Hi Everybody,
I have decided to start a trading journal with the aim to improve my discipline and cultivate the habit of sticking to my plan.
Plan your trade and trade your plan as they say. Sounds good doesn’t it?
Ultimately it’s about getting consistently profitable and building confidence in my trading and for that I need to pull together what I already know with discipline.
Most of what I have learned I picked up from Billy Ray Valentine (Steve) on this thread. He is a great guy and I believe very good at what he does, but don’t take my word for it you might want to have a look at his “No Brainer” thread where he posted live trades and explains his method.
It’s on FF at http://www.forexfactory.com/showthread.php?t=86429 or his blog www.nobrainertrades.com where you can find loads of helpful stuff regarding his method and himself personally regularly on the live chat, all for free.
The VSA stuff I got from this site http://www.forexfactory.com/showthread.php?t=157629 run by ShamusFamous.
There are probably quite a few more people I owe credit e.g. James16, Diallist, Iron-man and many more of whom all I was able to learn something and who where kind enough to pass on what they know.
I thought to make it more fun and take demo trades with this journal and post the profit/loss of a small demo account of £3005.30 as I go along and see how it compounds (or decomposes, as the case may be).
You might wonder why £3005.30? Well, for the purpose of this exercise I didn’t want to take any odd demo account but one that I opened and traded with since the beginning of March this year which I traded with mixed success but essentially stayed break even. During that time I was up 18.3% and down 7.4% from the initial deposit of £ 3000 and recently ended up back break even again.
The first period was good few trades and decent gains but then a few losses kicked in and I exacerbated the situation with it loads of shooting from the hip.
It would be interesting to see if I can turn this around if I acquired the right discipline.
Ok, looks like I have to have my Trade log Summary in the first post because there are limitations until when the other posts can be edited:
There you go, the good, the bad and the ugly all summarised in my Trade Log Summary
I have decided to start a trading journal with the aim to improve my discipline and cultivate the habit of sticking to my plan.
Plan your trade and trade your plan as they say. Sounds good doesn’t it?
Ultimately it’s about getting consistently profitable and building confidence in my trading and for that I need to pull together what I already know with discipline.
Most of what I have learned I picked up from Billy Ray Valentine (Steve) on this thread. He is a great guy and I believe very good at what he does, but don’t take my word for it you might want to have a look at his “No Brainer” thread where he posted live trades and explains his method.
It’s on FF at http://www.forexfactory.com/showthread.php?t=86429 or his blog www.nobrainertrades.com where you can find loads of helpful stuff regarding his method and himself personally regularly on the live chat, all for free.
The VSA stuff I got from this site http://www.forexfactory.com/showthread.php?t=157629 run by ShamusFamous.
There are probably quite a few more people I owe credit e.g. James16, Diallist, Iron-man and many more of whom all I was able to learn something and who where kind enough to pass on what they know.
I thought to make it more fun and take demo trades with this journal and post the profit/loss of a small demo account of £3005.30 as I go along and see how it compounds (or decomposes, as the case may be).
You might wonder why £3005.30? Well, for the purpose of this exercise I didn’t want to take any odd demo account but one that I opened and traded with since the beginning of March this year which I traded with mixed success but essentially stayed break even. During that time I was up 18.3% and down 7.4% from the initial deposit of £ 3000 and recently ended up back break even again.
The first period was good few trades and decent gains but then a few losses kicked in and I exacerbated the situation with it loads of shooting from the hip.
It would be interesting to see if I can turn this around if I acquired the right discipline.
Ok, looks like I have to have my Trade log Summary in the first post because there are limitations until when the other posts can be edited:
There you go, the good, the bad and the ugly all summarised in my Trade Log Summary
Be like a post stamp! Stick to it until you get there!