My FX Silverlining Journal

I will be trading a system I developed. An EA had been written to assist me but I prefer to do it on my own. All the signals and trades posted here is for my recording. I had studied under a mentor before I developed this system. I used to trade from 5 mins chart. Old method is base on tedious charting from 4hrs chart slowly down to 5mins chart for signal. Taking 10pips - 20 pips profit on each trade. Never trading Monday and Friday. Charting alone takes up 3hrs each day of my time. Now I only trade from 4hrs chart and sometimes 30mins chart for timing my entry. TP usually varies from trade to trade. I can hold it up to few hundred pips. Or sometimes just intraday trading of any number of pips. As long as my signals shows me to hang on I'll do it. Anyone following my trade please do it with care and money management. I hold no responsibilities to you lose. I sometimes scale my lots to take a larger stoploss.

Wish me luck in my journal keeping journey. I always have problems keeping up. Its something I want to do.

Cheers
David

Why do you choose not to trade on Mondays and Fridays just out of curiosity? Some traders do not trade on these days (including Sundays too) but if your using 4 hour charts, you may want to reconsider.

Good luck with your system.

Hi WHtenn,

My old method was taught by my mentor and he disqualify trades on monday and friday. Ok monday is discribe as a trend setting day therefore we will only trade from tuesday onwards after the trend is set.. Friday is usually full of important news which we technical traders would avoid.

My new system is so much better in efficency and monitoring time. I'm happy with it. I can take the signals shown, be it monday or friday. I trade on Sunday which is monday in my timezone (Singapore). Trading 4hrs I can choose to come back every 4 hours to take a look or use my EA to set the criteria right to trade my trade plan for that particular pair.

Thank you, I need all the luck I can get

Cheers
David

GBP/JPY
Long 229.43
SL 228.92
TP TBA

Trade Close with 51pips loss

YTD : -51pips

What a tough start. lol

#2 GBP/JPY Sell at 226.78 TP still opens (+140pips unrealised)

#3 EUR/JPY Sell at 154.54 TP at 154.04 +50pips

YTD -1pip

Stoploss set to 226.00

Position still open at about (+250pip unrealised)
I'm sticking to my rules to hold the position.

YTD : -1pip

#2 GBP/JPY Sell at 226.78 TP at 222.78 +400pips

YTD : +399pips

I think I'm closing shop for the rest of the week.

A pic paints a thousand words.

GBP/JPY

Long 226.97
SL 226.34
TP TBA

#4 GBPJPY Trade Close

Long at 226.97 Close at 227.47

Today +50pips

YTD : +449pips

Good week up 449pips. Discipline and follow the trade plan.

I trade FX. Been learning it for the last 2.5 years. Start off thinking there is a perfect signal with sure win strategies. While people whom had made it kept repeating money management and discipline. I'll convince myself "What money mgmt"? If my buy sell signal is correct most of the time there is no such thing needed. Although I don't trade high leverage, but I do chased loss with slightly higher leverage than normal. This style will hit anyone hard on bad runs.

I have kind of stopped looking for a Holy Grail system. I created my own system and wrote down the rules of engagement. Stay discipline always by sticking to my trade plan and rules. Proper Money Management. Cut trade short and let trade ride till system says out. Although you may find it hard to believe but once you have your rules down its really clear. It will cut down your emotion and GREED, although not all of it but its good enough to start trying. It is not 100% but the percentage is good enough. Most self help courses such as Adam Khoo's course make us stop and write down and etc on hard copy. It really makes your mind analyse. You will realised important points in your system and some are redundant. You will know what you want from your system, such as entry, when to TP, SL, what time frame you want to trade and risk. The pro and con will help you refine your system better. Over time you will have a personalize system which need little improvement but will bring you consistent results presuming you follow the rules you set. Hey I know its tedious but who says trading is easy?

I plan my trade and trade my plan. No signal no trade, don't trade for the sake of trading. Trade for the only reason "Make Money". I used to look for trade even though I know there isn't one available get in and profit alittle if I'm lucky or usually the case I got killed.

Patience = Profits

Regards
David

GBP/JPY

Long 227.60
SL 226.60
TP TBA

GBP/JPY Trade Close

Buy 227.60
TP 228.25


Today +65pips
Week +65pips

YTD +514pips

Good start to the week. With major event happening tomorrow better close. 65pips are good money.

Its ok to stay out, there is no clear signal for me to enter even after BOE and FOMC happening. Will watch out for the movement today. I might be able to enter tonight or tomorrow morning my time if the conditions and signals are right.

I had capture 65pips on monday. Although I should had hold as my signal for the trend to end is not over yet. Since I'll be away the computer for a long time not able to monitor and re-adjust accordingly to the market conditions, I've decided to just go with 65pips till there is a reversal for GBP/JPY or a signicant pull back for a chance to re-enter according to rule on the 4hr chart.

These are my thoughts and planning. This journal is for me to look back upon and refer for future consistency. I have to be discipline and stay focus inorder to improve and learned from mistakes. Don't change my system but improve it without changing the basic rules.

Patience = Profits

I like you attitude towards your trading & system. More trader need to think like you. Do you mind if I ask what signals(indicators) you are using & how you determine when to take the trade? Keep up the good work & thanks for sharing with us.

Cheers,
Phantomflyer

Hello Phantomflyer,

Thank you for your support. To be honest I'm not ready to share my system to anyone accept my family members for now. What I can share for now is the concept of how I trade. My signal is very clear cut. Once it pass a level and closed above it I buy. Close below I sell on the 4hr chart. Range bound 30mins chart kick in to subsitute. But of course much riskier, an example on the first trade of mind is base on 30mins the rest are from 4hr. I missed a chance to enter long GBP/JPY today on my "Touch and Go" strategy. It pull back to an important level without breaking it and rebound signaling at 231.03

My trade plan for now is either short it at 231.18 at certain timing tomorrow earliest 4am my time I think if not later part of the day or Long if it meet my rules for pull backs and move off again.

I learned to do this over the passed 2 years. I trade using confluences of fib, ma, pivot, fib and trendline. Drawing from 4hrs to 1hr to 30mins to 5mins chart for entry. I'm doing it successfully but was to much of a hassel as it takes me 3 hrs at least to setup each day and wait for trade. Each day I'll redo it again. But this learning process teaches me to slowly developed my way of thinking and hone my understanding of momentum and etc. Its hard to explain as its an experience. I not good in describing. I believe lots of guys here such as Darkstar and etc commented the same idea in the thread "x" secret.

If you have just start out, be persistent stand up again after you fall. I stop trading all together after a bad fall and come back again after a period of rest. I believe all traders whom did make it go thru the same steps but just a different system to trade with. Trade a system and not the other way round. I'm lucky and happy I had gone thru these stages of trading and it really helps in my daily life too. Key word is to plan you trade, trade your plan. Patience = profits. You will trully appreciate this words once you are ready. I don't know how long I can stay in form, but I will still within rules to be consistent.

I'm not too sure if the above make sense as I just blah what I'm think is important. Sorry I can't give too much of my system away as I trully love it but not sure if others can handle it. If people with my system fail and I come to know it, even its not my fault it may affect my performance and trust in it I just want it to stay trully unique.

Warmest Regards
David

I can appreciate your reservations on revealing your system, it's just hard to follow your trades without knowing how your basing your trades. No problem, I will still look forward to hearing about your trades. Thanks

GBP/JPY Short

Sell : 231.61
SL : 232.19
TP : TBA But looking at 228.15

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