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Bakuli's Trading journal

  • #1
  • First Post: Edited Jan 16, 2010 3:51am Apr 12, 2008 6:09pm | Edited Jan 16, 2010 3:51am
I am starting this journal as a convenient way of recording my thoughts, trades and other bits and bobs. I am a newbie so please do not follow any trades that I post here. Follow them at your peril !

I am a follower of Jacko's methodology. You can read all about his trading method here http://www.forexfactory.com/showthread.php?t=27286 . Please ask any questions you have about the method over at Jacko's thread as there are more experienced traders there who can help you. Jacko keeps his method simple and I like that approach very much. It's a good trading style for my simple mind ! LOL !
I have no clever stuff here to offer in my journal, that you can find in the many threads here at the FF. This journal is to help me record my journey through this forex jungle.
  • #2
  • Edited Apr 13, 2008 2:38pm Apr 12, 2008 6:40pm | Edited Apr 13, 2008 2:38pm
This section is to keep an up to date record of my trades as from the 12/04/08. My main account will be for my "serious" trades based on trend trading (swing trading). The "entertainment" account will be for my "silly" trades when I am feeling bored waiting for set-ups for my main account.

Please note that I use a spreadbetting broker for my trades and the minimum bet is £1 per pip. As I trade in varying sizes, I would like to make it clear for recording purposes, that each pip recorded will represent £1. Example - If I trade £5 per pip and made 10 pips, then the pips gained will be recorded as + 50 pips (£5 x 10 pips = 50 ). I want to make this clear now so that I do not engage in any future disputes over how I am recording the results of my trades. Please do not scrutinise what amounts I am trading etc and ask me about money management issues etc.. This section is for my own perusal. There are many threads here at the FF that will give you the ins and outs of good money management. Ok, now that I made a few things clear, let the journey begin ! Hope it's not a painful one but one of pleasure ! LOL!

Main Account

Winning Trades : 0

Longest winning sequence : 0

Losing Trades : 0

Longest losing sequence : 0

Win / Loss : 0 / 0


Pips Counter :



"Entertainment " Account

Winning Trades : 0

Longest winning sequence : 0

Losing Trades : 0

Longest losing sequence : 0

Win / Loss : 0 / 0

Pips counter : 0
  • #3
  • Apr 13, 2008 8:31am Apr 13, 2008 8:31am
EurUsd :

Am interested in buying in at 1.5711, rounded up to 5700. Would prefer a lower price if I can get it, somewhere around 5650.
If I am wrong, I have the A-H strategy. I have placed an order to buy at 5700 but if I am at the screen, I will try and get it lower if I can.

Reason for trade :

Trading with the main trend.
1.5711 -50% fib from Swing low 5510 (3/4/08) to Swing high 5912 (10/4/08).
Strong support
Bottom trendline
  • #4
  • Apr 13, 2008 8:34am Apr 13, 2008 8:34am
Quoting Bakuli
I am starting this journal as a convenient way of recording my thoughts, trades and other bits and bobs. I am a newbie so please do not follow any trades that I post here. Follow them at your peril !

I am a follower of Jacko's methodology. You can read all about his trading method here http://www.forexfactory.com/showthread.php?t=27286 . Please ask any questions you have about the method over at Jacko's thread as there are more experienced traders there who can help you. Jacko's keeps his method simple and I like that approach very much. It's a good trading style for my simple mind ! LOL !
I have no clever stuff here to offer in my journal, that you can find in the many threads here at the FF. This journal is to help me record my journey through this forex jungle.

I have two trading accounts. One I use for my main "serious" trades based on trend trading. The second account is for my "fun" trades, where I can indulge to my heart's content to the wild punting that kills most, if not all, traders. It's a very small account and I don't mind blowing that just to keep the gambler in me satisfied ! This has helped me greatly in preserving and growing my main account.

I would also like to take the opportunity here to say a big thank you to a few individuals here (you know who you are) who have helped point me in the right direction whenever I felt lost in this forex jungle.
Good Luck,

Lot of success and pips
  • #5
  • Apr 13, 2008 8:37am Apr 13, 2008 8:37am
Quoting Piters
Good Luck,

Lot of success and pips
Thanks Piters
  • #6
  • Apr 13, 2008 1:59pm Apr 13, 2008 1:59pm
Quoting Bakuli
EurUsd :

Am interested in buying in at 1.5711, rounded up to 5700. Would prefer a lower price if I can get it, somewhere around 5650.
If I am wrong, I have the A-H strategy. I have placed an order to buy at 5700 but if I am at the screen, I will try and get it lower if I can.

Reason for trade :

Trading with the main trend.
1.5711 -50% fib from Swing low 5510 (3/4/08) to Swing high 5912 (10/4/08).
Strong support
Bottom trendline
Bakuli:

Good luck and thanks for journal. I know this journal is more for your own tracking. But it will help us newbies also to folllow the trade. It will be helpful some time if you add a chart or mention your chart time frame.

Thanks again,

FX_California
  • #7
  • Edited 3:33pm Apr 13, 2008 2:29pm | Edited 3:33pm
Quoting FX_California
Bakuli:

Good luck and thanks for journal. I know this journal is more for your own tracking. But it will help us newbies also to folllow the trade. It will be helpful some time if you add a chart or mention your chart time frame.

Thanks again,

FX_California
Hi Fx_California

Thanks for the good wishes. I'm sorry I haven't posted any charts as I don't really know how to just yet. I may do so once I learn how to do it. As for my trades, they are not recommendations although I am trading them myself in a live account. I look for set-ups from the daily and 4 hourly charts for my main trades. I also refer to the weekly charts to confirm that the main trend is still intact as I prefer to trade with the main trend. I am a new trader finding my way in this forex jungle. Following my trades will not show anyone how to trade. Please go to Jacko's thread and learn the method. That's a recommendation. Hope that helps any newbies looking in.

Bakuli
  • #8
  • Apr 13, 2008 4:50pm Apr 13, 2008 4:50pm
My broker isn't open till 12 midnight GMT and I have cancelled my buy order at 5700 as I will be at the screen watching the market. I will wait and see if I can get it lower than 5700, preferably at 5650. If it falls below 5650, then I will put my buy on hold until I can be as sure as possible that it isn't going to be a deeper correction.
  • #9
  • Apr 13, 2008 6:29pm Apr 13, 2008 6:29pm
My broker is now open for business and Eurusd is now at 5721 as I write. I missed the buy at 5700 as my broker was still closed then. I am not going to rush in to buy at this level. If it falls back to 5700, then I'm a buyer but not at the current price.
  • #10
  • Apr 13, 2008 6:52pm Apr 13, 2008 6:52pm
Getting bored. Did a scalp, shorted eurusd at 5723, aiming for 5710.
  • #11
  • Edited 7:52pm Apr 13, 2008 7:09pm | Edited 7:52pm
Closed my eurusd scalp earlier than intended at 5715 for 8 pips quick profit. Soon afterwards it dropped all the way to 5670 !!! Bloody typical ! Anyway, looking at the positive side, I am 8 pips in profit and I had a bit of fun with the punt !

About the method I am using to scalp. It's called gambler's hunch and purely discretionary, developed over the years frequenting the casinos of London ! On a serious note, scalping hasn't been profitable for me in the long run. So why do it ? As I mentioned before, it's to satisfy the gambler in me so that I can leave my main account alone while waiting for set-ups for my main trades.
  • #12
  • Edited 8:02pm Apr 13, 2008 7:35pm | Edited 8:02pm
I just found out that I cannot update the record of my trading results in post nos 2 as intended. Apparently after 24 hours, a post is locked and cannot be edited. Ok, in that case I will not do it here in this journal and will now keep a record of it elsewhere privately. I think that will be better too as it wasn't really a good idea in the first place.
  • #13
  • Apr 13, 2008 8:00pm Apr 13, 2008 8:00pm
Eurusd now at 5682 as I write after going to a low of 5670. I did not buy at 5700 as intended when price dropped through it. As planned, I waited to see how it was going to react at that level and was looking to buy lower if I can. From what I've seen, I am now looking more towards 5650 to buy from. Gosh ! I am amazed at my patience ! Am I really turning into a proper trader ? LOL!
  • #14
  • Apr 13, 2008 9:57pm Apr 13, 2008 9:57pm
It's approx 3.55 am GMT and I'm feeling tired watching the market. Going to get some sleep now. I did not buy in at 5700 although I had the opportunity to do so. I just did not feel comfortable taking on that trade. So, when in doubt, stay out! I am still interested at the 5650 level. I have set my alerts to wake me up when price approaches that area

Anyway, managed to get 13 pips in in total from 2 scalps I had, so it was worth my while staying up for part of the the Asia session.

2 scalps = + 13 pips ( 8 pips + 5 pips)
  • #15
  • Apr 14, 2008 1:56am Apr 14, 2008 1:56am
Woke up to find the market reached a high of 5773 as I write. Well, it looks like I missed the northbound train when I didn't buy at 5700 and lower when I had the chance. I did not feel comfortable taking on the trade and stuck to my rule of "When in doubt, stay out".
I am quite satisfied with my pre-trade analysis of targetting the 5650 - 5700 as potential buy areas. Maybe I was being a little over cautious in not buying but hey "we can't win them all ! ". There's always another opportunity around the corner.
  • #16
  • Apr 15, 2008 2:37am Apr 15, 2008 2:37am
Since missing the trade yesterday, I was looking to buy again from 5700 but the market only got to the low of 5793. Anyway I have a trade on at 5824 so at least I am in. Would have preferred a much lower price. Am trailing this one with a 50 pips tsl. Lets see how it works out.

Did a few intraday trades yesterday, trying out a few ideas, and had a good result. Am pleased with myself that I am showing a lot more patience and not trigger happy. The amount of screen time that I have been spending is starting to pay off as I am slowly getting the feel of the market ( I trade mainly eurusd).
  • #17
  • Apr 15, 2008 3:14am Apr 15, 2008 3:14am
can i still get in? what is your TP??

I'm watching and taking my time but a lil advice will be cool.
  • #18
  • Apr 15, 2008 4:28am Apr 15, 2008 4:28am
Quoting titan0708
can i still get in? what is your TP??

I'm watching and taking my time but a lil advice will be cool.
Hi Titan,

I cannot advise you on your entry as you alone know what your tolerance to risk is. Personally, I wouldn't enter the market now with the price being so choppy after the bad news from the euro zone. As for my TP, I usually let my tsl take out my trade if it's my main trade. For some trades, the intraday ones, I use a more discretionary approach.

Go visit Jacko's thread and learn the method. It's really cool and there are many experienced traders there. There are also other journals of Jacko's followers, eg Zoopy, Stewartr, Static and others, which may be more helpful for you. My journal is not ful of clever stuff, it's more me chatting to myself when I feel bored!

Hope that helps.

Bakuli
  • #19
  • Apr 15, 2008 4:42am Apr 15, 2008 4:42am
Quoting Bakuli
Since missing the trade yesterday, I was looking to buy again from 5700 but the market only got to the low of 5793. Anyway I have a trade on at 5824 so at least I am in. Would have preferred a much lower price. Am trailing this one with a 50 pips tsl. Lets see how it works out.

Did a few intraday trades yesterday, trying out a few ideas, and had a good result. Am pleased with myself that I am showing a lot more patience and not trigger happy. The amount of screen time that I have been spending is starting to pay off as I am slowly getting the feel of the market ( I trade mainly eurusd).
Decided to close my trade earlier when it spiked down for + 2 pips. Didnt like the news coming out from the euro zone. Anyway, this was a "fun" trade so I don't mind exiting it early. I will stay flat for the time being. Still interested in the 5650 - 5700 levels for my main trade. Well, we'll see when it gets there and whether I will still be interested.
  • #20
  • Apr 15, 2008 5:16am Apr 15, 2008 5:16am
Just decided to have a punt and went short at 5845. Tight stoploss for this one.
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