My Live Trading Journey

This is my first post on Forex Factory. I am going to use it to practice discipline and a journal for my live trading. Eglish is my second language so bear with me.

Starting capital: 33,256.74

Current position: Eur/JPY 18,321 units @ 162.682, S/L @ 161.283. No T/P target.

I also place a buy limit order of 4584 unit @ 163.820

I look at the trade about once or twice per day to move the S/L up to the min (5 days low).

By the way, I don't have indicators on the chart. I use daily chart.

let me be the first to wish you good luck

Let me be the second

I move EUR/JPY S/L up to 161.822, the current 5 days low. There was AUD/USD sell limit order triggered at 0.82253

current position:

EUR/JPY, Long 18,321 unit @ 162.682, S/L @ 161.822
AUD/USD, short 9955 unit @ 0.82253, S/L @ 0.83394

Open order:

EUR/JPY buy limit 4584 unit @ 163.820, S/L @ 161.822
AUD/USD sell limit 10,070 unit @ 0.81895, S/L @0.83394

Move EUR/JPY S/L to 162.2, the newer and higher 5 days low.
AUD/USD S/L remains @ 0.83394. The latest 5 days high.

current poistion:

Eur/JPY 18,321 units @ 162.682, S/L @ 162.2. No T/P target.
AUD/USD, short 9955 unit @ 0.82253, S/L @ 0.83394, no T/P.

Open order:

EUR/JPY buy limit 4584 unit @ 163.820, S/L @ 162.2
AUD/USD sell limit 10,070 unit @ 0.81895, S/L @0.83394

Latest update:

1. EUR/JPY got stopped out at 162.500.
2. AUD/USD short 20025 unit. S/L @ 0.83117 (5 days high)
3. GBP/USD long 4130 unit @ 1.99811. S/L @ 1.98447 (5 days low)

AUD/USD was two entries: 9955 units @ 0.82253, and 2nd entry 10070 @ 0.81895

AUD/USD short positions got S/L, re-rentry AUD/USD long
Re- entry EUR/JPY long

current position:

GBP/USD short 4198 @ 1.98, S/L @ 2.0000 (5 days high)
EUR/JPY long 6,085 @ 162.000, S/L @ 162.697
EUR/JPY long 6,088 @ 162.500, S/L @ 162.697
AUD/USD long 9910 @ 0.83185, S/L @ 0.8170
AUD/USD long 9910 @ 0.83568 S/L @ 0.8170

The System is very simple (and boring):

Pairs to trade:

1. GBP/USD
2. EUR/JPY
3. AUD/USD


Enry:

1. Initial Long at 5 days high ( a few pip above).
2. Add position every ATR/2 above the last entry.
3. Short positions are built just oposite to the long.

Exit (important):

1. Only exit by stopped out. So no Take Profit target (except I need to take a vacation).
2. If with long positions, set the Stop at most recent 5 days low or 2*ATR from the last entry which ever is smaller.

Position size (most important):

1. Position size = 0.5% x Account balance / Stop Loss

I use only daily chart and look at the trade about once a day. That is.

So far the account is down from $33,256 to $32,989 (-0.8%) over the past 2 weeks.

I have a full time job so this fits what I am doing and my personal style. My goal is simple:

1. Stay in the game.
2. Raise fund eventually so that I can use it to run a school by myself (before I turn 50).

AUD/USD got stopped out @ 0.82311.

current position:

GBU/USD short 4149 units @ 1.975
EUR/JPY long 6108 units @ 163.458

current account value = 32779.xx, down 1.4% versus begining.

current position:

GBU/USD short 4149 units @ 1.975
EUR/JPY long 6108 units @ 163.458
AUD/USD short 9952 units @0.82253

current account value = 32812.xx, down 1.4% versus begining

Hey woolala,

Just stumbled across your journal - best of luck

It looks like you've come up with a system that fits your current situation and I like your money management.

Kind Regards
Steve

Thanks Steviet for your kind words. I read your journal regularly and I find it inspiring and helpful.

I have read many books and tried many different systems and methods over the past 8 years. I think this one fits with my personality and situation (I have a full time job). I back tested the system with nearly 4 years data. My confidence is built on these results and previous learning. I need to forward test it, with the objective of making some money and practice my discipline.

May 23 update:

EUR/JPY long 6108 unit @ 163.458, s/l @ 162.612
GBP/USD long 4130 unit @ 1.98826, s/l @ 1.96892

Account NAV = 32831.xx, -1.3% vs initial NAV.

Open order:

EUR/JPY long @ 163.962 3641 units
GBP/USD long 2479 units @ 1.99331

5/29 update

short EUR/JPY 3657 units @ 162.491
long GBP/USD 4130 units @ 1.98826

NAV 32701.xx, down 1.7% vs beginning.

I adjusted the trading size to 0.3% of balance, which means initial size = 0.3% x balance/stop loss. This is an adjustment given the # of losses occur recently. It indicates the market condition may not be suitable for trend following so I need reduce the exposure till winning trades happen.

May 29th update:

short EUR/JPY got stopped out. and reverse to long EUR/JPY.

current position

long EUR/JPY 6074 units at 164.00
long GBP/USD 4130 units at 1.98128

NAV 32,565.xx, down 2.1% vs beginning

June 1 update

AUD/USD rises and triggers 3 AUD/USD long orders (spacing about ATR/3 each on the way up).

Current positions

AUD/USD long 25781 units @ 0.83119 (average price of 3 orders filled), S/L 0.81622

EUR/JPY long 6074 units @ 164.106, S/L at 5 days Low
GBP/USD long 4130 units @ 1.98826, S/L at 5 days low

NAV 32708.xx, down 1.7% vs begin

I back test the 3 pairs with 3 years data with this simple system. All are profitable. Yet the win ratio is only 25%~30% and max draw down could be up to 15% or higher. So psycology factor is critical and of course patience and discipline. The money management or position sizing is the determine factor in this system too. I tried different position sizing numbers and the results swings.

current positions:

AUD/USD long 35689 units, bought via 4 orders (ATR/2 incremental) at average price of 0.82945 (+60 pip)

EUR/JPY long 6074 units at 164.985

GBP/USD long 4130 units at 1.98826

NAV 32,911.xx, -1.1% vs initial value.

AUD/USD long 41597 units (added another buy after ATR/2 incremental from last buy), +56 pip (+$240)

EUR/JPY long 6074 units, -3.8 pip (-$2.0)

GBP/USD long 6609 units, +34.5 (+23.3)

NAV 32,943.xx, -1.0% vs initial capital