Hi all, after reading some journals here in ff from time to time, i decided to create a trading-journal too, but it's only a demo (a stupid) trading journal, and i will use a competition-demo-account, competition will start tomorrow (10-11-2008) with fxserviceDOTcom.
The starting balance is 5k, and the trading will end 12.12.2008 (1 month of trading), the account n° is 418406.
Unluckily i've not soo much time to dedicate in trading, so i will be able to trade only some hours everyday, but my trading-style (for this competition) is something rare: i will trade using 1 and 5min chart for entry and exit, using mutliple entries (reaching full leverage) and taking 5-10-20-40 pips on every trade (of course letting some trade being closed with 5-10-20pips loss if needed).
The idea:
The idea is to double my account everyday, it's the only way to win the competition, there are a lot of iranian russian and chinese traders in this competition that are relatively good in trading, and only a superior-performance will let me win the competition.
What's the purpose of this journal?
The purpose of this journal is just to share my trading thinking and results with everybody like to read-it.
Entry-Exits setups:
Ok, to scalp successfully the 1-5 min charts, and to have a high %win with a high r/r there is only one way of trading: naked trading.
Not using any sort of lagging indicator looks to me the only way to scalp profitably, but sometime chart alone can be confusing, i just created 2 indicators that are based purely on priceaction, so the lag is pratically 0. I will use them to choose my entries and exits, as far the rules of the strategy, there not exist clear rules, the idea is to buy in oversold situations, and sell on overbought siutations. If something goes wrong, get out with a loss, and try again in the next setup.
Expectations:
My expectations for this competition are relatively low, the probability to go broke are very high because of the insane MM, and the probability to win the contest using non-risk MM are relatively null.
The Conclusion is that what will be important for the win, is the "cut losses short", cutting losses short will erase the probability of a margin call, and if the wins will be good enough, the probability of win the competition can be high.
Previous Tests:
Some days ago i taked an old demo-account and done some trading-tests to see how the account can grow with a full-leverage scalping style, the results was not soo bad, just tripled the account in 4 hours (image attached) with a 7-8% max drawdown.
Will update tomorrow to see what happened, of course i know the account can be destroyed within 48 hours, that's the bad-thing of demo-competitions, traders are forced to risk, risk, and risk, because the winners got an incredible %profit at the end of the month, and the only way to achieve it is risking risking and risking, this kind of trading-style is useless, it cannot be applied to a live account (unless you are crazy), that's why i called this the STUPID demo competition JOURNAL.
The starting balance is 5k, and the trading will end 12.12.2008 (1 month of trading), the account n° is 418406.
Unluckily i've not soo much time to dedicate in trading, so i will be able to trade only some hours everyday, but my trading-style (for this competition) is something rare: i will trade using 1 and 5min chart for entry and exit, using mutliple entries (reaching full leverage) and taking 5-10-20-40 pips on every trade (of course letting some trade being closed with 5-10-20pips loss if needed).
The idea:
The idea is to double my account everyday, it's the only way to win the competition, there are a lot of iranian russian and chinese traders in this competition that are relatively good in trading, and only a superior-performance will let me win the competition.
What's the purpose of this journal?
The purpose of this journal is just to share my trading thinking and results with everybody like to read-it.
Entry-Exits setups:
Ok, to scalp successfully the 1-5 min charts, and to have a high %win with a high r/r there is only one way of trading: naked trading.
Not using any sort of lagging indicator looks to me the only way to scalp profitably, but sometime chart alone can be confusing, i just created 2 indicators that are based purely on priceaction, so the lag is pratically 0. I will use them to choose my entries and exits, as far the rules of the strategy, there not exist clear rules, the idea is to buy in oversold situations, and sell on overbought siutations. If something goes wrong, get out with a loss, and try again in the next setup.
Expectations:
My expectations for this competition are relatively low, the probability to go broke are very high because of the insane MM, and the probability to win the contest using non-risk MM are relatively null.
The Conclusion is that what will be important for the win, is the "cut losses short", cutting losses short will erase the probability of a margin call, and if the wins will be good enough, the probability of win the competition can be high.
Previous Tests:
Some days ago i taked an old demo-account and done some trading-tests to see how the account can grow with a full-leverage scalping style, the results was not soo bad, just tripled the account in 4 hours (image attached) with a 7-8% max drawdown.
Will update tomorrow to see what happened, of course i know the account can be destroyed within 48 hours, that's the bad-thing of demo-competitions, traders are forced to risk, risk, and risk, because the winners got an incredible %profit at the end of the month, and the only way to achieve it is risking risking and risking, this kind of trading-style is useless, it cannot be applied to a live account (unless you are crazy), that's why i called this the STUPID demo competition JOURNAL.
Attached Image (click to enlarge)
