ForexLion's Journal

Though I am not new to forexfactory or forex as such, been here before and got banned for forgetting the basic rules.

Oh well, every man starts as a baby pissing everywhere and grows up to be a gentleman in the end, it does take time for everyone to mature up, I took my time.

Anyways, the purpose of this thread is to keep a record of my trading and nothing else, so will be starting from Monday, Aug 6.

Before I begin there are a few things that should be known, I use 2 different EA's for entering and closing trades.

The EA's are nothing but making the process of calculation of 5% margin and the number of trades which can be opened within the 5% margin and then opening the trade. The second EA is the well known tight trailing stop (manual).mq4 which closes the trade at 0 pips when activated.

The EA's are both dumb, they do not discover trades for me, they just open trades when activated and close trades when activated, the decision to open or close the trades is mine based on my chart reading.


So, I guess this clears the doubt that even though I am using an EA, its not the EA which does the trading, its a 100% manual trading system.

I just automated the process of pressing "new order" then selecting buy or sell, then waiting to press the "ok" button on mt4

How do I do it ?

Lets take an example, suppose I see that GBPJPY is rising on 5 minute charts and can give me 30 to 35 pips, I activate the first EA which does the margin calculation and opens new trades, and then close the EA, when it reaches near the point where I wish to exit. I activate the tight trailing stop EA which closes all the trades.

Just automating the basic order open and order close process, nothing else.


I have had lots of success this way, since I do not need to bother with calculations of what lotsize should I open to remain within 5% margin limit, and so on, and I do follow a strict 25 stop loss even on a volatile pair like GJ, and its very rare that my stop gets triggered, since I trade strong trends only.

I entered 1 hour before NFP on friday and collected 90 pips short on GJ, 90 pips long on both EU and GU, and closed 1 hour after the news, so I was totally protected from the spread increase during news.

Anyways, lets wait till monday and see how it goes.

Since multiple trades were opened and closed, they cannot be posted here in total, so I am just adding a summary here.

Summary:
Deposit/Withdrawal: 250.00 Credit Facility: 0.00
Closed Trade P/L: 285.36 Floating P/L: 0.00 Margin: 0.00
Balance: 535.36 Equity: 535.36 Free Margin: 535.36

The above account balance stands at $1374 demo.

Someone here had a doubt that only traders with large account size with huge margins manage to earn in forex, small traders do not.

So here I go trading GBPJPY on a live account weith $1 starting balance.

my first trade, or the starting trade from this point was to short GJ from 243.61 to 242.60

Since the lowest lot size is 0.1 which is nearly 40% of account balance, i am not happy, but have to

from trade 2 onwards things should brighten up a bit.

Wish me luck, I need all of it with this kind of margin.


Why did I choose $1 ?

Because I wish to see whether good trading method is more important or good account balance is more important.

Closed another trade today from 238.39 to 238.19

Do you mind sharing your method for entries and TP?

Excellent photo finish for friday, closed 800 pips on friday, first to S1 then somewhat near pivot.

Account balance now stands at $12.36 who says $1 cannot be traded.

Also designed a 25 pip scalper ea with 25 pip sl for handling GJ as and when i see a trend move on 1 hour charts. While the SL would keep me protected it will be timing the buy and sell options which will matter here.

It is a manually controlled ea.

GJ is an extremely volatile pair and requires extreme caution handling it, I have stuck to this pair for over 7 months, learning every swing move it makes, every indicator which it truly adjusts to and the best timeframes over which it can be controlled.

Use a demo account first to get used to it.

Learning someone else's method is tough, try to develop your own method, I know people who tried to use my method and blew their accounts.

So my advise will be to try and develop your own method.

And yes, trading forex means booking profits alongside, never expect a set target to reach, close whatever green comes your way.

Forexlion, Where did you get the software for the information on the right side of your charts? Thanks, Eric