Hey guys, this is the first real and final journal that I am ever going to try to attempt to keep up on Forex Factory. The reason being is that after 8months of testing and revising my strategy, I have finally found what I believe to be my personal Grail.
The reason why I entitled this journal "Small Steps To Freedom" is because, you dont need to be greedy with forex to make money. It only takes small steps to get there. Imagine this. If you had a $20,000 account and used medium risk in your trades. All you would have to do is net 2 pips a day (thats right, net positive 2 pips per day!!!) in order to average a $824 a day income after 1 trading year...and of course that grows and compounds with time. Now I know my system can net 2 pips, and most systems can, so there is no need for hundreds of pips a day, small steps is all it takes. But always remember, let your profits run, and cut your losses short. It is always wise to prepare for rainy days
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The basis of how I trade is what some consider a "breakout" system. I analyze H/L and S/R and determine trades from there. My exit is interesting too, as I make Three Line Break charts to see if it is a strong move and exit based on a 3lb reversal.
All my journal entries regarding trades will include a brief description of the trade followed by an excel file attachment that has some descriptions, chart pictures and Three line break charts of the trade.
All journal entries will be posted after the fact, only because I must monitor both D1, M15, and M5 charts all at the same time, and trying to make a post will just add too much pressure. This journal is not to give signals per se, just to discipline myself and develop my method...and also to keep record (duh)
The pairs that I trade are: GBP/JPY and GBP/USD...My most active trading time is 1-6AM EST but sometimes it can be different.
I hope everyone enjoys, and please post with any comments or questions.
The reason why I entitled this journal "Small Steps To Freedom" is because, you dont need to be greedy with forex to make money. It only takes small steps to get there. Imagine this. If you had a $20,000 account and used medium risk in your trades. All you would have to do is net 2 pips a day (thats right, net positive 2 pips per day!!!) in order to average a $824 a day income after 1 trading year...and of course that grows and compounds with time. Now I know my system can net 2 pips, and most systems can, so there is no need for hundreds of pips a day, small steps is all it takes. But always remember, let your profits run, and cut your losses short. It is always wise to prepare for rainy days
.The basis of how I trade is what some consider a "breakout" system. I analyze H/L and S/R and determine trades from there. My exit is interesting too, as I make Three Line Break charts to see if it is a strong move and exit based on a 3lb reversal.
All my journal entries regarding trades will include a brief description of the trade followed by an excel file attachment that has some descriptions, chart pictures and Three line break charts of the trade.
All journal entries will be posted after the fact, only because I must monitor both D1, M15, and M5 charts all at the same time, and trying to make a post will just add too much pressure. This journal is not to give signals per se, just to discipline myself and develop my method...and also to keep record (duh)
The pairs that I trade are: GBP/JPY and GBP/USD...My most active trading time is 1-6AM EST but sometimes it can be different.
I hope everyone enjoys, and please post with any comments or questions.
Nothing is hard, some things just take more time and discipline.
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