A Noob's Attempt at Profitability

Hi Everyone,

As the journal title and my name suggests, I am a noob trader. I have been trying to trade for the past two years and have been losing money consistently. After jumping from strategy to strategy, I have put together different things I learnt to come up with a strategy that makes sense to me. Thus, I am opening this journal to record my trades and hopefully keep myself disciplined as I stick to the plan.

Pairs Traded: EURUSD, GBPJPY and EURJPY
Session: Pre-London and London Session
Risk: I will be risking 3% per trade as my account size is small ($100) and I am okay with losing that small sum of money. Each day, I will take a maximum of two trades, putting my max daily loss at 6%.

Here's to hoping that this noob makes some progress.

Hi NoobTrader99,
I am also new here and new to Forex. I've traded for many years but I've been looking for something that trades a little more calmly than chasing momentum stocks at the US open.
Instead of hyper-managing 1 minute charts, I'm trying to look more at 1H, 4H and daily. So far so good. Best of luck to you.

Thon Taddeo
"Objective evidence is the ultimate authority"

Thank you for the wishes! I hope Forex works out well for you too!

First trade triggered. Price entered a 30 minute buying zone and reacted by breaking the bearish structure (break of last significant high). My stop is placed below the low as I expect a higher low to form. TP at 1:1 RR and letting the rest run to the next 30 minute selling zone. Entry was at a SR level.


Update: Price initially had a nice reaction before just plummeting to take me out.

Second trade for today. Same analysis as before. Stopped out. Done for the day.

I don't know if it'll be useful, but I can give you some tips to add to your brand new trading journal)
The workflow for a trader should include a combination of scanning charts and viewing the news, entering and managing trades, and keeping a trade log at the end (and possibly at the beginning) of the process.
Chart Browse
Look at the opportunities available in the market for identifying technical chart patterns or fundamental factors, such as news releases. At this stage, you can log potential pairs for trading and your thinking process of their choice.
Find the opportunity
Mark your chart and record the reason for logging in.
Login to trade
As soon as you place a trade, add your profit goals and fix the profit. At this point you will probably be too busy trading to keep a diary.
Manage your trading
Managing a trade at this stage can include a pyramid or multiple profit objectives. Managing a trade requires your full attention, so your log keeping may be limited to screenshots.
Review and log of trade
Now that the trade is closed, you can start logging by evaluating your screenshots and any notes you have taken to analyze the trades, find out where you may have made a mistake, and think about what you need to do to improve.

[quote=Eredribaen;12995715]I don't know if it'll be useful, but I can give you some tips to add to your brand new trading journal) The workflow for a trader should include a combination of scanning charts and viewing the news, entering and managing trades, and keeping a trade log at the end (and possibly at the beginning) of the process. Chart Browse Look at the opportunities available in the market for identifying technical chart patt

he needs to study charts, look at the breaks etc
i hope he does well, but he;s got to change.