forexnoob101's journal

During the Asian session I was able to find a Euro pair at a good price. I took the trade, but got out way to early. Easily could of made over 100 to 200 pips. Instead I only made a few pips. I will not be trading todays US Market as I am way to busy over here, but there seems to be some good setups. I am not worried to lose out on a few trades or close trades early, if I am to be able to make successful trades, there is always next week. I will be back later this weekend to update the journal, give some thoughts on a few things with some changes. Thank you.

Trade # 008-06-SAVA-019
Currency Traded - EUR
Result = +26 pips

Balance = $1,245.84 USD

Well looks like I had a little time to make a trade. I was really upset today because IBFX's sever was down. I could of easily made a great trade today but the server was down for four hours. I was unable to place a trade with IBFX's platform and when I called them it would take 10 minutes before someone picked up, and they would quote the wrong price. IBFX has horrible service. This is not the first time this has happened. I will be leaving them when I build my account up a little. All said and done I got out the trade in green, didn't want to hold any positions over the weekend.

Trade # 008-06-SAVA-020
Currency Traded - GBP
Result = +25 pips

Balance = $1,270.07 USD

Good luck to you as well. Looks like you are doing fantastically well thus far. I like your rules. Solid advice, especially position sizing according to the probability of the trade. People so oft don't use that to their advantage.

-Liz

Hi Liz,

I was hoping to add more updates on my position sizing, but was way to busy this weekend. I had to stand in a wedding, and then go to St. Louis because my friend just had a baby and will only be returning later tonight. Hopefully next weekend I will be able to update the journal a little more. I will be in Detroit next weekend for another wedding, so hopefully I will be able to make a little time. Thank you once again Liz for the kind comments.

forexnoob101

After much consideration to the overall purpose of this account I decided to add two more of my trades I have been using for a few years. The same rules apply to trade #4 but not number #3. If you need an update on the rules please go to post #3.

Trade #3 will now be referred to as "Grab and Go"
Trade #4 will now be referred to as "King Kong"

Averages

Grab and Go
average take profit - 5 to 30 pips
average stop loss - 15 pips

King Kong
average take profit - 500 to 1000 pips
average stop loss - 400 pips

Trade #1 also known as "Frequent Flyer" I have been able to implement this trade into the journal a few times. (Please refer to Trade # 008-06-SAVA-014, Trade # 008-06-SAVA-015, and Trade # 008-06-SAVA-016) I am looking forward to be using this trade more often now that the account balance has moved in green. This trade can take day(s) to weeks to close especially when the trade goes against you and the account has to be hedged.

Trade #2 also known as "Sneak Attack" will only be used only once the balance on the account has grown to a certain amount. The purpose of this trade is to trade about 25 to 50% more of the normal lot size to gain a quick average 50 pips when the market is moving rapidly, but to be able to take the loss if the trade goes against you.

Trade #3 also known as "Grab and Go" is what I have been using for most of the trades on this account thus far. (Please refer to Trade # 008-06-SAVA-004, Trade # 008-06-SAVA-010, Trade # 008-06-SAVA-020, etc.) I wasn't sure if I was going to keep this trading style on here or just for a few trades and then ditch the trading style. After much consideration I will be implementing these trades into the account very much when I can grab a quick few pips.

Trade #4 also known as "King Kong" is used when I have caught a major trend at a good point. I leave the trade open until I see a reversal. This trade can take days to weeks to close especially when the trade goes against you and the account has to be hedged.

Thank you,

forexnoob101

P.S. - I will be back later to give my weekly analysis.

This week was my second week trading this account, but my first full week of trading. Although the results may look good there are a few things I must consider. One being Money Management. I will be making a post on my money management plans for this account hopefully by next weekend. Many traders at this point will increase the lot size since the original balance has doubled. I on the other hand will not be doing so until the balance has reached a minimum of three to four thousand dollars.

Another thing I must consider is the number of trades I am taking. I would like to be able to trade less if possible, by catching better trades. That would mean hopefully less Grab and Go trades. I am not sure if I will be able to, but that is a goal to keep in mind. If I could re-trade this week again without knowing the end results I honestly think I would have taken fewer trades. I feel I should of not placed Trade # 008-06-SAVA-014, Trade # 008-06-SAVA-015, and Trade # 008-06-SAVA-016 at such an early entry. Although the trades did go in my favor, what will happen next time. If the trades go against me I would of most likely hedged the account. Once I enter hedges I rarely open new trades (unless I can get a small Grab and Go trade quickly) and will continue not to open any new trades until all current trades and hedges are closed. This method can take days, even weeks to close out. The purpose of this method is so that I do not over leverage the account.

I am trying to place less Grab and Go trades and implement more of my other methods now that the account has grown a little from the original balance. This is hard to do because this requires a lot of patience, as well as fully trusting your trades. I think overall I will slowly try to implement my other methods for trading and if the trades don't work I will use the Grab and Go method.

Overall I think this week went pretty well as I was able to catch some good trades, as well as have some trades go in my favor earlier then expected. I am not aiming to get the same type of results each week. I do not expect each week to have such great results especially since I will not be increasing my lot sizes at the moment. Just looking forward to having a great week each and every week, and to have the trades become and stay successful.

forexnoob101

Balance = $1,270.07 USD
Win / Loss Ratio Between 6-15-08 to 6-20-08 = 14:2
Performance Between 6-15-08 to 6-20-08 = + 141.28%
Total Performance - Since Inception (June 11th, 2008)= + 146.55%

I made two trades, one during the Asian session and one during the US session. The market hasn't moved much since Sunday open. I have two trades open at the moment, hoping for a good run during the trading week. Will update trades, once they are closed.

Trade # 008-06-SAVA-021
Grab and Go - EUR
Result = +20 pips

Trade # 008-06-SAVA-022
Grab and Go - GBP
Result = +20 pips

Balance = $1,310.95 USD

Last night open pairs moved a few pips and then came back to where we started. Closed one of the trades that was hedged and made a few pips. My goal this week was to try to make the account balance to 2,000.00 USD. I doubt that is going to happen with everyone waiting for the Federal Funds Rate and the FOMC statement. Going to close the other position I have open as soon as I can if possible before news comes out.

Trade # 008-06-SAVA-023
Frequent Flyer - GBP
Result = +90 pips

Balance = $1,400.82 USD

I got in at good position off the news (Consumer Confidence) for a British Pound trade. I was going to make this a Grab and Go since I still had a hedge position, but the trade kept going in my favor along with the fib lines telling me this pair wasn't done moving. Closed for +100 pips. I still have a hedge open and I am not sure if I will be able to close this before the news. If the trade is open I will leave it hedged after the news comes out tomorrow afternoon and decide after that point where to release it.

Trade # 008-06-SAVA-024
Frequent Flyer - GBP
Result = +100 pips

Balance = $1,500.52 USD

No trades, hedge still open.

I didn't take a trade during the news, mainly because I wanted to see the markets reaction. After the news I decided to un-hedge my trade. This trade may take awhile to close so I will have to be very careful with the trades here on out, until the open trade is closed. I do not want to leave multiple positions open, so my first priority is to close the open position. With that said I took a trade after the news on the British Pound. Didn't use any of my methods for this trade, just a normal trade due to the circumstance of the trading day with the news.

Trade # 008-06-SAVA-025
Currency Traded - GBP
Result = +71 pips

Balance = $1,571.61 USD

Overall the week went well considering the conditions of a choppy market and unable to find any decent trades to stick to. Unfortunately I have two open trades which are currently in the red. Closing these trades may take a few weeks so I will not be placing any new trades unless I can get in a "Grab and Go" trade fast and easily. I don't like being in this situation where I must wait, but I must do so for the safety of the account. This situation will happen many times, but it is the only way I am able to protect the account balance. I will be posting on here when the open trades are closed or any other changes are made to the account. Thank you.

forexnoob101

Balance = $1,571.61 USD
Win / Loss Ratio Between 6-22-08 to 6-27-08 = 5:0
Performance Between 6-22-08 to 6-27-08 = + 23.74%
Total Performance - Since Inception (June 11th, 2008)= + 170.29%

Both trades have been closed for a few days now, just never had time to be able to post on here. I decided to close both positions at break even after interest. The reason I did this is mainly because I didn't have time to wait for the price to come into my favor. I am happy overall with the performance of the trades.

Trade # 008-06-SAVA-026
Currency Traded - GBP
Result = +0 pips

Trade # 008-06-SAVA-027
Currency Traded - GBP
Result = +0 pips

Balance = $1,571.61 USD
Total Performance - Since Inception (June 11th, 2008)= + 170.29%

Just wanted to say thank you to everyone who has watched my journal. It has truly been a blessing to have soo many people watching, sending me private messages, e-mails, and instant messages. I am glad not many people have replied on Forex Factory itself because it takes me a awhile to reply, but am thankful for the very few.

Well due to the success of the journal I have been real busy over here meeting with a few clients that are interested in moving forward with funding accounts to trade the foreign exchange market. After many talks with the main concerns of the safety of the funds, as well as the life of the account I have decided to stop this journal and start another journal that will replicate the accounts performance.

Once again thank you to Forex Factory for having me here and thank you to everyone watching. Although this journal has been very short, I look forward to staying here for a long time.

forexnoob101

Total Performance - Since Inception (June 11th, 2008)= + 170.29%