EURUSD

Short TS 28pips.

I have entered long. A fraction above my AOI but got a rotation and was unsure if there would be waiting orders that would trigger making PA surge.

no 0,2 standard lots i mean..not micro!

Same risk u can do in an 1:100 leverage account.. The real threat is in a high leveraged account, the spread usually high. And the overnight wild swing during thin hours prior to asian session wipe out the margin.. Be very careful while using high leveraged account. Tendency to take risk will go high and they wipe out the margin..
Just my two cent caution note..
Brokers are giving high leverage not to make us rich..!

i thought a mirco lot was 0.01 (1,000) and a mini was 0.10(10,000) and a lot 1.00 (100,000)

What u said is correct.. 0.2 is two mini lot.i guess he seems bit confused regarding one standard lot..

this might be best pull back for the rest of the day

Hello all,

I've not posted in this forum before. Less than 1 yr. exp. trading forex. Have a developed trading plan with defined parameters for maximum percentage risk allowed per trade, risk to reward ratio requirements for trade setups, a daily market analysis discipline (both technical and fundamental), trade journaling and post trade analysis, regular mindset (psychological) self-assessment, and several other aspects. Currently in the midst of a three month trial project trading only EUR/USD with a small account size to assess my current analytical skills and emotional resilience. My broker is TD Ameritrade on the thinkorswim platform and I use 1:33 leverage. I'm not interested in getting rich quick, but instead building a solid foundation in live market conditions through informed and disciplined experience.

My most commonly executed trade setups are technical breaks out of multi-hour flat consolidation periods following significant upwards or downwards price action primarily based off of the 15 min. chart. Before entry I consult the 1 hr., 4hr. and 1 day charts for confirming or divergent signals. Secondarily I look for entries, like everyone else, when price action either rebounds from or breaks through established support or resistance lines.

I believe that one of my current strengths is patience. I don't chase strong movements that are already underway and very rarely do I jump into first moves across identified technical lines of interest. I've had better results waiting for a first pullback to my identified level to gauge volume and see whether there will be follow through or it was just a broker probe to take out stops and suck in over eager entrants. Occasionally I miss strong moves this way, but more often I avoid head fakes.

While I would like to tap the wisdom of the group by asking several questions that I have recorded in my trading journal, given that I'm new, I'll just keep reading for now to get to know everyone better. I also intend to experiment to see if there's value to posting positions taken in real time with brief explanatory notes. I don't believe I need the public exposure to keep myself disciplined to my trading plan, nor do I need an ego boost by crowing about winning trades, I hope that my reasoning might generate some constructive criticism or affirmation.

With that rather long introduction, I took a long position at 1.20737 at 14:20 EST. The breakdown that began at 3:15 this morning looks like it could be playing out, having put in a potential floor after the close of London trading of ~ 1.2061. Even if the price retests this level and pushes through we're not far from the more significant support zone of 1.205 - 1.2055, which I would hold until to let the market declare its intentions. My initial profit target, if this is an actual turn back, is at the 1.21 level tested in the 9 a.m. bar.

Careful and profitable trading to all.

carful with that long lol....

everything you said SOUNDS legit....i think many should be taking notes on what you said!

EDIT: how do you track your trading data?

Closed and shorted...

at 1:500 leverage
0,2 standatd lot= 40usd margin
1standatd lot= 200 usd margin
so if you enter at 1000usd balamce with1 lot
you will be margin call out at between 90-100pips drawdown
capito?

Yeah, I know that today's bias is definitely downward. If large volume comes in to push through 1.205 then I'll definitely close out and probably reverse. But heavy volume at this time of day through tomorrow's London opening is fairly uncommon in my limited experience. We'll see. The market always tells us what it wants to do if we can remain unattached to our own biases and put aside ego about the results of our positions. Right now my small sample size of trade results is 47.6% winning with an average gain of 6.14 pips per trade. So I take some confidence that I'm managing the risk to reward in my setups and exits decently. Again, I'm not trying to get rich quick or quit my day job next week.

My current trading journal includes a spreadsheet with the following:

Date and time of entry
Qty
Price at entry
Date and time of exit
Price at exit
Time position held
Stop Loss
Target Profit
R:R setup ratio
Profit/Loss ($)
Profit/Loss (pips)
% return on account balance
R:R result ratio
New account balance
Weekly Gain/Loss (pips)
Total Gain/Loss for current project (pips)

Then I write down my rationale in the notes section for every position in as much detail as I can. I do this for two reasons. First, to ensure that I am disciplined developing a thesis for each trade and don't just jump in and out on emotion or gut feel. Second, so that I record my thesis in writing for later review and learning (especially from the losing positions).

Lastly, though I do record the $ profit or loss and a running account balance, I am really much more focused on my results in pips. Again, this is for multiple reasons, which most participants in this forum probably do reflexively, but I need to articulate. First, I am just as susceptible as the next person to getting emotional when I see the $ amount of a losing trade growing. Stop losses help put guard rails on this, but it is difficult not to think about what that dollar amount translates to in real life, and there's nothing helpful about thinking that way in the midst of a trade. The market doesn't care. I'm not trading with money I need for life expenses and so it's better to use the casino trick of disassociation using the proxy of chips, or in this case, pips. Second, I have defined each weekly goal for my current project in pips so that I can reinforce the importance of focusing on the market's scorekeeping system, not my brokerage account's. And third, if my trading is successful I will be able to increase my position sizing while maintaining the same maximum percentage risk per trade. Thinking in pips will allow me to treat my setups, stop losses and profit targets exactly the same no matter how large my position sizing ever gets. I don't want to have to deal with nerves (or at least minimize them as best as I can) when (hopefully) I am trading multiple standard lots and see how much money that represents.

So one image is the MAE MFE of my trades. IF you check in the last 200 trades I have 2 winning trades with MAE >20 pips, 12 winning trades with 20 > MAE > 10 and like 100 winning trades with MAE<5 pips. No winning trade with 10> MAE >5 ?????. This means that I can safely put SL at 5 pips and I should still make money.

The other image is the stats on the account since I start. Note that this is ALL that I have ever traded and here are included some trades done by a guy that I hired to trade on my account (and run it into the ground TWICE). So the performance in the last month is better than the average.

I think that I should be fine ...

EDIT: I mean I will close ANY position if it is more than 10 pips in the loss because as you can see I can still make money if I do that. At leverage 1:500 I am stopped if I go "all in" (that would be maximum leverage) after 10 pips. But like 66% of my trades have MAE < 5 so I should be fine.

What software is that NrS?

https://www.myfxbook.com/

that's awesome!
Your on the right track, keep it up. Wish you the best.
Continue to share!

Thank you NrS. That looks like a great tool. Unfortunately, it also looks like my trading platform is not supported.

Thank you mista. Encouragement from a veteran to a newcomer is very appreciated. I'll do my best to keep contributing.

I am bored as hell

EUR/USD turning point on 1H chart which will occur on 2021.02.02
EST in 15 min time frame included

may be I am wrong ...... that is only my think .... all depend smart money

2045 exit planned