GulfCoastPip's Trade Journal

Updated: 3.31.2008

After a few months of demo trading, opening up two live accounts, and developing my own little system I'm pretty comfortable with my trading style. Here I'll share some of my trades as I take them. I don't advise you to take them without you doing your own due diligence though. I'm not a guru and don't claim to be one either.

For the most part I'm trading on the 1 hour and 4 hour charts. My preferred pairs on GJ and EJ. However my system will work with any pair. I may hold a position anywhere from a few minutes to 1-4 days.

My trades start at post 28, to view them click here.



Right now I don't plan on sharing my system. My advice would to be to create your own system, play with it on demo, tweak it on a small live account, test and retest.

Entry #2

It appears that most noobs in the Forex world over trade. I've caught myself doing this on a regular basis. Get your pips and stop for the day! Lose your 1 or 2% ... quit for the day!

Over trading will kill your account and your dreams of being a professional forex trader. Be patient.

Hey GulfCoast, welcome on board.

Good luck with your trading, and I look forward to your journal.

Entry #3 - Today's the start of the Piptopia Live Contest

Well, today's the start of the Piptopia Live Contest. Looks like quite a turn out! For more details here's the link.

Will I win the contest? lol. I seriously doubt it, but how will I do compared to the others. I'm guessing that I'll do better than some and worse than alot.

The system that I've developed with the help of the many free systems available here and elsewhere seems to be working fine. I just have to learn to follow my rules and trust the system. It reminds me of the first time I bought a GPS unit. I still got lost! I didn't trust the unit and thought I knew where I was going! It took me a good 6 months to learn to trust the GPS unit. I imagine that it'll take me awhile to trust my trading system too.

Entry #4 - Contest Standings After The First Day

Well, after the first day of the Piptopia Live Contest the results are up, and as I expected I did better than some and worse than alot. I went long on one trade when I should've went short, instead of getting out of the trade I figured it turn around...it still hasn't. My signal was to go short too!

But as I expected I did better than some and worse than alot. It'll be interesting to see how this all pans out in the end.

Here's a few images of the top runners and another of those playing catch up.

Entry #5 - This week I plan on adding my trades to my journal

I'm feeling confident enough in my system that....

This week I plan on adding my trades to my journal. This won't be some kind of recommendation for others to follow though! By no means do I recommend anyone follow my trades (not even in a demo accounts)! It will allow me to track my progress a little though.

I'll try and add my trades as close to real time as possible. We'll see how this pans out.

Entry #6 - Here's a few trades I just closed out

2008.02.01 20:19 Long USD/CHF 1.0846 2008.02.01 20:34 1.0849 = 3 pips

2008.02.01 17:47 Long GBP/USD 1.9726 2008.02.04 10:25 1.9752 26 pips

2008.02.04 03:30 Long GBP/JPY 210.27 2008.02.04 10:25 210.92 65 pips

Entry #7 - Trade I just closed out

2008.02.04 14:31 Long GBP/USD 1.9766 / 2008.02.04.14:48 1.9770 4 pips

No losing trades yet today.

Entry #8 - Just closed EUR/USD for a few pips

2008.02.04 15:11 Long EUR/USD 1.4833 / 2008.02.04 18:56 1.4839 6 pips

Entry #9 - Another EUR/USD trade closed for a few pips

2008.02.04 19:36 Long EUR/USD 1.4833 / 2008.02.04 19:47 1.4835 2 pips

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Update: had two losses for the day for a total of -26 pips. Why did this happen? Because I was to eager to trade and jumped in the middle of two ongoing trades! Never jump in the middle of a trade! Wait for the next trade! As I've read 100 times on this forum...don't chase the market, let the market come to you!

Entry #10 - The latest results from the Piptopia Live Contest

Well, the latest results from the Piptopia Live Contest are in. Wow, the field has changed quite dramatically since the last update! Check out the images below. The first image show those in the lead, the second image shows those playing catch up.

The contest originally started with 153 traders. Right now I'm in the top 25.

Entry #11 - Up 27 pips so far today.

Note to self: so far today you're up 27 pips. Only enter trades that you're sure about. Use the 1 hour chart, the 1 hour is a little slow, but the pips are consistent.

Right now I'm watching EUR/USD, USD/JPY, GBP/CHF, USD/CHF, and GBP/JPY. I might watch a few more pairs to see if anything opens up enough to where I can enter a trade.

Today's FAT TUESDAY on the Gulf Coast (Mardis Gras)!

Entry #12 - Short USD/CHF @ 1.0996

Just saw an opening to go short on USD/CHF @ 1.0996. I'll take this for a 20+ pip ride. Stay tuned.

Update: This was a slow moving trade, was hoping for a nice retracement since I missed the earlier ride up. Eventually, got out of the trade for 2 pips. By the way for the next few hours it still looks short (according to me anyway)

Entry #13 - Piptopia Live Contest Update

Looks like a few traders slipped in front of me in the Piptopia Live contest, right now I'm sitting at #32. Hoping to move into the top 20. There's still alot of month left though, it's still up for grabs!

For today I'm up about 40 pips. Might lose a few of them on my current trade though! We'll see.

Update: close that trade out on GBP/JPY for a 4 pip profit.

Entry #14 - The Latest Piptopia Live Contest Results

Well, here's the latest Piptopia Live contest results. Right now I'm sitting at #34 with a .76% return. Hoping to move into the top 20 over the next few days and then the top 10. Click on the image to see a larger view.

After the first day of the contest I was -.63, the next update I was .67 and now I'm at .76% return.

Entry #15 - Can't Wait To Get Out Of This Trade

Everything was going great today, then I entered one more trade GBP/CHF. Well it started out fine, not it looks terrible. I can't wait until I can safely get out of this trade...hopefully I don't lose all the pips I gained for the day though!

Just one more trade, just one more trade....shut the f%#$^@n computer down and do something else...forget that one more trade! If I don't lose my shirt on this trade I'll be shocked!

What' sucks is that at one time I could've exited the trade with PIPS! Hoping I can still exit with PIPS! Even 1 PIP, that's all I want, heck Break Even will work for me too!

I'll update this post with the results! Stay tuned. Right now I'm-25 pips on this trade...up about 100 for the day though!

Entry #16 - Piptopia Live Contest Update For February 9th, 2008

As you can see from the images below this contest is still wide open. I'm slowly creeping my way up the leader board with .81%. I'm moving in the right direction....but will it be fast enough to take over the leader board?

I'm a total newb and some of these are professional day traders that actually earn a living from trading. Although I'm not there yet...one day I'd love to be a professional day trader! That's my goal and everything I do...takes me one step closer to that goal. If I can make my way into the top 10 I'd be happy.

Here's the latest results. My results are high lighted. The first image shows the leaders, the second image shows those in the middle of the pack, and the third image shows those playing catch up.

Entry #17 - An update for today

Today has been a pretty good trading day for myself. Here's a few of the trades that I took:

2008.02.11 07:10 Short USD/JPY 107.18 / 2008.02.11 106.71 +47 pips
2008.02.11 09:49 Short GBP/USD 1.9434 / 2008.02.11 10:09 1.9408 +26 pips
2008.02.11 20:26 Short GBP/JPY 208.20 / 2008.02.11 20:52 208.35 +15 pips

Overall I'm happy with my trading day, ended somewhere near 100 pips to the good!

Now we'll see if today was good enough to move me in the top 20 on the Piptopia Live Contest. The update will be posted at 0000 GMT.

Entry #18 - Latest Piptopia Contest Results

Well, I still haven't moved into the top 20, but I am sitting at a 1.20% return so far. Not bad for a newb. The month is still young though and I still have plans on moving into the top 20 and eventually the top 10.

Here's the latest results. The first image shows the leaders, the second image shows those in the middle, and the third image shows those playing catchup. By the way, the highlighted name in the first image is "yours truly".