I am starting this Journal relatively new to FX trading. I have been trading for about 3 months. My philosophy is as follows:
- Always plan your trades. – Know your entry, target, and risk. Always have a plan if a trade goes your way, or goes against you.
- Never use anything less then 1 hour charts.
- Always use a Journal, document each trade, pips +/-, your tactics for that trade, when and why you closed.
- Never get greedy. Take partial profits at 50% of your target
- Never open more then 3 trades in one day
- Never open a trade on a Friday
- Always know when to stand aside, the market isn’t going any where.
Strategy:
My strategy is three parts:
- The Bagovino Method http://www.forexfactory.com/showthread.php?t=7603
- The River Theory http://www.theviewdownriver.com/
- Fundamentals: What is happening in markets around the world
Each time I open a trade I will document the reasoning based on Bagovino, River, or Fundamentals or a combination thereof.
Adjustments will be made to this strategy as time goes on. Please feel free to offer me any suggestions, advice or criticism.
Happy trading...