Hello Forex Factory! I've just started learning about Forex. The reason I want to start a journal here is mainly because it will motivate me to keep it updated. I will start first by making a promise that I won't rest until my knowledge and experience have reached a level close to the pros around here on these forums.
If possible, this journal can be interactive (Reply if you want, when you can)
A little bit of info about myself: I'm 20 years old, born and living in Romania, Bucharest. I've played (better yet gambled) a demo account an year ago, and turned up with profit to be honest, but I can't really remember why I had to give up forex. Right now I'm studying at Law School and my career is heading toward being an attorney (In the case I fail to learn in the following year(s) to be a successful trader)
What I've read up until now:
- Various articles on basic forex information that are easily found on google
- I've looked over "Trading in the Zone" by Mark Douglas. Didn't have the patience to read through it all, only half of it, but I did read the "important" chapters
- I've read PeterFM's thread on Rookie Discussion Board http://www.forexfactory.com/showthread.php?t=39514
My first trades:
I've opened a demo account on FXCM, after toying a little, I've actually opened another demo account to start over. After taking PeterFM's advice I gave up using indicators (not that they've helped me very much).
Having 50.000 $ in the demo account, 1 pip = 1 $, I've decided to simulate a micro (0.01) account. I will trade with the minimum possible 10.000
The strategy I'm trying out now (if it can be called that way) is look at the daily chart and try to figure out what the trend is, then take a look at the 15 minute chart and try to figure out if it's the right moment to enter and in what direction.
I will always put a stop loss at 100 $ (with trail option) and stop profit at 200 $
This is the report of closed trades I have now of the demo account:
[06/23/09 05:27:31 to 09:00:52] EUR/USD Sold:1.39354 Bought:1.40215 P/L: -86.10$
[06/23/09 05:29:08-10:42:21] GBP/USD B:1.62745 S:1.62713 P/L: -3.2$
[06/23/09 05:33:04-10:40:28] NZD/USD B:0.63331 S:0.63251 P/L: -8.0$
[06/23/09 05:34:52-10:42:49] EUR/JPY B:132.795 S: 133.552 P/L: 79.27$
[06/23/09 05:35:56-10:02:48] GBP/JPY B:155.104 S: 156.019 P/L: 95.79$
[06/23/09 05:36:34-10:29:06] GBP/CHF B:1.75591 S:1.74929 P/L: -61.67$
[06/23/09 10:05:36-11:35:10] GBP/JPY S:156.328992 B:155.888 P/L: 46.27$
[06/23/09 10:29:47-11:26:01] GBP/CHF S:1.74899 B:1.75085 P/L: -17.35$
Total P/L: 45 $
Win/Lost Trades: 3/5
If possible, this journal can be interactive (Reply if you want, when you can)
A little bit of info about myself: I'm 20 years old, born and living in Romania, Bucharest. I've played (better yet gambled) a demo account an year ago, and turned up with profit to be honest, but I can't really remember why I had to give up forex. Right now I'm studying at Law School and my career is heading toward being an attorney (In the case I fail to learn in the following year(s) to be a successful trader)
What I've read up until now:
- Various articles on basic forex information that are easily found on google
- I've looked over "Trading in the Zone" by Mark Douglas. Didn't have the patience to read through it all, only half of it, but I did read the "important" chapters
- I've read PeterFM's thread on Rookie Discussion Board http://www.forexfactory.com/showthread.php?t=39514
My first trades:
I've opened a demo account on FXCM, after toying a little, I've actually opened another demo account to start over. After taking PeterFM's advice I gave up using indicators (not that they've helped me very much).
Having 50.000 $ in the demo account, 1 pip = 1 $, I've decided to simulate a micro (0.01) account. I will trade with the minimum possible 10.000
The strategy I'm trying out now (if it can be called that way) is look at the daily chart and try to figure out what the trend is, then take a look at the 15 minute chart and try to figure out if it's the right moment to enter and in what direction.
I will always put a stop loss at 100 $ (with trail option) and stop profit at 200 $
This is the report of closed trades I have now of the demo account:
[06/23/09 05:27:31 to 09:00:52] EUR/USD Sold:1.39354 Bought:1.40215 P/L: -86.10$
[06/23/09 05:29:08-10:42:21] GBP/USD B:1.62745 S:1.62713 P/L: -3.2$
[06/23/09 05:33:04-10:40:28] NZD/USD B:0.63331 S:0.63251 P/L: -8.0$
[06/23/09 05:34:52-10:42:49] EUR/JPY B:132.795 S: 133.552 P/L: 79.27$
[06/23/09 05:35:56-10:02:48] GBP/JPY B:155.104 S: 156.019 P/L: 95.79$
[06/23/09 05:36:34-10:29:06] GBP/CHF B:1.75591 S:1.74929 P/L: -61.67$
[06/23/09 10:05:36-11:35:10] GBP/JPY S:156.328992 B:155.888 P/L: 46.27$
[06/23/09 10:29:47-11:26:01] GBP/CHF S:1.74899 B:1.75085 P/L: -17.35$
Total P/L: 45 $
Win/Lost Trades: 3/5
