until tomorrow. This trade was taken simply because of the broken trendline & the brake of the last significant lower low.

Trades:

USD/CAD short @1.34960 +28.3 pips / +131.31eur

Attached Image (click to enlarge)

Current balance:
5,131.31 eur

Screenshot:

DAY 2

I still have on trade open from yesterday, stop loss is at brake even. Will see how it goes:




Closed this trade

GBP/USD long @1.26395 +48.5 pips / +306.60eur


Current balance
5437,91 eur

DAY 3

Today I have one small loss and one small winner. I love to learn from my own mistakes, so I want to make a record and learn from it.

Why I took this trade?

I found a nice support level on a higher timeframe (H4), however I didn't take into consideration that this support level was already tested several times. Moreover, the trend was clearly up.

Trades
EUR/USD short @1.2631 -15.2 pips / -95,58 eur
EUR/JPY buy @121.554 +33.2 pips / +190,67 eur

EUR/USD trade:



On the lower timeframe I found a nice quasimodo / head and sholders forming, so I took this trade and after a while I was stopped out.


EUR/JPY trade:

Attached Image (click to enlarge)

Current balance
5533 eur

Attached Image (click to enlarge)

Impressive trading, and with clutter free charts to boot

Hi Slotery.

Great to see the openness and honesty in your journal.

Stay focused, stay sharp and go and make YOUR DREAMS come true!!

All the best of success to you!

Cheers
Anthony

Thank you guys, I'll do my best to share some value with you all.

I've just closed one of my trades from Friday, so currently I have no open trades left. I want to start fresh this week

Trades
GBP/USD short @1.27527 +49.8 pips / +308.4 eur


GBP/USD



Current balance
5841,4 eur

Last week was not so active in terms of trading. I've just closed one of the trades that I had from last week:

Trades:
EUR/USD short @1.1311 +102 pips / +636.95eur

Attached Image (click to enlarge)

I still have one trade open AUD/USD, will see how it goes:


Current balance
6478,35 eur

Closed my AUD/USD trade with a nice profit. So far everything goes beyond my expectations



Trades:
AUD/USD short @0.6951 +111 pips / +689.64eur




Current balance:
7167,99 eur

Attached Image (click to enlarge)

Fantastic trading results. Long may it continue.

Risk is the possibility that you may be forced to trade an asset at a worse price than you anticipated. For example, when trying to sell an illiquid stock you may struggle to find a buyer, meaning that you have to sell your stock for less than its current market value.
In some markets, liquidity risk can even mean that your trade negatively affects the price of the asset you are buying or selling. This is generally more of an issue in emerging or low-volume markets, where there may not be enough people in the market to trade with.

Last week I was on vacation and I had one trade open, which I closed now for loss.

Trade:
USD/JPY short @107.784 -56pips / -319.47eur



Current balance:
6848,52 eur

One of my top trades so far:

EUR/USD

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Trade
EUR/USD short @ 1.13443 +140 pips +877,19eur

Attached Image (click to enlarge)

Current balance:
7725,71

good job amigo, i hope you closed those 140pip ,thats more than 10% of your all account... )

sry,my bad.. good job on that,looking forward to comrade from same city ,doing his best