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Binary Forex Trading Journal

  • #1
  • First Post: Jul 30, 2009 10:22am Jul 30, 2009 10:22am
Hi everyone. I'm starting this thread due to the fact that those of us trading a lot of binary forex that started due to a thread in the Trading Discussion section have kind of taken over the thread. If you do not know what Forex Binaries are, I would recommend checking out that thread. It is http://www.forexfactory.com/showthread.php?t=173735. This thread is welcome for everyone to keep a journal of their trades, and running numbers. Now, I started trading Forex Binaries on 7/10 (my girlfriend's birthday) and I lost 20% of my account attempting to trade while getting her birthday present ready. Since then, I've done very well, turning my 20% loss into a 36% profit in just under 3 weeks. In a later post, I'll put exactly how I trade, but I'm just getting it started.
  • #2
  • Edited 11:46am Jul 30, 2009 10:39am | Edited 11:46am
Looking forward to it. I hope there will be loads of posts to catch up on when I get back from a break in France.
  • #3
  • Jul 30, 2009 11:39am Jul 30, 2009 11:39am
Quoting PeterFM
Looking forward to it. I hope there will loads of posts to catch up on when I get back from a break in France.
I'm pretty jealous about that break in France. Hopefully I'll have plenty of good news for you when you get back.
  • #4
  • Jul 30, 2009 11:47am Jul 30, 2009 11:47am
We can all learn from either.
  • #5
  • Edited 7:24pm Jul 30, 2009 1:22pm | Edited 7:24pm
Quoting PeterFM
We can all learn from either.
Very true. Luckily today, I have good news. I took a trade that was about 180 pips in the money and it is now locked in. I'm still 120 pips in the money right now and it's making me another 6% on my account. It's a daily trade that I'm making, opposite side of the trend and 30 pips farther than the ATR so it would have to break trent and move ATR+130 in order for me to lose a trade. To be fair, that 6% makes the 36% that I was mentioning in my first post. I was really optimistic. Turned out I was right, so in 35 minutes, I'll have banked the additional 6%.
  • #6
  • Jul 30, 2009 2:49pm Jul 30, 2009 2:49pm
Thank you for starting this thread. Today and yesterday were both profitable days for me. I hope everyone else is doing well to. Tonight I am opening a live account to start trading tomorrow. Will report my results here.
  • #7
  • Jul 30, 2009 2:55pm Jul 30, 2009 2:55pm
Quoting cmoon10
Thank you for starting this thread. Today and yesterday were both profitable days for me. I hope everyone else is doing well to. Tonight I am opening a live account to start trading tomorrow. Will report my results here.
Awesome. Glad to hear about the success. Hope it continues for you... and all of us.
  • #8
  • Jul 30, 2009 3:31pm Jul 30, 2009 3:31pm
Quoting lucashammer
Awesome. Glad to hear about the success. Hope it continues for you... and all of us.
Likewise! I am excited about going live and very happy to hear that you are doing well.
  • #9
  • Jul 30, 2009 4:13pm Jul 30, 2009 4:13pm
Thanks for starting a thread where we can journal our trades.

Today's only binary trade, entered 90 minutes prior to expiration:
USD/CHF down (< 1.0895) @ 87.5 points
Trade Successful
12.5 points profit

Coach
  • #10
  • Jul 30, 2009 4:42pm Jul 30, 2009 4:42pm
Here are my results. After the first 10 days i deposited $20 more. I only trade the EUR/USD binaries and I only make one trade each day.
Attached Image (click to enlarge)
Click to Enlarge Name: Unavngivet.JPG Size: 28 KB
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #11
  • Jul 30, 2009 4:53pm Jul 30, 2009 4:53pm
Read the other thread.

Posting in this thread to subscribe.

Hope everything goes well for you OP.


Regards,
Thomas
  • #12
  • Jul 30, 2009 7:22pm Jul 30, 2009 7:22pm
In another trade. Bought a contract saying that the EUR/USD won't be above 1.4220 at 3 p.m. ET tomorrow. Hopefully, the Friday range will stay true. After a short move up, I'm still 140 pips in the money. This would put me up to 48% profit in 3 weeks. If only I hadn't lost that 20% to start with... Oh well, you live, you learn, then you make money.
  • #13
  • Jul 31, 2009 8:49am Jul 31, 2009 8:49am
Well, I'm starting to get a little nervous. 5 hours to go, and it's only 75 pips from the strike point. Going to be watching this one pretty closely. First time I've been nervous about a trade I've made.
  • #14
  • Jul 31, 2009 9:03am Jul 31, 2009 9:03am
Good day.

I entered a "scalp" type trade on USD/JPY at 9:18 AM EDT. There was a huge dip on this pair post GDP news today. I decided to take advantage of what I thought would be a great opportunity for an upward bounce. Since it is hard to discern what the market may do on a Friday, I had a target of 10 points.

Daily USD/JPY to be above 9540 @ 44.1 points
Closed manually @ 55.0 points
Profit 10.9 points

Coach
  • #15
  • Jul 31, 2009 9:07am Jul 31, 2009 9:07am
Quoting Coach1959
Good day.

I entered a "scalp" type trade on USD/JPY at 9:18 AM EDT. There was a huge dip on this pair post GDP news today. I decided to take advantage of what I thought would be a great opportunity for an upward bounce. Since it is hard to discern what the market may do on a Friday, I had a target of 10 points.

Daily USD/JPY to be above 9540 @ 44.1 points
Closed manually @ 55.0 points
Profit 10.9 points

Coach
Hey Coach. Glad to hear it. Was this your first live trade?
  • #16
  • Jul 31, 2009 9:12am Jul 31, 2009 9:12am
Quoting lucashammer
Well, I'm starting to get a little nervous. 5 hours to go, and it's only 75 pips from the strike point. Going to be watching this one pretty closely. First time I've been nervous about a trade I've made.
Hey Lucashammer,

There are two areas of resistance I see on EU. The first is 1.4171 and perhaps the stronger of the two is at 1.4190. This was one day I decided to stay clear of any binary trades until after the US GDP news release. It had the potential to be a huge market mover. Hang in there. You are doing so awesome!

Coach
  • #17
  • Jul 31, 2009 9:18am Jul 31, 2009 9:18am
Quoting lucashammer
Hey Coach. Glad to hear it. Was this your first live trade?
I wish, lol. Still demo. I will have live account up and running next week. I'm feeling pretty good about binaries, especially when I trade my strategy and don't deviate.

Coach
  • #18
  • Edited 10:25am Jul 31, 2009 9:26am | Edited 10:25am
Quoting Coach1959
Hey Lucashammer,

There are two areas of resistance I see on EU. The first is 1.4171 and perhaps the stronger of the two is at 1.4190. This was one day I decided to stay clear of any binary trades until after the US GDP news release. It had the potential to be a huge market mover. Hang in there. You are doing so awesome!

Coach
Yeah, I really need to start watching the news a little closer. I've always been a technical guy but that doesn't help a whole lot when something like this happens. Probably should have waited till this morning to trade...

EDIT: It's been testing the 1.4185 line. This is making me nervous...

EDIT: Ended up on a call at work... Didn't have the chance to bail soon enough. Lost all 36% of the profit I've built up over the last few weeks...
  • #19
  • Jul 31, 2009 12:41pm Jul 31, 2009 12:41pm
Quoting lucashammer
EDIT: Ended up on a call at work... Didn't have the chance to bail soon enough. Lost all 36% of the profit I've built up over the last few weeks...
When the market is like this it reaches up and grabs many traders. I'm sorry to hear about your loss. On a day like this I much prefer to wait til the market shows it's hand, i.e. this huge move in the market on extreme dollar weakness. By nature, I am a reversal trader, so once I get a sign the market has begun to show weakness after the big move, I am looking for good deals.

Trade 2

Daily Buy USD/JPY to close above .9480 @ 26.8 points 12:21 PM EDT
Trade closed in profit @ 42.2 points 13:19 PM EDT
15.4 Total points

Coach
  • #20
  • Jul 31, 2009 2:30pm Jul 31, 2009 2:30pm
Three trades today. My plan is to normally trade once per day. Due to the volatility in the market today, there were some nice opportunities to "scalp" a couple of extra trades.

Trade 3
Daily Buy USD/JPY to be above 9440 @ 84.6 points
Trade closed in profit @ 100 points
Profit = 15.4 Points

Friday Total Profit in 3 Trades (12.5, 15.4, 15.4) = 43.3 Points

Have a great weekend everybody!

Coach
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